balance payment
nounUK /ˈbæləns ˈpeɪmənt/
US /ˈbæləns ˈpeɪmənt/
The money you still owe after paying part of a bill.
After the deposit, the balance payment is due next Friday.
RELATED WORDS
OTHER MEANINGS
2. The last payment that finishes paying off a debt.
She made the balance payment and owned the car outright.
3. A payment that makes two accounts equal.
The bank sent a balance payment to correct the error.
4. The amount left to pay on a layaway or installment plan.
He paid the balance payment to collect his new bike.