You can use Excel to set up an amortization schedule with a balloon payment. Balloon amortization.Download a Free Balloon Loan Payment Calculator for Excel. Calculate the balloon payment and amortization schedule for variaous loans. A balloon payment, simply put, is a large payment that is due at the end of a loan term. It is different from a fully amortized loan, where a loan is paid. Loan Amortization Schedule outlines the interest and principal payments owed on a mortgage, including the outstanding balance. Plug in the loan parameters, and set the Show Amortization Schedule option before clicking Calculate .