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amortization.com Ltd.
Burlington, Ontario
CANADA

905-639-0374
905-407-7988

info@amortization.com

 



Amortization Calculator for iPhone/iPad/iPod

 

 
Balloon Payments

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.

(Screenshot 1)

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.

(Screenshot 2)

 

 


VIDEOS

amortizationdotcom Mortgage Calculator for iPhone

Introduction to Canadian and American Mortgages

Seminar on prepaying principal (Part A)

Seminar on prepaying principal (Part B)

Global TV Interview regarding 40 Year Mortgages

 

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