This form is a sample letter in Word format covering the subject matter of the title of the form.
Excel Loan Amortization Schedule With Balloon Payment In Mecklenburg
State:
Multi-State
County:
Mecklenburg
Control #:
US-0019LTR
Format:
Word;
Rich Text
Instant download
Description
Form popularity
FAQ
This large amount is called a balloon payment, which pays down the remaining balance when the term ends. A balloon mortgage has a short term that does not fully amortize, but the payment is usually based on a 30-year amortization schedule. Balloon mortgages are usually associated with commercial real estate loans.
The downside of balloon payments Although a balloon-payment option can make your monthly payments more affordable, you're taking on extra debt to buy an asset that is depreciating – the value of your vehicle may end up less than the amount still owed.
The most significant risk of a balloon mortgage is foreclosure if the borrower can't make the balloon payment at the end of the term. Foreclosure can result in the loss of the home, emotional distress, and impact the borrower's credit negatively, generally for seven years.
In some cases, you may be able to negotiate with your finance provider to spread the balloon payment over monthly instalments – this is essentially what refinancing is. Doing this can help make the payment more manageable and reduce the financial strain of a large lump sum payment.
Firstly, measure the dimensions of the balloon, such as its radius or diameter. The volume of a balloon can be approximated as that of a sphere, so you can use the formula for the volume of a sphere to calculate it. The formula is V = (4/3)πr³, where V represents the volume and r denotes the radius.
Fortunately, Excel can be used to create an amortization schedule. The amortization schedule template below can be used for a variable number of periods, as well as extra payments and variable interest rates.
More info
Download a Free Balloon Loan Payment Calculator for Excel. Calculate the balloon payment and amortization schedule for variaous loans.The tutorial shows how to build an amortization schedule in Excel to detail periodic payments on an amortizing loan or mortgage. A stepbystep guide for making loan payment tables: How to create an amortization schedule in Excel? Examples and free templates. BlinkTrade - Open Source Bitcoin Exchange.
