Interest Only Promissory Note With Balloon Payment
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How to fill out Promissory Note - Balloon Note?
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FAQ
A balloon mortgage is a home loan with an initial period of low or interest-only payments. The borrower pays off the balance in full at the end of the term. A balloon mortgage is usually short-term, often five to seven years.
A balloon promissory note has all the usual repayment requirement details, with one important distinction. Instead of an even amount of payments over the term of the loan, smaller payments are made at first and a single large payment is made at the end.
For clarity, a balloon payment or residual payment is only paid at the end of the loan period and you continue to pay interest on it.
You pay more interest on your loan when you have a balloon payment. That's because you're effectively paying interest on the value of the residual value or balloon payment for the entire term of the loan.
When the loan is interest-only, you only pay interest throughout the life of the loan. The final payment on the loan is called a balloon payment and equals the entire principal. This amount is due at the end of the loan period.