What is a good loan calculator to do this type of calc?
2006-10-01 04:50:30 · 2 answers · asked by Wah 2 in Business & Finance ➔ Renting & Real Estate
That will depend upon the loan period used in calculating the amortization schedule.
If the loan payments were based on a 30 year amortiziation schedule, the scheduled payments would be $308.77. If you paid $400.00 per month, the balance at the end of 2 years would be $47,875.98 and that would be your baloon payment.
If the loan period were less than about 17.5 years, the balance would actually grow as you would not be paying enough to cover the minimum principal and interest.
I used Excel to calculate this. Google around for loan calculators; there are scads of them on the net.
2006-10-01 05:01:28 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
A lot of mortgage and real estate companies have mortgage calcs right on their sites. Check it out!
2006-10-01 06:26:28 · answer #2 · answered by Delta Charlie 4 · 0⤊ 0⤋