Download a Free Balloon Loan Payment Calculator for Excel. Calculate the balloon payment and amortization schedule for variaous loans.Loan amortization schedule. 3. 4, Enter values, Loan summary. Describe payment schedule, if any (amortizing payments based on X amortization term, balloon payment, interest only, etc. The tutorial shows how to build an amortization schedule in Excel to detail periodic payments on an amortizing loan or mortgage.