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Balloon mortgage

A loan with payments sized as if it ran for a long amortization term, but with the remaining balance due in one lump sum much sooner. A 30/7 balloon has 30-year payments and comes due after 7 years. The payment is low, but the borrower must pay off, refinance or sell by the due date.

Balloon payment

The lump sum due at the end of the balloon term: the principal still unpaid on that date. Because early payments are mostly interest, it is usually most of the original loan. On $300,000 at 6.5% amortized over 30 years, about $270,000 is still owed after 7 years.

Amortization term

The schedule used to size the monthly payment, usually longer than the time until the balloon is due. A longer amortization lowers the payment but pays down less principal, so the balloon is larger. This calculator computes the payment from this term, then finds the balance left at the balloon date.

Balloon term

The number of years until the remaining balance comes due. Everything paid before that date follows the regular schedule. A shorter balloon term means fewer payments and a larger lump sum; a longer one pays more principal but gives more time for rates or property values to change.

Refinance risk

The chance that, when the balloon comes due, a new loan is unavailable or costs more. Higher rates, lower home values, reduced income or weaker credit can all make refinancing harder. If the balloon cannot be paid, the lender can foreclose. This calculator does not model conditions at the due date.

Principal and interest

The monthly payment that covers interest on the balance and repays part of the principal, calculated from the loan amount, rate and amortization term. Taxes and insurance are not included. On a balloon loan this payment is the same as on a fully amortizing loan with the same term; the difference is when the balance comes due.

Interest rate

The annual percentage the lender charges on the unpaid balance, before fees. This calculator divides it by 12 and applies it to the remaining principal each month. A higher rate raises the payment and slows principal reduction, which also leaves a larger balloon payment.

Interest paid before balloon

The interest portion of all monthly payments made before the balloon date. Compared with total paid before balloon, it shows how little of the early payments went to principal. The total cost result adds this interest, the principal paid and the balloon itself.