eemmpph
asked on
How can I calculate a balloon payment in Excel?
Loan amount = $61,000
Annual interest rate = 3.5%
Period of load = 30 years
Monthly payment = $0.00
Balloon payment amount at the end of 30 years = ?
I am trying to develop a schedule in Excel that will show all 360 payments, and the final balloon payment amount.
Thanks for your help.
Annual interest rate = 3.5%
Period of load = 30 years
Monthly payment = $0.00
Balloon payment amount at the end of 30 years = ?
I am trying to develop a schedule in Excel that will show all 360 payments, and the final balloon payment amount.
Thanks for your help.
ASKER
Thank you Scott. I checked out the website. However, it requires that I enter a monthly payment amount. I will no payments, until after the 30th year.
So you want to calculate a loan for 30 years making no payments until after 30 years?
I'm not sure how that would be done as I can't think of any real-world practical application for that.
I would assume there would be penalties, etc. involved.
If no penalties, I would think you would take the principal * 3.5% add that to the principal to come up with the next amount and then do that for 360 months.
I'm not sure how that would be done as I can't think of any real-world practical application for that.
I would assume there would be penalties, etc. involved.
If no penalties, I would think you would take the principal * 3.5% add that to the principal to come up with the next amount and then do that for 360 months.
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ASKER
Thank you Rob. The Future Value formula is exactly what I needed, and works perfectly in my excel spreadsheet.
http://www.wikihow.com/Calculate-a-Balloon-Payment-in-Excel