Can someone confirm this calculator... Trying to figure out balloon payment with amortization...
I've been trying to search for videos and examples but I want to try to figure this out before looking dumb to my partner and lender...  I haven't signed a contract yet but my plan is to put additional principal payments each month but I just wanted to make sure I don't need to pay a crazy balloon amount (over $100k) at the end.

*Sales Price: $500,000*   
*Down Payment $125,000*  
*Loan Amount: $375,000*  
*Loan Term: 3 Years*  
*Loan is Amortized over a period of 120 months.*  
*Interest: 5.95%*  
No prepayment penalty.

If I want to pay \~10k/mo (which is \~$6k extra principal assuming my monthly required payment is $4153/mo), will my balloon payment at the end be around $60k? I'm okay with a 60k balloon which is what I see when I input it into this calculator, not sure if it's correct though: [https://www.fmbanknym.com/mortgage-balloon-payment-calculator](https://www.fmbanknym.com/mortgage-balloon-payment-calculator)

If this is not correct, please provide me with a link to an accurate calculator where I can play with some numbers.

Thank you in advance!
[{"id": "iy7ukpo", "text": "It\u2019s probably a 3 year loan term at 5.95, and then the interest rate can float, isn\u2019t it?  So, not a balloon payment, just the interest rate can change staring in 3 years.\n\nAnyway don\u2019t feel silly asking your lender this.  Sometimes they list terms and jargon and forget the borrower may not be experienced with the jargon.  I\u2019d ask, at the end of the 3 year period, do I need to refinance or does the rate float?  And how much can it float in year 4 once it starts floating.\n\nYour math sounds roughly correct about owing 60k after 3 years.  FYI the two loans I got this year I was able to get the rate locked for 10 years on a 20 year amortization.  3 is a bit short, 7 is very common, 10 is less common but findable.  For a 7 year locked rate they might want a higher interest rate.\n\nAnyway sounds like you plan to pay it down quickly, so 5.95 locked for 3 years will work fine for you.  Good luck!", "replies": [], "depth": 1}, {"id": "iy8idoj", "text": "If you make $10k payments every month, my math shows you will owe $55,018.88 after 36 payments.", "replies": [], "depth": 1}]