Loan basics
Loan term
Also known as: mortgage term, repayment period
How long you have to repay the loan, commonly 15 or 30 years.
Loan term is the length of the repayment schedule, such as 15, 20, 25, or 30 years. Shorter terms usually mean higher monthly principal and interest payments but less total interest over the life of the loan. Longer terms lower the monthly payment but increase total interest if you keep the loan for its full length.
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Definitions are for general education. Loan products, insurance, and taxes vary by lender, location, and your situation. FinanceFlow calculators produce estimates only and are not a lender quote or professional advice.