What is ‘balloon payment’?

3 years ago
Banking

The ‘balloon payment’ is the final lump sum payment that is due. When the entire loan payment is not amortized over the life of the loan, the remaining balance is due as the final repayment to the lender. Balloon payment can occur within an adjustable rate or fixed rate mortgage.

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Susmita Sah
Susmita Sah
Jan 13, 2022
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