A balloon mortgage is a loan that offers low initial monthly payments, and then a large portion of the principal is repaid in a lump sum at the end of the term. A balloon mortgage calculator helps you calculate your monthly mortgage payment, your balloon payment and the total amount of interest paid during the loan.

A balloon mortgage is a mortgage with a large payment made near or at the end of a loan term. How it works/Example: Unlike a loan whose total cost (interest and principal ) is amortized — that is, paid incrementally during the life of the loan — most or all of a balloon mortgage’s principal is paid in one sum at the end of the term .

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The ING Easy Orange Mortgage was an example of a balloon payment first mortgage that was freely available to homeowners nationwide. It’s no longer around. Seconds mortgages may also be balloon mortgages, a common one being the "30 due in 15." It amortizes like a 30-year mortgage, but full repayment of the loan is due in just 15 years.

Balloon payments: the detail. Now you know what balloon payments and loans are, let’s take a look at exactly how they work. Typically, the type of loans that have a final, or regular, balloon payments are used to offset the low amount of money that you would put into a loan agreement.

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Even though a balloon mortgage and its low monthly payments can be tempting, you should use extreme caution before considering one. As you can see, mortgages with a balloon payment tend to have lower interest rates, and therefore lower monthly payments than other types of mortgages-without the uncertainty of an adjustable interest rate. And because of this, borrowers may be able to qualify for higher loan amounts with a balloon mortgage than they otherwise would.

If you have an adjustable rate mortgage or a balloon mortgage and the balloon is about to go up, refinancing can definitely be a good idea. In fact, most homeowners who take balloon mortgages do so.

A balloon mortgage is a mortgage that does not fully amortize over the term of the loan, and therefore, a large portion of the principal balance is repaid with a single payment at the end of its term (hence the term, balloon payment)). typical terms are five or seven years.