Ballon Mortgage Calculator

This balloon mortgage calculator allows you to vary both the term and interest rate then calculates the mortgage balance owed (balloon) at the end of the payment term.

A balloon mortgage is usually rather short, with a term of 5 years to 7 years, but the payment is based on a term of 30 years. The advantage is they usually offer a lower interest rate and can be easier to qualify for than a traditional 30-year-fixed mortgage. However, beware of the risk because you will either need to refinance or pay off your outstanding balance at the end of the term.