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Made at the end of a certain type of hire purchase agreement.

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Q: Balloon payments are payments that are?
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How does a balloon payment calculator work?

The balloon payment calculator takes into account your balloon payments, or your large usually last payment of your loan, and meshes it with your current loan and additional payments.


What is Balloon Payment Calculator?

The Balloon Payment Calculator is a very fast and flexible loan calculator which also handles balloon payments.


What is balloon payments?

A balloon payment is a large, lump sum payment made either at specific intervals, or more commonly, at the end of a long-term balloon loan. Balloon payments are most commonly found in mortgages, but may be attached to auto and personal loans as well.


Are balloon mortgages and straight term mortgages similar?

Not really...the balloon Note is due in a "lump sum" at a required time period. But it can have monthly payments and then "Balloon".... but a straight term loan usually is a fully amortizing loan with princiapl and interest payments made each month until the loan is paid in full.


In what situation would you need to know about a loan calculator balloon?

If you have a balloon mortgage, you would need to know about a loan calculator balloon. A balloon mortgage is a mortgage in which monthly payments are due for a period of time and then the remainder is due all at once as a balloon payment. These types of mortgages typically offer reduced interest rates due to their terms.


Why is my final balloon payment on my GMAC smartbuy almost 1600.00 more after you subtract all payments from the original price of the car?

The payments you have made cannot be subtracted entirely off the original price of the car. Included in those payments were payments for interest on the loan that did not count toward the purchase.


Where can someone find information about preventing a balloon payment?

There are many places one might go to find information concerning the prevention of balloon payments. One such reputable resource might be the Smart About Money website.


How can you use a traditional calculator to estimate balloon loan amounts?

Use a traditional calculator to subtract the balloon payment from the total. Then, divide the remaining total by the number of payments. That should give you an idea of what each payment will be.


What is a loan schedule made up of a series of small periodic payments and a larger lump sum due upon maturity?

balloon


Is a balloon mortgage the same as a mortgage?

No. A balloon mortgage is a relatively short term mortgage with a huge payment due at the end of the term. A mortgage is generally for a longer term with uniform payments for the life of the mortgage unless it is an adjustable rate mortgage. In that case the interest rate increases after the first couple of years and the payments go up.


Where can one find Refinance Mortgage calculator?

Refinance calculators can be found for free online at the following sites: Zillow, BankRate and Realtor. They have multiple features and allow input of desired payments, balloon payments and refinancing.


What are mortgage payments?

They are payments you make on your house loan every month. If you are looking for specific mortgage payment amounts, there are many calculators out there to use. I will include one in the related links. Payments can be fixed or variable depending on the terms of the mortgage. In some instances there might be a balloon payment at the end of the term.