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Amortization. A balloon mortgage is not fully amortized. With a fully amortized loan, the final payment is meant to pay off the principle of the loan. However, with partial amortization, there is a large portion of the loan still unpaid. This results in the need for a balloon payment at the end of the term. The borrower’s monthly payment is.
A balloon mortgage is a short term, non-amortizing loan available to real estate purchasers. These mortgages typically have lower monthly payments and interest rates and can be easier to qualify.
Let’s try one more problem with a partially amortized mortgage. Your brother-in-law is taking out a new mortgage of $215,000 amortized over 30 years at a 7.25% interest rate with 2 points being charged, and he believes he will sell the house and pay off the mortgage in seven years.
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A partially amortized loan is a special type of liability or obligation that involves partial amortization during the loan term and a balloon payment (lump sum) on the loan maturity date. The mortgage payments are paid in installments throughout the entire life of the loan.
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Paying Off a Loan Over Time. When a borrower takes out a mortgage, car loan, or personal loan, they usually make monthly payments to the lender; these are some of the most common uses of amortization. A part of the payment covers the interest due on the loan, and the remainder of the payment goes toward reducing the principal amount owed.
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The point is, if the amortization period is longer than the term then you have a partially amortized loan (balloon payment due at end), and if the amortization period is the same as the term then you have a fully amortized loan. Either can theoretically be used on a loan of any length.
Partially Amortized Loan Partially amortized loans are when the repayment schedule of a loan calls for a series of payments followed by a balloon payment at maturity. For example, a lender might agree to a 30-year amortization schedule with a provision that at the end of the tenth year all the remaining principal be paid in a single balloon payment.