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A balloon payment is a large payment made at the end of the loan. In the case of an interest only mortgage, your monthly payments only cover interest, not repayment of the capital you borrowed, so at the end of the term of the mortgage, usually 25 years, you have to pay back the full amount you borrowed.

by Jonathan

3 weeks ago

Asker's Rating: 

bit by bit payment

by David Y- 3 weeks ago