Try our easy to use balloon payment calculator. For those expecting to remain
in their home for a relatively short period of time, 5/25 and 7/23 Convertible,
Two-Step, and Balloon mortgages are getting more popular since they often
provide lower rates than conventional 30 year mortgages while still giving a
fixed payment schedule for 5 or more years.
The risk, in the case of balloon payments, is what happens after the initial
fixed period is over and you have the possibility of converting your loan. Here
is a calculator to determine your initial fixed payment and to try to answer
those questions.
