MortgagesHomebuying Glossary
Loan Term
Also known as Mortgage Term
The length of time you have to repay your mortgage in full, most commonly 15 or 30 years.
In plain English
Your loan term is the number of years your mortgage payments are scheduled over. Shorter terms (like 15 years) mean higher monthly payments but far less total interest paid; longer terms (like 30 years) lower your payment but cost more over time.
Why it matters
Choosing a term is a real tradeoff between monthly affordability now and total interest cost over the life of the loan.
Where you'll run into it
Guides and tools on TheBuyingPath that cover loan term in context.
Related terms
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