A balloon payment loan is a type of loan that requires the borrower to make a large payment at the end of the loan’s term. The balloon payment is typically equal to the loan’s remaining balance. You can use this free ballon payment loan template for google sheets to do your calculation.
In this template, you can record assumptions like loan principal amount, annual interest rate, amortisation period, years until balloon payment.
The template will automatically calculate the key financial data like monthly payment, total monthly payments, total amount paid, total interest and ballon payment.
|Name:||Ballon payment loan calculator template|
|Tags:||Ballon payment 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.