Calculating a 30/15 balloon loan

Guest 0.10 Dollars($)

I am having trouble calculating future values for my 30/15 balloon loan. I want to know what the principle will be at any given time if I pay x amount additional principal each month.

For instance, my principle is currently $60,000 with a 6.5% interest rate. If I pay $500 dollars extra into the principal each month starting in December, what will the principal balance be in October of 2010?

rick · Posted: Thu Nov 29, 2007 6:35 pm Post subject:

That can be answered with a simple amortization schedule. The unknown is if you just started your mortgage, in other words, what is your payment now? If it's a brand new mortgage of $60,000, your payment at 6.5% would be $379.24. Paying an extra $500 a month would reduce your principal balance to about $38,700. If you need to change any of that, let me know and I'd be happy to send you my amortization schedule and you can play with it to do "what ifs."

Happy Holidays.

jenkin7 · Joined: 04 Jun 2007 Posts: 928 139.07 Dollars($)

Hello,

Rick has already provided with a detailed calculation. You may also calculate on your own with these calculators.

You can calculate the time period for the loan here
http://www.mortgagefit.com/calculators/pay.html
This will give you the amortization chart which will help you to know the balance amount.

You can determine how much you will save with the help of this calculator provided here http://www.mortgagefit.com/calculators/extra-payment.html

Hope this will help you.

livinginnky · Posted: Fri Nov 30, 2007 12:32 pm Post subject:

You all are correct, we need some additional information. Is it a new loan? When did the loan start? What amount $? What type of loan is it? ARM? Heloc?

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