- Mortgage amount
- Amount of loan on the mortgage contract.
- Interest rate
- Annual rate of interest on the balloon mortgage loan.
- Term in years
- Number of years allowed to amortize the loan, but not in full. At the end of this time you will pay the remaining balance at one shot.
- Monthly payment
- Total principal and interest amount paid on every month. This monthly amount is generated from the term length of the mortgage.
- Total payments
- Total amount that is paid monthly over the amortization period. It is assumed that you make all the payments according to the amortization schedule and don’t make any prepayment.
- Total interest
- Total dollar amount paid as interest on the mortgage. This calculator assumes that you do not make any early payment of principal.
- Prepayment type
- If you have intention to make prepayments, mention here how regular you will do that.
- Prepayment amount
- Amount of dollar that will be paid as prepayment throughout the chosen prepayment period.
- Start with payment
- When the prepayment will begin? For example, if you enter zero, prepayment will begin before your first scheduled payment. Likewise, if you enter one, prepayment will start with the first scheduled payment.
- Savings
- Dollar amount you can save by reducing the term length, and thus the interest amount, through early payment of principals.