In this video I'm going to show you how you can use Microsoft Excel to conduct a fairly straightforward exercise in loan amortization. Download a Free Balloon Loan Payment Calculator for Excel.Calculate the balloon payment and amortization schedule for variaous loans. You can use Excel to set up an amortization schedule with a balloon payment. Balloon Payment: A one-time payment that's made at a specific point in a loan's repayment schedule. This calculator can create a loan amortization schedule given only three of four necessary variables. Set it up to change the interest rate until your balloon payment matches your desired value. Creating a Loan Amortization Schedule. For a printable payment schedule, click on "Create Amortization Schedule" and a new browser window will open. The rounding option is for comparison with other calculators that do not round the payment or interest.