The borrower expects to sell the financed asset (like a house or car) before or when the balloon payment is due, using the sale proceeds to cover the payment. This lending document helps you to clarify the terms of a loan, define the payment schedule, and provide an amortization table, if the loan includes interest.Send balloon payment promissory note example via email, link, or fax. You can also download it, export it or print it out. You have no recourse, except to evict and repossess the house, if they don't make monthly payments or, heaven forbid, their balloon payment. Looking to find a promissory note for your mortgage? Our complete guide will show you where to find one and how it works.