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Glossary Term: BALLOON PAYMENT

Definition(s) for BALLOON PAYMENT:


1. ) a final loan payment that is significantly larger than the payments preceding it.

2. ) A large extra payment that may be charged at the end of a loan or lease

3. ) A final lump-sum payment of unpaid principal remaining at the end of a Balloon Payment and in certain types of leases The extra payment extinguishes the debt See also Balloon Mortgage, Principal

4. ) A lump-sum payment that may be required when a mortgage loan ends. This can happen when the lender allows you to make smaller payments until the very end of the loan. A balloon payment will be a much larger payment compared with the other monthly payments you made.



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