Understanding Balloon Payments in Mortgage Financing Options

Balloon payment . | Bonganiurban

BALLOON PAYMENT MORTGAGES Emilio is securing a 7 -year balloon mortgage for 280,000 to finance the purchase of his first home. The monthly payments are based on a 30-year amortization. If the prevailing interest rate is 4.5 % / year compounded monthly, what will be Emilio's monthly payment? What will be his balloon payment at the end of 7 years? | Numerade

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According to the terms of the sample balloon payment mortgage, what will most likely occur at the end of the regular payment term? The remaining principal of 173,073 will be due immediately. The interest rate will change to decrease the monthly payment. The loan's terms have all been met and it is paid in full. The monthly payments will increase due to an increase in principal.