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April 26th, 2017. A balloon mortgage is a loan product that requires a larger-than-usual, one-time payment at the end of its term. Because you make one larger "balloon" payment toward the end, it’s possible to enjoy years of lower monthly payments toward the beginning of the loan.
Bankrate.com provides a FREE balloon mortgage calculator and other ARM. interest rate, and it can be easier to qualify for than a traditional 30-year-fixed.
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Calculate balloon mortgage payments. A balloon mortgage can be an excellent option for many homebuyers. A balloon mortgage is usually rather short, with a term of 5 years to 7 years, but the payment is based on a term of 30 years. They often have a lower interest rate, and it can be easier to qualify for than a traditional 30-year-fixed mortgage. There is, however, a risk to consider.
Calculator Rates ARM vs Fixed Rate Mortgage Calculator. Use this free tool to compare fixed rates side by side against amortizing and interest-only ARMs.
In a 30-year fixed loan, all of the interest rate risk goes to the bank, while in an adjustable-rate mortgage, all of the interest rate risk goes to the borrower. Here the bank is guaranteed only to take on interest rate risk for 10 years, then after that they get the balance of the loan.
A 5 year balloon mortgage is amortized over thirty years, just as a fixed rate mortgage to determine the monthly payments. However, at the end of the initial five year period, the balance of the loan is due. The benefit of having a balloon mortgage is the reduced monthly mortgage payments from a low interest rate.
1 Rates are based on evaluation of credit history, loan-to-value, and loan term, so your rate may differ. Rates subject to change at any time. To obtain any advertised rate, you may have to pay a one-time origination fee. This is a 10 year fixed rate mortgage with a balloon payment at maturity.
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you will have a balloon payment at the end of the mortgage’s term. Like a Fully Amortizing ARM, an Interest Only ARM will often have a period where the interest rate is fixed, and then it is adjusted.