West Ham had got in to the game a lot more after a slow start to the game, and looked the most likely of the two teams to open the scoring.
Their opportunity came from a free-kick well delivered by Felipe Anderson, who found midfielder Declan Rice in the box.
His cushioned header found Balbuena, who nodded the ball towards goal only for it to hit the post, as the Leicester defenders stood motionless.
Schmeichel could do nothing as the ball ricocheted off the post back to the Paraguayan defender, who couldn't miss from only a few yards out.