Definition of balloon payment: Loan installment (paid usually at the end of the loan period) that is much larger than the other installments.. balloon payment. Definition + Create New Flashcard; level adj. fully amortizin. term mortgage You Also Might.
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.
These conventional loans were commonly structured with large "balloon" payments due at the end of a five. although this would mean additional payments would have to be made on top of the mortgage.
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