This calculator shows what your monthly payments would be for a given loan, where interest is compounded monthly
You will find that the figure will rarely match the figure provided by a bank as they may apply an administration fee for example, that is included or excluded from the APR they are quoting; first payment is sometimes larger than subsequent payments; the interest rate actually offered can be different to advertised rates depending om your circumstances; discounts may also apply.
What Is A Balloon Payment? Quite simply, a balloon payment is a lump sum payment that is attached to a loan. … By placing a large, fixed sum final payment on your mortgage, the lender can help to cut the interest rate and your monthly repayments.