Definition
Zero Balance
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Zero balance refers to the outstanding balance equaling zero after full repayment or full redemption, usually at the maturity of the loans.
The month when zero balance is reached for a home loan is called a payoff month.
However, in practice, it is often used to refer to any types of balances that is zero.
It can also refer to debt settlements whereby a lesser sum of money is accepted by a bank as full settlement of the actual amount being owed.
Just take note that professionally, it is a term used to describe the balance of a loan after principal and interest is fully repaid.
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