You can use this free 7 year balloon loan template for google sheets, you can calculate the amortisation schedule of a 7 year balloon loan.
You can enter the loan amount, interest rate and loan period which is 7 here.
The template will automatically calculate the monthly payment, total interest payable, total payments to be made including interest.
Also the template will out put the amortisation schedule for the loan term period.
|Name:||7 Year Balloon Loan Template|
|Category:||Personal Finance, Real estate|
|Tags:||7 Year Balloon Loan Template google sheets|
Screenshots of the template:
How is balloon payment loan different from personal loan?
A balloon payment loan is different from a personal loan in that the balloon payment is typically equal to the loan’s remaining balance. Personal loans typically have a fixed monthly payment.
What is the advantage of balloon payment loan?
The advantage of a balloon payment loan is that it can allow the borrower to make smaller payments throughout the loan’s term. This can make the loan more affordable for the borrower.
How to calculate the balloon loan payment monthly pay amount?
To calculate the balloon loan payment monthly pay amount, you will need to know the loan’s interest rate, the loan’s term, and the loan’s remaining balance.