Multilevel converters need voltage balancing to be able to generate an output voltage with high quality. Flying capacitor converter topology has a natural voltage balancing property. Voltage balance dynamics analytical research methods reported to date are essentially based on a frequency domain analysis using double fourier transform. These complicated methods are not truly analytical, which makes an understanding of parameter influence on time constants difficult. In this paper, a straightforward time domain approach based on stitching of switch intervals piece-wise analytical solutions to a DC modulated H-bridge flying capacitor converter is discussed. This method allows to obtain time-averaged discrete and continuous voltage balance dynamics models. Using small-parameter approximation for pure resistive loads, simple and accurate expressions for voltage balance time constants are deduced, revealing their dependence on load parameters, carrier frequency and duty ratio.