Compare Mortgage Payment Calculator

The balloon loan calculator will help you to calculate the monthly mortgage payment that you can expect to pay on a balloon loan. This calculator will also tell you what balloon payment will be due at the end of the mortgage.

Looking for more personalized rates? Compare rate quotes from lenders and brokers, then return to our Balloon Loan Calculator.

Compare Mortgage Payments at different rates
You can work out the monthly mortgage payment and total interest at 5 different rates of interest throughout the loan period. There is also a mortgage payment comparison report helping you to compare the total interest and payments for corresponding rates.
Loan Amount ($)
Loan Period (Years)
Mortgage Rate (% per annum)
Increment Comparison Rates By		Select1/8 %1/4 %3/8 %1/2 %5/8 %3/4 %7/8 %1 %
Compare Mortgage Payments
Mortgage Rate	%	%	%	%	%
Monthly Payment
Total Principal
Total Interest
Total Payments

More Information

A balloon loan usually has a shorter term than a traditional fixed rate or adjustable rate mortgage. While it can be an excellent option for some home buyers, it is not beneficial to others. A balloon loan usually has a term of five to seven years, but the payment is fully amortized and based on a 15-year or 30-year term. Balloon mortgages usually have a lower interest rate than other types of mortgages, which also makes balloon mortgages easier to qualify for than a traditional 30-year fixed rate mortgage.

The main difference between a traditional mortgage and a balloon loan is that at the end of the term of the balloon loan (five to seven years) the borrower is required to pay off the outstanding balance on the loan. Since most borrowers cannot afford to pay off a large lump sum at the end of the term. This usually means that borrowers must either refinance, sell the home or convert the balloon loan into a traditional mortgage at the current interest rate.