Question

Julie and Brian are financing $245,000 to purchase a house. They obtained a 30/5 balloon mortgage at 5.25%. What will their balloon payment be?

Answer 1

cool

Answer 2

what would the payments be for a 30 year fixed?

Answer 3

you are essentially calculating the balance remaining after 5 years of a fixed mortgage

Answer 4

to do that, you will need to know the payment schedule for a 30 year fixed rate mortgage; and then balance that out after the 5 years ...