Once you have secured a Jacksonville Florida loan, it is essential to understand your payment schedule. A balloon payment refers to a loan that has a large, final payment due at the end of the loan. For example, there are fixed-rate loans which allow homeowners to make payments based on a 30-year loan, even though the entire balance of the loan may be due after sever years. The final payment is referred to as the balloon payment. Balloon payments tend to be more appealing to homeowners who do not plan on remaining in their home for more than a short period of time, that way the home is sold and they have moved onto another property before the large payment is due.