Download a Free Balloon Loan Payment Calculator for Excel. Calculate the balloon payment and amortization schedule for variaous loans.The tutorial shows how to build an amortization schedule in Excel to detail periodic payments on an amortizing loan or mortgage. Choose balloon to have a loan with a balloon payment where the term of the loan will be shorter than the amortization term. To do this, go to the Data tab, click WhatIf Analysis, and select Goal Seek. For a printable payment schedule, click on "Create Amortization Schedule" and a new browser window will open. This calculator automatically figures the balloon payment based on the entered loan amortization period. The APR gives borrowers a more accurate assessment of a loan's actual cost. Modify values and click calculate to use.