If I pay bi-weekly on a balloon mortgage, is it possible that I won't have the balloon payment at the end of the mortgage?
2007-03-28 14:26:29 · 3 answers · asked by sharcook1975@sbcglobal.net 2 in Business & Finance ➔ Renting & Real Estate
Most balloons happen in 3 to 5 years , so a biweekly would reduce the balloon a bit but not eliminate it.
When does your balloon hit ?
2007-03-28 14:33:17 · answer #1 · answered by kate 7 · 0⤊ 0⤋
It would depend on the amount you pay bi-weekly. If you only send in 1/2 of the monthly payment then it will reduce your balloon payment but not by that much.
If you send in a months payment every two weeks then yeah, you could do away with the balloon.
The best thing you could do is try and find an amortization program that will accept balloon payments and prepayments to determine the affect on the principal amount. Good luck
2007-03-28 14:35:58 · answer #2 · answered by Fordman 7 · 0⤊ 0⤋
I posted a question earlier about bi-weekly mortgage payments and someone was helpful enough to send me the link of a really good bi-weekly mortgage calculator online.
http://www.bi-weeklymortgagecalculator.com/
Please let me know what you think
2007-03-28 20:48:00 · answer #3 · answered by aztecs950 3 · 0⤊ 0⤋