Loan term

A loan term answers how long the scheduled repayment is meant to last. Common consumer examples are multi-year terms, but this page does not name a required length. A 30-year fixed-rate mortgage combines a term with a rate type. Those are two ideas. Balloon loans can have a term that ends before the debt is fully amortized.

Consumer glossaries treat term as the repayment period. Named products that combine a term with a rate type remain separate ideas.

Payment size, amortization, and refinance comparisons all depend on the remaining term.

• Balloon mortgage
• Monthly payment