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How does a balloon mortgage work?

With a balloon mortgage, you make small payments for a defined period of time, then one large, final payment at the end of the term. The initial payments might go solely to interest or to both interest and the loan principal, depending on how the mortgage is structured.

Should you get a balloon mortgage?

Balloon mortgages allow you to pay less to start with, but they carry significant risk. Balloon mortgages are short-term home loans that allow borrowers to make small monthly payments — or no payments at all — for several years. After that initial period is over, though, the remaining balance is due in one lump sum.

Do balloon mortgages amortize?

Balloon mortgages don’t amortize the way traditional mortgages do: Your installment payments aren’t structured to pay off the loan by the time the term ends. Instead, with a balloon mortgage, you make small monthly payments for a set period.

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