Balloon payment calculator: monthly payment and the final balloon balance from loan amount, APR, term, and balloon month. Free, no signup, runs locally.
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$300k balloon at month 60
What this means for your numbers: After 5 years of payments, only 7% of the worked example's principal is repaid. The $279,163 balloon is 93% of the original loan: the payments cover interest mostly.
Illustrative breakdown using the worked example above. The calculator computes your own numbers with the same formula.
A worked example: where the balloon actually comes from
Take a $250,000 loan at 6.5% APR amortized over 360 months, with the balloon due at month 60. The monthly rate is 6.5 / 100 / 12 = 0.0054167. The formula first computes the standard 30-year payment: $1,580.17 per month. That is the payment you make every month; the balloon does not change it.
The remaining balance formula is balance = P(1+r)^m - pmt x ((1+r)^m - 1) / r. At month 60, (1.0054167)^60 = 1.382858, so the growth term is $250,000 x 1.382858 = $345,715. The payment term is $1,580.17 x (0.382858 / 0.0054167) = $1,580.17 x 70.6827 = $111,688. Subtract: $345,715 - $111,688 = $234,027. That is the balloon. Move it to month 36 and the same loan owes $241,043 instead, because fewer payments have chewed down the principal.
Notice what 60 payments of $1,580.17 actually bought: $94,810 paid in total, of which only $15,973 reduced the balance and $78,837 was interest. On long amortizations the early years are almost all interest, which is exactly why the balance at month 60 is still 94% of what you borrowed.
What this calculator deliberately does not model
The formula assumes the rate never changes. In practice most balloon loans reprice: commercial balloon mortgages commonly reset to a margin over an index at the balloon date, and a 2 point jump from 6.5% to 8.5% on a refinance of the $234,027 balance above lifts the new 30-year payment from $1,819 to $2,163, about $344 more per month. If you cannot refinance at all, the reset can be harsher still; some contracts apply the fully indexed rate plus a default margin.
It also assumes you never pay extra. One extra $1,580 payment per year on the example loan cuts the month-60 balance by roughly $12,000, which is real equity you keep if the balloon comes due. Prepayment penalties, common on balloon commercial paper in the first 3 to 5 years, can erase part of that benefit; check the penalty schedule before overpaying.
Finally, the tool takes the balloon month as an input and caps it at the term. A balloon at month 360 on a 360-month loan is just a normal mortgage with no balloon, which the math confirms: the computed balance converges to the standard payment schedule. Lenders, however, often price short amortization periods (84 or 120 months) at higher rates than 30-year paper, so the rate you enter may not be the rate a shorter-structure loan actually carries.
