For instance, for SBI, the home loan reset period is one year, while for Kotak Mahindra Bank. However, before deciding to switch banks, you need to calculate the real savings and operational issues.
Balloon Payment Loan Calculator – With this balloon payment calculator you can get the monthly and balloon payment or just the balloon payment itself. It’s also useful as a payoff calculator. Free, fast and easy to use online!
With the help of a handy calculator, you can take your interest. but you’d spend almost $263,000 in interest over that period, or very close to double the total interest on the original loan at 4%.