Texas Instruments BA Real Estate - Calculating a Balloon Payment to Retire a Mortgage

Mortgages and Amortization 27
BEAR-CH1.DOC BA Real Estate Guidebook Jackie Quiram Revised: 09/28/99 1:16 PM Printed: 09/28/99 1:16 PM
Page 27 of 36
Calculating a Balloon Payment to Retire a Mortgage
1. Clear TVM values (if not already cleared).
#
-
2. Enter term of loan (in years).
30
0
3. Enter interest rate.
9.25
1
4. Enter loan amount.
$67,500
2
5. Compute payment amount
and round the result.
$
3
$
.
555.31
#
n
3
6. Enter the number of payments made.
180
#
*
7. Compute unpaid balance.
$
4
$
.
53,953.92
8. Add payment computed in
line 5.
a
]
3
$
.
555.31
9. Calculate the balloon payment.
j
$
.
54,509.23