What characterizes a partially amortized mortgage?

A partially amortized mortgage is characterized by regular payments that do not fully pay off the loan balance by the time the loan matures. Instead, these payments cover only a portion of the principal and interest, resulting in a remaining balance, known as a balloon payment, which is due at maturity. This structure allows borrowers to have lower monthly payments during the term of the loan, but it requires them to pay off the remaining balance in a lump sum at the end of the term.

In contrast, a fully amortized mortgage would involve payments that completely pay off the loan balance by the time the loan matures. Thus, the idea of having larger payments compared to the loan balance or making payments solely at the inception does not align with the characteristics of a partially amortized mortgage.