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amortization.com 905-639-3619 |
If the outstanding balance is added to any payment in a schedule, the total payment then, is called the balloon payment and the loan is then paid in full. On Jan 15, 2003 after the 12th payment is made the balance is $123,196.42 If on Jan 15th 2003 the borrower made a total payment of $680.49 + $123,196.42 that payment would be called the balloon payment and the loan would be paid in full. This is sometimes called a balloon loan. A simple way to show this balloon payment, especially for clients, is to place the cursor on the payment cell on line 12 of the spreadsheet and change the payment of $680.49 to something in excess of the current balance ($123,196.42) say, $300,000 and press [Enter]. The schedule will then show the 12th payment as the balloon payment.
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40 YEAR MORTGAGE QUICK ANALYSIS
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