Locking in a home mortgage rate today won't be the same as it was a year ago when rates stood at a 40-year low, but mortgage seekers are still getting a very attractive mortgage interest rate. Shopping around for the right home and getting the lowest possible interest rate is very important. These days 5/25 and 7/23 convertible balloon mortgages are getting more popular since they provide lower rates than conventional 30 year mortgages while still giving a fixed payment schedule for 5 or more years. The risk, of course, is what happens after the initial fixed period is over and you have the possibility of converting your loan.

Based on your loan amount, type of loan, interest rate and monthly prepayment (if any), this convertible ballon mortgage calculator will calculate your monthly payment for the selected years, provide you a amortization schedule of the loan and total interest paid over the life of the loan.