Loan Term
Lending & MortgagesThe length of time you have to repay a loan, typically 15 or 30 years for mortgages.
Example
Example: Suppose you take out a $300,000 30-year fixed mortgage at 6.5%. Understanding loan term helps you see how your monthly payment of approximately $1,896 is structured — and how this concept affects your total cost over the life of the loan. Use our mortgage calculator to see how loan term impacts your specific situation.