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Calculate Your Payment for a Mortgage with a Balloon Payment
This helps calculator helps estimate the your monthly payment and final balloon payment.
The term of a balloon mortgage is usually short (e.g., 5 years), but the payments are amortized over a longer term (e.g., 30 years). An advantage of these loans is that they often have a lower interest rate, but the final balloon payment is substantial. This calculator computes the payment amount for a balloon mortgage, assuming monthly compounding and monthly payments.
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