baloon mortgage

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It is typically calculated based upon a 30 yr amortization. However, ballon mortgages will have an end date much sooner than that. 7yrs, 10yrs or 15yrs for example. Your loan balance would need to be paid in full at the end of the baloon term. Usually, the rates for these loans would be lower than your traditional 30yr fixed.

A balloon mortgage is a type of mortgage where the monthly payments are calculated based on a 30-year amortization schedule, but the balance of the mortgage is actually due in less than the 30-year term. Most balloon mortgages mature between five to ten years after the origination date of the loan. If a borrower had a balloon mortgage with a maturity date of five years, at the end of the fifth year the borrower would have to repay the entire balance that is due to the lender.