Description of Balloon Amortization+ program from Softdepia.com:
Balloon Amortization + is a wonderful newly developed software application, a version of a balloon payment schedule. It was developed to show quite clearly the influence of reducing the small initial payments on the large final baloon payment or refinancing the loan. Bankers are currently touting mortgages with a one to five year balloon! The fact is that the interest is usually based on a 30 year term and the total sum can be a shock for you! Be aware of your balloon payment schedule with Balloon Amortization + and benefit from this wonderful software!
Description of Balloon Amortization+ program from developer:
Program Description: BALLOON AMORTIZATION
This program is a 16 bit version of a balloon payment schedule that demonstrates the effect of reducing initial payments and either making a large payment at the end of the balloon period or refinancing the loan. Bankers are currently touting mortgages with a one to five year balloon.
What they don't tell you is that the interest is usually based on a 30 year term which, unless you know "THE NUMBERS" can result in a shock to your system.
Printouts are professional looking and may be used by financial planners as the program contains a "prepared by:" area and may be useful to them in advising a client on this method of mortgage payment by demonstrating the effect this type of mortgage has on the term of the loan as well as the total amount of interest paid.
Balloon Amortization+ is a "Free to try" program. You can download and try it for an evaluation period.
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