A balloon loan can be a useful type of mortgage for borrowers who are looking to minimize their monthly payments. They're like an abbreviated version of a regular home loan with a lower mortgage rate.
That's where this Balloon Loan Calculator comes in handy. It'll figure out your monthly payments and let you know what your remaining balance will be when the balloon payment comes due. It'll also let you know how much you can reduce your balloon payment by paying a bit extra on a regular basis.