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Shoutout to my lender for the balloon mortgage, but that big final payment has me worried.
How do you handle a balloon payment without breaking the bank?
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christopher_wells47mo ago
Man, that's a scary spot. So you've got like five years before the big payment hits? What's your actual game plan for that lump sum? Like @cora_carr73 said, auto-saving is key, but you need a beast of an account. Are you putting that cash in a regular savings account getting no interest, or are you using something like a high-yield account or even a CD that matures right before the payment? The difference could be thousands.
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cora_carr737mo ago
Set up automatic transfers to a dedicated savings account early on.
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chen.casey7mo ago
Seriously, that's the only way I ever save anything. I always forget to move money myself. Automation makes it a "set it and forget it" thing.
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