The amount of time required to repay the mortgage loan. The term of loan is expressed in months. For example, for a 30-year, fixed-rate mortgage, the term is 360 months (30 years X 12 months). See also amortization term.

Length of time it takes to pay off a loan.

Over how many years would you like to pay off the loan secured by the house in this comparison. Typical terms are 15 or 30 years.