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All agents are NOT alike! Find out why we are top real estate experts. Call us NOW: 940-484-8187.

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"We listed our home, then changed our minds..."
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TripleCalc
Compare three mortgages at one time. Download TripleCalc now. It's free.

Real Estate - Homes - NUMBER1EXPERTS Sell More!
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Mortgage Calculators
Welcome > Resources > Mortgage Calculators > Balloon Mortgages ...

The Best Mortgage Calculators On the Web! 

Please try our Java loan and mortgage calculators. They take a minute to load, but they are worth it! 

Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules. 

The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more. 

Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you... 

Are Balloon Mortgages For You?

A balloon mortgage can be an excellent option for many home buyers. A balloon mortgage is usually rather short, with a term of five to seven years, but the payment is based on a term of 30 years. They often have a lower interest rate, and can be easier to qualify for than a traditional 30 year fixed mortgage. There is, however, a risk to consider. At the end of your loan term you will need to pay off your outstanding balance. This usually means you must refinance, sell your home or convert the balloon mortgage to a traditional mortgage at the current interest rates.

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Definitions

Mortgage amount
Original or expected balance for your mortgage.

Interest rate
Annual interest rate for this mortgage.

Term in years
The number of years over which you will repay this loan. The most common balloon mortgage terms are 5 years and 7 years. After the mortgage term is complete, you will then need to refinance or pay off the remaining balance.

Monthly payment
Monthly principal and interest payment (PI). The monthly payment is calculated using a 30 year term.

Total payments
Total of all monthly payments over the term of the balloon mortgage. This total payment amount assumes that there are no prepayments of principal.

Total interest
Total of all interest paid over the term of the balloon mortgage. This total interest amount assumes that there are no prepayments of principal.

Prepayment type
The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.

Prepayment amount
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.

Start with payment
This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation.

Savings
Total amount of interest you will save by prepaying your mortgage.

The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.



School Reports in Corinth, Denton, Coppell and Highland Village, Texas
"A model of how the Internet can facilitate the process of deciding where to send your children to school"
- America's Best School Profiles by
The Heritage Foundation

Texas Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.
  Schools in Corinth, Denton, Coppell and Highland Village 



Real Estate Tips
Making An Offer >How Much To Offer

When you make an offer on a house, your biggest decision is how much to offer. Although you don't want to pay more than you have to, it is sometimes hard to predict how much is "enough" for the seller.

Some sellers price their homes at their bottom line and may be unwilling to negotiate, unless the house has been on the market for a long time. Others build in a little room for negotiation. Some sellers are more motivated than others to get their homes sold. Whatever your situation, it is hard to know what sellers will do until they are presented with an offer.

If your offer is very low, your finances might look shaky, and asking the sellers to pick up closing costs might just result in a refusal of your offer. If your original proposal is unacceptable, the seller will usually make a counter offer. While sellers like to get their asking prices, good listing agents prepare them for the possibility of receiving offers that involve some compromises.

See All Tips In The "Making An Offer" Category >
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Real Estate Trivia
Q 
What is considered the primary factor distinguishing buyers of prestigious properties from the average home buyer?

A 
Financing doesn't worry these buyers; they often put down 40 percent or more or pay cash for a property
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The Ferguson Realty Group, REALTORS®, real estate agent and broker for Corinth, Denton, Coppell and Highland Village Texas home listings, property and land for sale - NUMBER1EXPERT(tm)

Brett and Melanie Ferguson
Ferguson Realty Group

2434 Lillian Miller Pkwy.
Denton, TX 76205
Office: 940-484-8187
Brett Ferguson: charlesbferguson@earthlink.net
Melanie Ferguson: melanieferguson@kw.com

Ferguson Realty Group.com is dedicated to successfully exceeding the needs of home sellers and home buyers in order to achieve the absolute highest level of client satisfaction; therefore, creating clients for life! Referrals from friends, family, and past clients drive our levels of achievement; therefore, we strive daily to provide over the top service to them in return. Our clients are the reason we are in the business and the only reason we have a business! We want people to think of Ferguson Realty Group when they think of Home! Call Ferguson First!

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