A 30-year mortgage with a 15-year balloon would have payments based on ____months and the loan would be due in____ months:

In a scenario involving a 30-year mortgage with a 15-year balloon, the payments are structured as follows: they are calculated based on a 30-year amortization schedule, which means that the borrower makes monthly payments as if the loan were to be repaid over 30 years. This results in lower monthly payments compared to a loan wholly due in a shorter timeframe.

However, since the loan is a balloon mortgage, it requires the full loan balance to be paid off after a certain period—in this case, 15 years, which is equivalent to 180 months. Thus, while the borrower makes payments consistent with a 30-year term (360 payments), the entire loan amount becomes due at the end of 15 years.

The combination of these timelines is why the correct choice states that payments are based on 360 months, and the loan is due in 180 months. This structure helps borrowers with short-term cash flow needs while also presenting the risk of needing to refinance or pay off the remaining balance after 15 years.