What Do You Mean by "Simple Interest"

[Tyson Hosey]

I'm trying to figure out ways of structuring a "seller finance" deal to propose to someone when I offer to buy their property. I know there are a million different ways to do it and one I keep hearing is X% simple interest 5 year balloon. I get the 5 year balloon part, but I've been in banking for so long that I only know amortized type of interest. 

So does simple interest mean that I only pay the accrued interest as a monthly payment?