Download a Free Balloon Loan Payment Calculator for Excel. Calculate the balloon payment and amortization schedule for variaous loans.Select "Loan Amortization Schedule". Fill in your loan, and note that the "Normal" payment is 1060.66. This calculator will help you to figure a current loan balance when the borrower made different payments than those stipulated in the original loan terms. By using a combination of these Excel functions, you can set up a loan amortization schedule.