Need help figuring out a mortgage balloon payment amount

[Matt M.]

Hi guys,

Hoping someone can help. I’ve tried to figure it out myself but can’t.

I want to approach someone I know about buying a property from them. Here is my dilemma with numbers:

My offer will be $60,000 w/seller financing

$10,000 down, 6% amortized over 15 years but balloon at 5.

I can’t seem to figure out a good approximation of the balloon payment. Every calc I found won’t do balloon at 5 with it amortized at 15.

Thanks for any help!

[Greg Scott]

Just run an amortization schedule with 15 year amortization and see balance at the end of year 5.  Most sites will do that.

This one will https://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx