Any Month Mortgage

Balloon mortgage calculator

See the monthly payment on a balloon loan and the lump sum that comes due at the end, with every payment in between.

Loan type
Program
$
$
%
%
years
Term in

Adds dates to the schedule, and shows what you owe now and what it would take to pay off. The exact date makes the payoff exact to the day.

Payments
years

Payments are figured over the full term; the remaining balance is due in one lump sum at this point.

Taxes, insurance and PMI
$
$
% per year

Private mortgage insurance, charged only when less than 20% is put down. It ends automatically when the balance is scheduled to reach 78% of the price, or halfway through the term.

Points and lender fees
%
$

One point costs 1% of the loan, paid at closing to buy a lower rate: enter the rate it buys above. Lender fees are the lender's own charges for making the loan (origination, underwriting, processing), the ones counted in the APR. Leave out title, appraisal and escrow items.

Tax deduction (estimate)
Home value and inflation
% a year
% a year

Assumptions, not forecasts, for “Equity and today's dollars” below the schedule. The Federal Reserve's longer-run goal for inflation is 2%.

Extra payments
$
Monthly payment$2,022.62
Loan amount
$320,000.00
APR
6.500%the same as the rate: no fees or mortgage insurance
Total interest
$139,231.83
Total of all payments
$459,231.83
Balloon due in
7 years
Balloon payment
$289,331.75

Saved loans

Kept in this browser only, not sent anywhere. Clearing your browser's site data removes them.

Balance and interest over time
  • Balance owed
  • Interest paid to date
Where each year's payments go
  • Principal
  • Interest

Monthly, twice a month or every two weeks

Amortization schedule

Choose “Pay extra” on any payment to put more toward the principal that month.

PaymentInterestPrincipalExtraBalloonTotal paidBalanceInterest to date
1$1,733.33$289.29——$2,022.62$319,710.71$1,733.33
2$1,731.77$290.85——$2,022.62$319,419.86$3,465.10
3$1,730.19$292.43——$2,022.62$319,127.43$5,195.29
4$1,728.61$294.01——$2,022.62$318,833.42$6,923.90
5$1,727.01$295.61——$2,022.62$318,537.81$8,650.91
6$1,725.41$297.21——$2,022.62$318,240.60$10,376.32
7$1,723.80$298.82——$2,022.62$317,941.78$12,100.12
8$1,722.18$300.44——$2,022.62$317,641.34$13,822.30
9$1,720.56$302.06——$2,022.62$317,339.28$15,542.86
10$1,718.92$303.70——$2,022.62$317,035.58$17,261.78
11$1,717.28$305.34——$2,022.62$316,730.24$18,979.06
12$1,715.62$307.00——$2,022.62$316,423.24$20,694.68
13$1,713.96$308.66——$2,022.62$316,114.58$22,408.64
14$1,712.29$310.33——$2,022.62$315,804.25$24,120.93
15$1,710.61$312.01——$2,022.62$315,492.24$25,831.54
16$1,708.92$313.70——$2,022.62$315,178.54$27,540.46
17$1,707.22$315.40——$2,022.62$314,863.14$29,247.68
18$1,705.51$317.11——$2,022.62$314,546.03$30,953.19
19$1,703.79$318.83——$2,022.62$314,227.20$32,656.98
20$1,702.06$320.56——$2,022.62$313,906.64$34,359.04
21$1,700.33$322.29——$2,022.62$313,584.35$36,059.37
22$1,698.58$324.04——$2,022.62$313,260.31$37,757.95
23$1,696.83$325.79——$2,022.62$312,934.52$39,454.78
24$1,695.06$327.56——$2,022.62$312,606.96$41,149.84
25$1,693.29$329.33——$2,022.62$312,277.63$42,843.13
26$1,691.50$331.12——$2,022.62$311,946.51$44,534.63
27$1,689.71$332.91——$2,022.62$311,613.60$46,224.34
28$1,687.91$334.71——$2,022.62$311,278.89$47,912.25
29$1,686.09$336.53——$2,022.62$310,942.36$49,598.34
30$1,684.27$338.35——$2,022.62$310,604.01$51,282.61
31$1,682.44$340.18——$2,022.62$310,263.83$52,965.05
32$1,680.60$342.02——$2,022.62$309,921.81$54,645.65
33$1,678.74$343.88——$2,022.62$309,577.93$56,324.39
34$1,676.88$345.74——$2,022.62$309,232.19$58,001.27
35$1,675.01$347.61——$2,022.62$308,884.58$59,676.28
36$1,673.12$349.50——$2,022.62$308,535.08$61,349.40
37$1,671.23$351.39——$2,022.62$308,183.69$63,020.63
38$1,669.33$353.29——$2,022.62$307,830.40$64,689.96
39$1,667.41$355.21——$2,022.62$307,475.19$66,357.37
40$1,665.49$357.13——$2,022.62$307,118.06$68,022.86
41$1,663.56$359.06——$2,022.62$306,759.00$69,686.42
42$1,661.61$361.01——$2,022.62$306,397.99$71,348.03
43$1,659.66$362.96——$2,022.62$306,035.03$73,007.69
44$1,657.69$364.93——$2,022.62$305,670.10$74,665.38
45$1,655.71$366.91——$2,022.62$305,303.19$76,321.09
46$1,653.73$368.89——$2,022.62$304,934.30$77,974.82
47$1,651.73$370.89——$2,022.62$304,563.41$79,626.55
48$1,649.72$372.90——$2,022.62$304,190.51$81,276.27
49$1,647.70$374.92——$2,022.62$303,815.59$82,923.97
50$1,645.67$376.95——$2,022.62$303,438.64$84,569.64
51$1,643.63$378.99——$2,022.62$303,059.65$86,213.27
52$1,641.57$381.05——$2,022.62$302,678.60$87,854.84
53$1,639.51$383.11——$2,022.62$302,295.49$89,494.35
54$1,637.43$385.19——$2,022.62$301,910.30$91,131.78
55$1,635.35$387.27——$2,022.62$301,523.03$92,767.13
56$1,633.25$389.37——$2,022.62$301,133.66$94,400.38
57$1,631.14$391.48——$2,022.62$300,742.18$96,031.52
58$1,629.02$393.60——$2,022.62$300,348.58$97,660.54
59$1,626.89$395.73——$2,022.62$299,952.85$99,287.43
60$1,624.74$397.88——$2,022.62$299,554.97$100,912.17

Equity and today's dollars

With the home's value rising 3% a year and inflation at 2% (assumptions you can change under “Home value and inflation”).

AfterHome valueStill owedEquity
1 year$412,000$316,423$95,57723% of the value
5 years$463,710$299,555$164,15535% of the value
7 years$491,950$0$491,950100% of the value

Everything paid over the loan comes to $459,232. At 2% inflation that's worth $410,400 in today's dollars: a payment that stays the same costs less in real terms every year.

How a balloon mortgage works

A balloon mortgage has payments figured as if the loan ran for a long term, often 30 years, but the loan actually ends much sooner, commonly after 5, 7 or 10 years. At that point everything still owed is due at once: the balloon payment. The monthly payments are the same as a regular loan's, but only part of the principal has been paid when the balloon arrives.

The CFPB describes a balloon payment as a large, one-time payment at the end of the loan term, and warns that if you can't make it, you could lose your home.

How big is the balloon?

The calculator works out the regular payment over the full amortization term (the number of years the payments are figured over), exactly as for a fixed-rate loan:

M = P × r ÷ (1 − (1 + r)−n)

It then runs the schedule payment by payment until the balloon date. The balloon is the balance left after the regular payments made so far:

B = P(1 + r)k − M × ((1 + r)k − 1) ÷ r

where P is the amount borrowed, r the monthly rate, M the monthly payment, n the payments in the full term and k the number of payments before the balloon. The schedule is worked in whole cents, so the balloon shown is the exact balance after the last regular payment, and that final payment in the schedule includes both. See how we calculate for the rounding.

Example: 5, 7 and 10 years to the balloon

A $320,000 loan at 6.5%, amortized over 30 years, has a payment of $2,022.62 a month in principal and interest. How much you still owe depends on when the balloon comes due:

Early payments on a 30-year schedule are mostly interest, which is why the balance falls so slowly. In the 7-year case you pay $169,900.08 over 84 payments, and more than four fifths of it is interest.

Example: a shorter amortization term

Some balloon loans are figured over a shorter term. The same $320,000 at 6.5% amortized over 15 years, with the balloon still due after 7 years, has a payment of $2,787.54 a month, about $765 more. In exchange, the balloon is $208,239.95, about $81,100 smaller, and interest over the 7 years is about $122,400 instead of $139,200. Change the loan term in the form to try your own.

Shrinking the balloon with extra payments

Extra principal comes straight off the balance, so it lowers the balloon by more than you put in, because the money stops costing interest right away. On the 7-year example, $200 extra every month, $16,800 in all, makes the balloon $268,129.04: about $21,200 smaller. You can also put a one-time amount on any payment in the schedule, such as a bonus or tax refund.

The extra payment calculator explains extra payments in more detail.

Planning for the balloon

If you plan to sell or refinance before the balloon comes due, that plan carries risk: if rates rise or the home's value falls, refinancing can cost more or be unavailable. The CFPB notes that refinancing may be an option, but it depends on your home's value and your finances at the time. Know your plan, and a fallback, well before the date.

Pitfalls and things to check

Common questions

How do I calculate a balloon payment?

Work out the regular payment over the full amortization term, then find the balance after the number of payments made before the balloon date. The formula above does it in one step; the calculator does it payment by payment.

Is the monthly payment on a balloon loan lower?

Not compared with a regular loan over the same amortization term and rate: it's the same payment. It's lower than a loan that fully repays over the shorter balloon period would need.

What happens if I can't pay the balloon?

You would need to refinance, sell or pay it from other money. If none of those work, the CFPB warns you could lose your home to foreclosure. Talk to your lender well before the date.

Can I pay a balloon loan off early?

Check your loan for a prepayment penalty first. Extra payments lower the balloon; enough of them can pay the loan off before it's due.

How does a balloon loan compare with a fixed-rate loan?

Up to the balloon date, the payments and balance are the same as a fixed-rate loan with the same rate and term. The difference is that the fixed-rate loan keeps going. Use the loan comparison to set them side by side.