Define Balloon Payment
Balloon payment is the final installment payment at the end of a balloon loan that is greater than the preceding installment payments and that pays the loan in full. The word balloon refers to the final payment is greater in comparison to the preceding payments.
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What are Balloon Payments? A balloon payment is a type of loan in which small installments are paid during the period of the loan and a final big repayment is done at the end. This final payment because of its large size is called a balloon payment.
A balloon payment is when the entire loan balance is due and payable. It occurs when a loan is not amortized. The loan itself generally contains an early due date, involving the payoff of an existing loan balance.
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Definition of balloon payment: A large, lump-sum payment scheduled at the end of a series of considerably smaller periodic payments. A balloon payment.
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Definition of balloon payment: Loan installment (paid usually at the end of the loan period) that is much larger than the other installments. A balloon payment is required when the previous installments did not extinguish the loan,
Even though a balloon mortgage and its low monthly payments can be tempting, you should use extreme caution before considering one.
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Balloon payments are generally defined by being at least twice as large as regularly scheduled payments. By making one large lump sum payment, balloon . A balloon payment mortgage is a mortgage which does not fully amortize over the term of the note, thus leaving a balance due at maturity.