Balloon payment mortgage

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Balloon payment mortgage발음듣기

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So we already have some experience with traditional fixed-rate mortgages, but I'll give a little bit of a review before we talk about a little variation, or maybe we could say a big variation on it which is a balloon payment loan.발음듣기

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So right over here, what I have depicted are the different payments you would make on a 30-year fixed mortgage.발음듣기

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So this is a 30-year fixed mortgage where you have a fixed payment every month of $1432.00 and the loan amount is $300,000.발음듣기

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So before you make your first payment you owe the bank $300,000 and you keep making these payments.발음듣기

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And we've seen in previous videos that your very first payment, as you see in magenta here, is mostly interest.발음듣기

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$1000 of that $1432.00 is interest.발음듣기

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Then the next payment, you've paid down the principal a little bit, not a lot, about 400-something dollars.발음듣기

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Now your next payment, $999.00 of it is interest.발음듣기

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And the next payment, $997.00 is interest.발음듣기

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And you keep doing that for all 360 payments.발음듣기

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Remember, 30 years times 12 months per year, you would have 360 payments, and as you get to the end of your 30-year mortgage, most of your payment is principal.발음듣기

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So on the 2 months before you pay it off, that 358th payment, only $14.00 is interest.발음듣기

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Then the next one, 9 or 10 dollars is interest.발음듣기

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Then, roughly $5 is interest and then you have paid off the entire loan.발음듣기

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So you have a fixed payment, you also have a fixed interest rate.발음듣기

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I haven't said what the interest rate is for this mortgage, but then you pay it off over 30 years, there's a 30-year amortization.발음듣기

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And the word amortization means 'spreading out' something.발음듣기

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So in this case you're spreading out the payments over 30 years.발음듣기

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Why am I giving this as the preface to a balloon loan, a balloon payment mortgage?발음듣기

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In a balloon payment, this was a little confusing to me the first time I learned about it, the term is different than the amortization.발음듣기

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So, for example, you could have a 10-year-term balloon payment loan that still amortizes over 30 years.발음듣기

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So what do I mean by that?발음듣기

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Well, in this situation, your payments could be exactly the same, but then after 10 years, because it's a 10-year term, you have the loan for 10 years, after 10 years the loan is done for.발음듣기

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So 10 years is 120 months, this is the 10 years here.발음듣기

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After 10 years, you amortize it.발음듣기

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Remember this payment schedule that we set up is based on a 30-year amortization, just as if we were doing a 30-year fixed rate mortgage.발음듣기

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But in the balloon payment, if you had a 10-year term with a 30-year amortization, the payments are the same, but after the 10 years, at the end of the loan you don't just make that 120th payment, you have to pay back whatever the principal is, whatever is left on the loan.발음듣기

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So we see that after 10 years, what's left on the loan is $236,352.발음듣기

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In a balloon payment, the loan lasts for 10 years even though the amortization, the rate at which you're paying down the principal, is the same as for whatever the amortization schedule is, the 30-year amortization.발음듣기

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So the question is; why does this thing exist?발음듣기

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In some ways, this is like what we talked about in the adjustable rate mortgages.발음듣기

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It's spreading the interest rate risk between the bank and the lender.발음듣기

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In a 30-year fixed loan, all of the interest rate risk goes to the bank, while in an adjustable-rate mortgage, all of the interest rate risk goes to the borrower.발음듣기

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Here the bank is guaranteed only to take on interest rate risk for 10 years, then after that they get the balance of the loan.발음듣기

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What does the borrower do, or why would a borrower want to do this?발음듣기

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They might want to do this because maybe they get a slightly lower interest rate than with a 30-year mortgage, while they get the exact same payments.발음듣기

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They get a lower interest rate because the bank is taking on less interest rate risk, they have less risk if interest rates were to spike up 20 years from now.발음듣기

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And a lot of people might say, "Well, I don't think I'm going to own this property for more than 10 years as long as I get a 10-year fixed payment, if I sell the property in the 9th year, then I just pay off the loan."발음듣기

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Another possibility is that the person thinks they'll end up with a lot of cash, maybe they expect an inheritance, expect to earn more money.발음듣기

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Another possibility, if none of that happens, if after the 10th year they say, "I still want to continue paying this house down, I don't plan on selling it, haven't come up with some windfall of cash to pay $236,000."발음듣기

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Then they can just take out another loan to borrow the $236,000.발음듣기

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And there's some risk involved there, because you have to feel good that at that time you'll still have a good credit history, you'll still have the level of income necessary to get another mortgage.발음듣기

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So hopefully this gives you a sense of what a balloon payment mortgage is.발음듣기

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It's not nearly as typical as a fixed-rate 30 year or a 15-year fixed or 10-year fixed, or as common as an adjustable ARM or a hybrid ARM, but they do exist so it's interesting to know about them.발음듣기

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