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15 year balloon mortgage with 30 year amortization schedule

What is a 30/15 balloon? I understand the balloon, but not sure I am interpreting this format correctly.

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

This is a fixed rate balloon loan product. Here, the rate remains fixed for 15 years and the payment is amortized over a period of 30 years to give a lower monthly payment.

The loan becomes due and payable as a balloon loan at the end of the 15 year period.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:00 | Post subject:

1tan's picture
1tan | Joined: May 30, 2006 04:34 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks a million!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:00 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

It was my pleasure. Feel free to visit our community and share your queries and views with us. :)

James

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:00 | Post subject:

blue's picture
blue | Joined: October 21, 2005 09:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

A 30/15 balloon is a 15 year balloon having the payment of a 30 year mortgage. The payments appear as if it was a 30 year loan but the loan has to be paid off in 15 years.

You can choose whatever schedule you want to meet the payments. For example, you van make extra payments towards the principal so as to get it paid off in 15.

This loan is very common especially its fixed rate makes it attractive. You have the option to pay faster on your own to get it paid down faster.

You can refer the page on "Balloon Mortgage" to know more about it.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:00 | Post subject:

1tan's picture
1tan | Joined: May 30, 2006 04:34 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks so much!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:00 | Post subject:

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