This open office loan template consist of two worksheets. First worksheet is a place where you can put your extra payment plan in term of amount and payment period, and see the result of your loan without and with extra payments. In the second worksheet, there is the extra payment amortization table. If your additional payments are made more frequently than monthly, the amortization table will show those extra payments as being rolled into your monthly payments. A weekly, bimonthly or other extra payment will be automatically converted into the monthly equivalent amount.

Related While the Amortization Calculator can serve as a basic tool for most, if not all, amortization calculations, there are other calculators available on this website that are more specifically geared for common amortization calculations.What is Amortization?There are two general definitions of amortization. The first is the systematic repayment of a loan over time. The second is used in the context of business accounting and is the act of spreading the cost of an expensive and long-lived item over many periods. The two are explained in more detail in the sections below. Paying Off a Loan Over TimeWhen a borrower takes out a mortgage, car loan, or personal loan, they usually make monthly payments to the lender; these are some of the most common uses of amortization.

A part of the payment covers the interest due on the loan, and the remainder of the payment goes toward reducing the principal amount owed. Interest is computed on the current amount owed and thus will become progressively smaller as the principal decreases. It is possible to see this in action on the amortization table.Credit cards, on the other hand, are generally not amortized.

They are an example of revolving debt, where the outstanding balance can be carried month-to-month, and the amount repaid each month can be varied. Please use our for more information or to do calculations involving credit cards, or our to schedule a financially feasible way to pay off multiple credit cards. Examples of other loans that aren't amortized include interest-only loans and balloon loans.

The former includes an interest-only period of payment and the latter has a large principal payment at loan maturity.Amortization ScheduleAn amortization schedule (sometimes called amortization table) is a table detailing each periodic payment on an amortizing loan. Each calculation done by the calculator will also come with an annual and monthly amortization schedule above. Each repayment for an amortized loan will contain both an interest payment and payment towards the principal balance, which varies for each pay period.

An amortization schedule helps indicate the specific amount that will be paid towards each, along with the interest and principal paid to date, and the remaining principal balance after each pay period.Basic amortization schedules do not account for extra payments, but this doesn't mean that borrowers can't pay extra towards their loans. Also, amortization schedules generally do not consider fees. Generally, amortization schedules only work for fixed rate loans and not adjustable rate mortgages, variable rate loans, or lines of credit. Spreading CostsCertain businesses sometimes purchase expensive items that are used for long periods of time that are classified as investments. Items that are commonly amortized for the purpose of spreading costs include machinery, buildings, and equipment. From an accounting perspective, a sudden purchase of expensive factory during a quarterly period can skew the financials, so its value is amortized over the expected life of the factory instead. Although it can technically be considered amortizing, this is usually referred to as the depreciation expense of an asset amortized over its expected lifetime.

For more information about or to do calculations involving depreciation, please visit the.Amortization as a way of spreading business costs in accounting generally refers to intangible assets like a patent or copyright. Under Section 197 of U.S. Law, the value of these assets can be deducted month-to-month or year-to-year.

Just like with any other amortization, payment schedules can be forecasted by a calculated amortization schedule.

Balloon loan - a whimsical name don't you think for a potentially risky financial product?What is a balloon loan?Wikipedia defines as a loan 'which does not fully amortize over the term of the note, thus leaving a balance due at maturity. The final payment is called a balloon payment because of its large size.' This Balloon Loan Calculator will not only calculate the final balloon payment, it will also help you structure a loan to meet your exact needs.Check out these additional loan scenarios:. Want to know what periodic payment will result in a specific final balloon amount?

This calculator will calculate the regular payment. Or do you need to set the regular payment to an agreed upon, but nontraditional amount before calculating the balloon? This calculator is capable of doing that calculation as well. Or do you have a budget for both the periodic payment and the balloon payment and you want to know how much you can borrow? This calculator can use your inputs to calculate the loan amount. Or do you want to lower the periodic payment even further? Then select interest-only payments.

Or do you want to calculate the periodic payment using say a 30-year term while the balloon is computed using a 7-year term? Yup, you can do that calculation too.

Hoffmann: Made in: est 1903 Vienna, Austria: Made by: Unknown: Rating (see Key) 50-75 (see comment about the name Hoffman) Estimated Number In UK: 800 (50 5ft baby grands) (many other English pianos with the stencilled name “Hoffmann”) Year and serial number: 1925 – – – – 46000. Antique piano serial numbers.

See 'Doing the Two-Step' below. As mentioned, a balloon loan is a loan that has its regular periodic payment calculated using one term (say 30 years) when the last payment is due sooner (say in 7 years).If you do not know the amount of the regular loan payment, then we must calculate it before we can calculate the final balloon amount.Example: Assume you are considering a mortgage for $146,500. You want the monthly payment calculated based on a 30-year loan, but you'll pay the balance after 72 months. Doing the Two-StepStep 1: Enter: Amount of Loan?:$145,500.00Annual Rate?:4.5000%Balloon Due at Payment? (#):360Periodic Payment?:$0.00Final/Balloon Payment (can be 0)?:$0.00When you enter '0' for both 'Periodic Payment' and 'Final/Balloon Payment,' you are setting up the calculator to calculate a level payment for the entire term of the loan.

That is the final payment will not be a balloon payment.Click 'Calc' and here are the results. $737 is the 'regular' payment amount for a 30-year loan. (The final payment gets rounded by less than $2.00 or less than $0.01 per each regular payment.) Periodic Payment?:$737.23Final/Balloon Payment (can be 0)?:$735.27Step 2: Now to calculate the balloon payment amount, with the balloon due after six years, set the calculator as follows: Amount of Loan?:$145,500.00Annual Rate?:4.5000%Balloon Due at Payment? (#):72Periodic Payment?:$737.23Final/Balloon Payment (can be 0)?:$0.00Click 'Calc,' and this is the balloon that will be due in the final month of the sixth year if the debtor makes payments based on an assumed term of 30 years: Final/Balloon Payment (can be 0)?:$130,433.50Amortization schedule showing final balloon payment.If that's what you wanted to know - what the balloon payment amount will be for a loan, then you're finished.But with this calculator, it's possible to do more. You can structure a loan, just the way you want it. Example 2: Pick the balloon payment amount and calculate the periodic payment: Amount of Loan?:$145,500.00Annual Rate?:4.5000%Balloon Due at Payment?

(#):72Periodic Payment?:$0.00Final/Balloon Payment (can be 0)?:$100,000.00Result: Periodic Payment?:$1,110.73Example 3: Pick any periodic payment amount: Amount of Loan?:$145,500.00Annual Rate?:4.5000%Balloon Due at Payment? (#):72Periodic Payment?:$2,000.00Final/Balloon Payment (can be 0)?:$0.00Result: Final/Balloon Payment (can be 0)?:$27,541.94Example 4: Pick your payments and see what you can borrow: Amount of Loan?:$0.00Annual Rate?:4.5000%Balloon Due at Payment? (#):72Periodic Payment?:$1,000.00Final/Balloon Payment (can be 0)?:$50,000.00Result: Amount of Loan?:$84,794.97Balloon Amortization Schedule with Extra PaymentsThe calculator's support for extra payment is very flexible. First, you'll notice the calculator prompts you for 'Extra Payments Start?' You can, therefore, schedule extra payments between the regular due dates if doing so is better for your cash flow.As mentioned elsewhere, the calculator allows for a one-time extra payment or for multiple extra payments. The multiple extra payments can be for 2 or any number up until the loan is paid-in-full.

(In that case, set the number of extra payments to 'Unknown.' )When the extra payments are 'off-schedule,' the calculator prepares an expanded amortization schedule, showing the payment being applied 100% to the principal with interest accruing.

Balloon loan schedule with interest only payments and a lump sum extra payment.Note how the interest-only payment drops from $545 to $526 after the extra payment.This is the correct way to apply the payment - something that other online calculators don't usually handle properly. That is if they even let you plan for extra payments between regular payments. The Interest-Only Payment Method is a Special CaseMost frequently, the periodic payments get allocated to both principal and interest. Thus with each payment, the loan balance is being reduced.But what if the borrower wants to pay even less per period?If that's the case, the lender may agree to make the balloon loan one where the borrower pays only the interest due on each payment date. Paying only the interest each period reduces the payment amount even more for the borrower.

Interest-only option selected for the regular periodic paymentsThis calculator supports interest-only payments (select the option under 'Amortization Method'). If you select it, however, the calculator works slightly differently. First, the balloon payment will always be equal to the loan amount. Therefore, it isn't possible to solve for the balloon payment. Or looked at in a different way, the user cannot provide a periodic payment amount. The calculator will always calculate the regular payment amount since it is the interest due. When introducing extra payments into the interest-only cash flow, the calculator's main window shows the amount of the first interest-only payment.

But after each prepaid principal amount, the subsequent payments will be reduced since prepaying lowers the loan balance which, of course, reduces the interest due.Given the above, if you select interest only, in almost all cases, to use the calculator, you'll want to set both of these inputs to 0. Periodic Payment?:$0.00Final/Balloon Payment (can be 0)?:$0.00ChartsAs the day winds down, I go cross-eyed looking at columns of numbers. That's where cash flow charts come in handy. You can quickly learn the relationship between the principal, interest and optional extra payments.This calculator creates 3 charts.

Chart depicting regular periodic cash flow with a large final balloon payment. The annual chart compares total interest and principal paid each year. The accumulated chart shows the amounts allocated to the principal and interest since the start of the loan. The pie chart clearly shows the relationship between total interest and principal with calculated percentages.Bloggers, feel free to use these charts to make your point. Click for several export options. Related: If you are issuing a balloon loan or mortgage and if you have to comply with the United States' Truth-in-Lending Act, then you may want to use this. Should I take out a balloon loan?

There's Risk!Balloon loans have their advantages. The borrower gets to borrow a large amount, for a short period, while making relatively small periodic payments.However, the borrower should only consider this loan type if they are confident that they'll have the funds available or that they'll be able to refinance the loan in time to make the balloon payment when it comes due. Otherwise, the borrower will most certainly default on the terms of the loan, and they risk ruining their credit rating.What do you think?

Is a balloon loan a useful financial product? Or are you an issuer of these loans? If so, do you have anything to add to the above?You can leave your comments and questions below. Balloon Loan Calculation HelpYou can calculate one of any five possible unknowns with this calculator. Just enter a zero for one of the following: 'amount of loan,' 'annual rate,' 'balloon due at payment number,' 'periodic payment' or 'final/balloon payment.'

Therefore, it is easy to solve for a periodic payment amount that will result in a particular balloon payment. Or you can solve for the balloon payment amount given a regular payment amount that you provide.If you are solving for the balloon payment, and the periodic payment decreases as well, that indicates the periodic payment was larger than necessary given the other loan details.Take this extreme example:What if the loan amount is $100,000 and the balloon is due at period 48, and the periodic payment is $10,000? There no need for a 48th payment, much less a balloon payment. In this case, the loan would be paid off in 10 periods (not accounting for interest).The calculator handles this scenario by recalculating and lowering the regular payment.If you enter non-zero values for all five inputs, the calculator will recalculate the balloon amount provided.NOTE: A balloon payment is NOT the remaining balance of a loan. See 'Remaining Balance Calculator' if you need to calculate the loan balance after making a payment.

Thanks for stopping by.Neither should be a problem. Since you were on the balloon calculator, let’s look at how to do the balloon loan first.Fill in the calculator this way:Amount of Loan?: $50,000.00Annual Rate?: 6.0000%Balloon Due at Payment? (#): 84Periodic Payment?: $500.00Final/Balloon Payment (can be 0)?: $0.00By entering a 0 for the final payment, you you are telling the calculator to solve for a balloon amount (at the end of year 7). If you meant at the beginning of year 7, just change the 84 to the period number you want the balloon due.For the loan amortization schedule without a balloon, you’ll need to use this (if you try to use the balloon calculator for the normal loan without balloon, you’ll get a too many unknown error).Enter the values this way:Loan Amount?: $50,000.00Number of Payments?

(#): 0Annual Interest Rate?: 6.0000%Payment Amount?: $500.00Now I know you said the term is 20 years, or 240 months, but here’s the thing. If you want to pay $500/month, then the loan will be paid off way before you reach 20 years. So I’ve indicate entering 0 for 'Number of Payments' so the calculator can calculate the term.You could enter 240 months and leave the payment amount at $500, but the what will happen is, the loan will be paid off, and the 500 a month will keep on reducing the balance below 0, and then at the 240 period, the lender will how the borrower a big refund. This is accurate, but probably not what you want:-).If you want to see what the payment would be and have a 20 year term, enter 240 for the number of payments and 0 for the payment amount.If you try this, I would be interested in hearing how you make out. If something not clear, please ask again. Hi Calculator Guru,Are you available for hire? I need a spreadsheet to Calculate Balloon payments.

I need it to show a 30 yr mortgage with a normal schedule then show a client how the payments and principals change if we add a Balloon payment in for 5 years or 10 years at the end of each of those years. I should be able to show an accelerated payment schedule where the loan is paid off in 10-12 years rather than the 30 years it started with.

The balloon payment would be the same payment in all end of each year for 10 years. Is this something you can create for us? It could be called the Balloon accelerated payment schedule.

Thank You JP. Hi Karl,Thanks for the quick reply. WOW that’s Great news! I tried the calculator on this page but perhaps I’m just not knowledgeable enough to perform the calculation properly. Here’s the numbers I’m looking for. I need two versions of a mortgage to show clients. One is easy, a 30 year mortgage at 8.5% for a $200M mortgage, I have this one already.

The second is the accelerated mortgage with a balloon payment towards the principle every “end of a the year” a balloon payment is made of $18M for the first 10 year period, so 10 of these payments over 10 years. I need to show what the new principle or remaining balance is each year, and what the ramifications are towards an early payoff if the monthly payment is fixed at the original monthly payment of $1,537,826.97. I think the loan could be paid off in 10-12 years rather than a 30 year period. No penalties or fees are added to the early payoff or balloon payments.

I hope this makes sense. Thank you JP. Hi Karl, I retried the calculator and don’t get me wrong I love it. I just need to be clear there are 2 kind of payments the monthly mortgage at $1,537,826.97 and an additional $18M annually for up to 10 years.

In your calculator I wasn’t able to configure it for both payments it seems to only give me the Balloon payments after reviewing the schedule sheet. So what was missing is the monthly mortgage needs to be added into the schedule. With just the Balloon payments the accelerated payments go to 8 years which is Great. However, now if we add the monthly into the formula which I don’t know how to do that in your calculator, then this monthly payment should change the pay off to perhaps 5-6 years max. What do you think can we do it in your calculator if not I’m still open to an Excel spreadsheet version and you fee for doing it. THANKS again.

Hi JP, yes, it can be done. But lets start with basics and so we don’t confuse each other, lets define some terms. Also, let’s not try to guess an answer – lets just get it calculated. As I understand it, you’ve been able to create the 'normal' amortization schedule with this calculator the runs the full 30 years.

Then the next thing I suggest is let’s work on adding the extra payments. Extra payments and a balloon payment are different things. From the point of view of this site, a loan may or may not have a balloon payment, but it it has a balloon payment, there will only be one. A balloon payment is the final payment and it is larger than the 'normal', periodic payment.I’m not clear on what you mean by 'the monthly mortgage needs to be added into the schedule.' If you have a schedule, then you have the monthly mortgage payment, right?If you want an annual extra payment of $18 million made at the end of each year then click on the 'Set Dates or Extra Payments' and set the below options:Extra Payment Amount?: $18,000,000.00Extra Payments Start?: Extra Payment Frequency?: AnnuallyNumber of Extra Pmts?

(#): UnknownYou’ll make the above settings after you have the amortization schedule for the standard 30 year mortgage. The 'Unknown' means the extra payments will be paid until the loan is paid off.

Now you can compare the schedule to the 30 year.If you get this far, then we can talk a balloon payment too, if you want one. Hello,Bank of America approved us in 2014 for a long modification with a $100,000 balloon payment. Since then, they sold the mortgage to Carrington Financial. When I ask for a payoff amount since we are selling our home, there is no information on the 100K. What happened to it? I called BoA and they won’t give me the information since I am not their client any longer. Carrington tried to explain things but I just heard the word “amortization” and that I would only owe $1,000 after I pay off the loan.

Is the loan payoff amount more than $100,000? If so, then that’s where the balloon is.I can’t really say much here because I don’t know the details, and details are always important.However, if you want to confirm the exact loan payoff amount you’re being told, and you have your complete payment history, then you can check the calculation using this.Whether or not there is a balloon payment isn’t the issue to me. The issue is, is the payoff amount correct. Determining that is basically taking the loan amount, setting the interest rate and deducting the payments made as of the particular date paid and calculating the balance. Something a loan payoff calculator will do for you. Hello,How do I calculate APR on a partially amortizing loan with discount points and origination fees on a financial calculator? I have a TI BAII Plus, and I’m calculating a problem for class but I’ve run into some trouble that’s confusing me a lot.The loan amount is $3,000,000 with an annual interest rate of 3.75%, $30,000 in origination fees, and 1.3 discount points.

The payments are monthly and calculated for a 30 year term, but the loan is actually paid off after 10 years. This is how I calculated the payment:PV=-3,000,000N=360I/Y=3.75/12 (Payments per Year is set to 1)CPT PMT= 13,893.47At first, I calculated the APR this way:PV=2,931,000 (calculated by subtracting origination fees of $30,000 and discount points equaling $39,000 from loan amount)N=120PMT= -13,893.47CPT I/Y (.12)=-10.27%The negative APR is what confused me, so then I tried it this way:PV=2,931,000N=360PMT=-13,893.47CPT I/Y (.12)=3.94%Are either of these methods correct or am I completely messing up somewhere else in the problem?Thank you in advance!. The rounding is a byproduct of the payments made. If there wasn’t a rounding adjustment, then the loan would be over or under paid that is, the final balance would be slightly negative or positive.If you have a schedule that says no rounding is necessary, and this calculator creates a schedule that indicates rounding is necessary, then you need to compare the two schedules themselves and see where the difference is. First, I assume the payments are paid on the same dates. If they are, then I would suggest checking the interest amounts.

If the interest amount differ, then that’s either good or bad for the borrower, depending on with the interest is higher or lower.Anyway, the point is, you need to understand the root cause for the difference in the rounding. Then we can see what change can be made so the two schedule match (if that’s what you want). I have an amortization schedule printed out for a carry back we are doing.Loan amount: $240,000Annual Interest rate: 6%Amortization period: 20 years# of regular payments: 71Begin date: 6/27/2019. First payment 7/27/2019Monthly payment: $1719.43Balloon payment: $196,835.17Balloon payment w/rounding: $196,836.04On March 24, 2020, we received an email that with the March payment and all payments from now on they are adding $600.00 to the principle each month. They expressed a desire from the start that they would probably pay the loan off early also.(We have a no pre-payment penalty clause.)I not sure how to calculate the new balloon payment.Thank you in advance for any help with this. Love the Calculator however am having difficulty working through an example where the Loan amount is drawn on the 1st May 2020 with the first Payment made 3 months later on the 1st August 2020 – looking to work out Payment amount, per month on a Profile of 84 fixed Payments to a predetermined balloon amount, with the Balloon due as an 85th Payment. The Calculator is showing me an accumulated Interest amount for the period 1st May to 1st June BUT ALSO suggesting I’ve made a Payment to cover this specifically in addition to my fixed monthly Payment.

Appreciate your help /assistance on this. Ok, on this side of the pond, we use slightly different terminology, but I think I got you. 🙂You’ll set up the calculator this way:Amount of Loan?: $65,000.00Annual Rate?: 4.5000%Balloon Due at Payment? I need to be able to amortize our clients’ loans, for instance, for a note with a 10-year term, but amortized over 20 years.

Will I be able to do this with the balloon amortizer? It would certainly seem like I could based on the name of the calculator.Also, sometimes, the client gives me the monthly payment on a specific loan amount and wants me to tell them how long it would take to pay the loan off based on that fixed monthly payment. Will I be able to do that? Thank you for your assistance before I go ahead and purchase this calculator.