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A spreadsheet was used in Example 4 to make an amortization table for a balloon mortgage.
Examples 2, 3, and 4 show several different ways to pay for a $250,000 mortgage. The table below compares the different ways.
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To read more about the various types of mortgage loans, visit Bankrate.com to compare and better understand the differences.
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Your monthly payment is
You could also use Excel's built in payment function, pmt(), to find the monthly payment. A spreadsheet showing the amortization schedule is shown below.
The balloon payment is $171,178.24. The total interest paid is $60,647.02.
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Comments (1)
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When posting a comment, you agree to our Terms of Use.Showing 1 commentsRon Larson (author)1 decade ago |Unless you are certain of future income, balloon payments are risky. I don't recommend them.0 0