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.
The amount of time you have to repay the mortgage loan. It's usually expressed as a number of months. For example, the term for a 30-year fixed-rate mortgage is 360 months (30 years X 12 months).
The actual length of time for which the money is borrowed. Anywhere from one month to 25 years. The period for which the mortgage is registered, in months.