loan term
Borrowing time span
A loan term is the length of time over which a loan must be repaid.
Shorter terms typically mean higher monthly payments but less total interest; longer terms spread payments out but cost more overall.
We chose a 15-year loan term instead of 30 to pay less interest.
The term may also refer to any of the specific conditions governing a loan agreement.
- maturityFull growth achieved
- lenderOne who loans money
- durationLength of existence
- amortizationGradual debt reduction schedule
- fixed rateUnchanging interest percentage
variable rate · borrower · interest · repayment schedule · fine print · signed on the dotted line · years · balloon payment · repayment · installments · refinance · prepayment penalty · promissory note · default · mortgage · monthly · balance · schedule
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loan termprincipal amount
Initial loan balance
interest rate · down payment · APR · loan balance · loan amount
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