No that's incorrect. You would not make an installment payment on your 2015 tax return. Instead, you would file form 5405. This form would list the reason that you moved out such as, you sold the home, or you converted it to a rental, or it was destroyed by fire or some other event. You list the sales price, the purchase price, the amount of remaining credit left to be paid, and the form will calculate how much you owe. If you sold the home for a profit, or gain, that was more than the leftover credit amount, you would owe repayment of the full remaining balance.
You need to go back and amend your 2015 tax return. Re-run the first time homebuyer interview and say that you moved out in 2015. This will remove the partial repayment from line 60 B and will create form 5405 with full repayment. You may owe quite a lot of money. Assuming that you got the full $7500 credit and have been paying $500 per year since 2010, you owed all the remaining $5000 in 2015 when you moved out. You owe that now when you file the amended 2015 tax return. You also can amend the 2016 return to remove the periodic payment and get that $500 back. And you don't owe a periodic payment in 2017 or any future year.
Incidentally, TurboTax may or may not offer to calculate the late fee for the $5000 that you will have to repay. You can skip the calculation of the late fee, since it is almost always slightly off the IRS figure. The IRS will probably bill you for a late payment fee and interest going back to the due date of the 2015 tax return when you should have paid the money. You also have the right to appeal the late payment penalty, and if you have never owned a penalty before, it will probably be forgiven, although the interest cannot be forgiven. You would wait and do all of this when you actually get the bill for the penalty if you get one.
