balloon payment
- A sizable final installment at the termination of a loan, typically for amenities such as a residence or vehicle, that serves to settle the outstanding sum not covered by regular monthly installments
- Thomas was relieved when he made his last balloon payment and finally owned his car outright.
- The balloon payment for their home loan was due in five years, making them save aggressively.
- She struggled to refinance her loan when she realized she couldn't afford the balloon payment due next month.
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