-The online loan calculator can help repay your loans on time without penalties as well as ensure that mistakes are not made while calculating long formulas.
-This article provides a detailed guide that will explain the different features that the loan payment calculator has to offer; an example of the balloon payment loan calculation can be found below as well.
-Balloon loans can be attractive to short-term borrowers because they carry a lower interest rate than long-term loans. A feature of this loan is that it does not fully amortize over its term. The borrower will make several smaller monthly payments and leave the largest payment (“balloon”) for the end. Let's look at an example!
-On September 20, 2014, Mr. Potter got a loan of $ 350,000 with a fixed yearly rate of 6.5%. The payment is based on a term of 20 years, but Mr. Potter is going to pay it off in 5 years. Now, he wants to calculate the size of his monthly payments and the size of the balloon payment.
-The first thing he needs to do is to open the online loan calculator: http://online.iasolutions.info/baloon/ and fill out the required fields:
*This online loan payment calculator also offers the opportunity to calculate the variable rate, daily compounding, various fees, and taxes if required.
After clicking on the «Calculate» button, Mr. Potter got the clear loan repayment schedule.
-Looking at this schedule, Mr. Potter realized that he could repay his loan in 5 years if he makes 53 monthly payments of $2,609.51 and 1 Balloon payment of $307,961.21. Now, he only needs to press the “Print Coupons and Schedule” button to save this information!
-The "Lender Info" and "Borrower Info" fields are not required to be filled. By clicking on the “Print schedule” button, you will be prompted to save the loan repayment schedule in PDF format.
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