The Best Mortgage Calculators On the Web! Please try our Java loan and mortgage calculators. They take a minute to load, but they are worth it! Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules. The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more. Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you... Are Balloon Mortgages For You?
A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. This usually means you must refinance, sell your home or convert the balloon mortgage to a traditional mortgage at the current interest rates.
Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Term in years
- The number of years over which you will repay this loan. The most common balloon mortgage terms are 5 years and 7 years. After the mortgage term is complete, you will then need to refinance or pay off the remaining balance.
- Monthly payment
- Monthly principal and interest payment (PI). The monthly payment is calculated using a 30 year term.
- Total payments
- Total of all monthly payments over the term of the balloon mortgage. This total payment amount assumes that there are no prepayments of principal.
- Total interest
- Total of all interest paid over the term of the balloon mortgage. This total interest amount assumes that there are no prepayments of principal.
- Prepayment type
- The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
- Start with payment
- This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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Larry Sanders
RE/MAX Platinum
28301 Tomball Parkway, Ste. 600
Tomball, TX 77377
Office: 281-351-8886
Mobile: 281-850-8750
Toll-free: 1-888-751-8886
Fax: 888-213-8104
Email: LarrySanders@TXPlatinumProperties.com
There is no place like “HOME”, and Texas has been home to me for 52 years.
I am an Owner/Agent for ReMax Platinum, in Tomball, and I truly believe if you are successful in your community, you must give something back.
Texas Youth has always been where my heart is.
For years I served as a chairman for the Jr. Quarter Horse Show at the Houston Livestock Show and Rodeo. This Organization awards thousands of scholarships to deserving Students to further their education.
Then I found the Children’s Miracle Network. This organization, Connected with Texas Children’s Hospital, aides seriously ill children. In the past I have served on a Panel with the 2001 Miss America, Katie Harmon, and still today I host fundraisers for this life giving organization.
In addition, I am a member of the Cade-Rothwell Masonic Lodge and the Knights Templar these organizations contribute to numerous beneficial programs.
I will use my strong sense of community, my knowledge and experience, to serve you, as you search for your “HOME”.    
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