Balloon payment

Balloon Payment A large final payment due at the end of a loan, typically a home or car loan, to pay off the amount the monthly payments didn't cover.

balloon payment
Dictionary: balloon payment
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BALLOON PAYMENT - The final payment needed to complete the payment of the entire principal amount, if different from the monthly payment.

balloon payment - A large payment due at the end of a loan.
bankruptcy - A legal proceeding in federal court used by persons or businesses to seek relief from creditors.

Balloon Payment
The final payment of a mortgage which is larger than the regular payment; it usually extinguishes the debt.

balloon payment the final lump sum payment due at the end of a balloon mortgage.
biweekly payment mortgage a mortgage paid twice a month instead of once a month, reducing the amount of interest to be paid on the loan.

Balloon Payment
A large principal payment that typically becomes due at the conclusion of the loan term. This final payment is significantly larger than the previous payments of the loan.
Bankruptcy ...

See also: Term, Law, State, Lender, Final