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· This tutorial explains what a mortgage is and then actually does some math to figure out what your payments are (the last video is quite mathy so consider it optional).
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Usually, the balloon mortgage term is 5, 7 or 10 years, but the regular monthly payments are amortized for a longer period of time. Monthly balloon payments are calculated as if the loan would be paid as standard 10-year to 30-year fixed mortgage, but the mortgage term is much shorter.
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Such balloon payment arrangements carry a degree of risk. Both the buyer and the seller are depending on the buyers ability to finance the balloon payment through a financial institution at the time of the land contract’s maturity. If this isn’t possible, the seller must foreclose on the contract or wait longer for a payment.
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Usually land contracts are done on a 3 – 5 year balloon. Meaning the borrower makes mortgage payments on a 15 – 30 year loan structure, but in 3 – 5 years the existing balance needs to be paid in full (home is sold or refinanced with a bank at that time).
For example, on a $100,000 loan at 6%, the payment on a 7-year balloon and a 30-year FRM is $599.56. On the balloon, however, the balance of $89,638 after 7 years has to be repaid in full. If the borrower is still in the house, unless he has come into a windfall, the balloon loan must be refinanced.
A balloon payment is a larger-than-usual one-time payment at the end of the loan term. If you have a mortgage with a balloon payment, your payments may be lower in the years before the balloon payment comes due, but you could owe a big amount at the end of the loan.
The main advantage to taking out a balloon mortgage is that during the first five- to seven-year term, it allows you to have low monthly payments and interest rates. This type of arrangement is appealing to anyone who believes that over this term, their income will increase or that interest rates will go down.