I'm trying to figure out a balloon mortgage.How much would the monthly payment for a $36900 loan be if the balloon was $5000 on the last month of a 5 year loan at an interest rate of 3%?Does anyone know how to do the math? Thanks. by noelcgranny from San Antonio, Texas. May 26th 2011
If you are not including taxes and insurance your monthly payment on principal and interest for a 60 month term at 3% interest on a loan amount of $369,000 would be $6,630.45. That is as close as you can get to what you are askign for and would leave you with a ballon payment of $6,630.45 on the last month of the term.
The answer is $585.70. I do this all the time with amortization schedules I create in Excel. For a loan of $36,900, with a rate of 3.0%, at the end of 60 months, there will be a $5,000 balance. Hope that helps.
If you meant to ask for a loan of $369,000, the answer is $6,553.10. That leaves a balance of exactly $5,000 after 60 months.
I'm not sure if I understand the question. If your final payment is $5,000 and you somehow know the interest rate at which that can be refinanced then you would also need to know the term over which the $5000 will be paid. I suspect that you really need to refinance the $5000 balloon. To answer that you'll simply need to find a personal loan for $5000 from your bank or credit union and have then calculate the payment for you.
Ask our community a question.