Whats A Balloon Payment

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– Definition: Balloon payment is the lump sum payment which is attached to a loan, mortgage, or a commercial loan.This payment is usually made towards the end of the loan period. balloon payment is higher than what you might be paying towards the loan on a monthly basis.

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A balloon payment is a term used to describe the lump sum owed to the lender at the end of a car finance agreement. Loans with a balloon payment option generally result in lower monthly repayments, as you are deferring part of the cost to the end of the agreement.

Balloon Payment. The final installment of a loan to be paid in an amount that is disproportionately larger than the regular installment. When a loan is made, repayment of the principal, which is the amount of the loan, plus the interest that is owed on it, is divided into installments due at regular intervals-for example, every month.

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Home purchase: Balloon loans can also be useful when buying a home. In some cases, a payment is calculated for an amortizing 30-year mortgage, but a balloon payment is due after five or seven years (with only a small portion of the loan balance paid off).

Balloon Loan: A balloon loan is a type of loan that does not fully amortize over its term. Since it is not fully amortized, a balloon payment is required at the end of the term to repay the.

A balloon payment mortgage is very different because while the loan will have a defined length and you’ll make regular monthly payments, those payments will not be sufficient to pay off the balance by the end of the loan’s term. This leaves a "balloon payment," or a very large amount due, at the end of the mortgage.

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