Loan Term
How long you have to repay a loan, e.g. 15 or 30 years.
The loan term is the length of time you have to repay a loan in full. A longer term (like a 30-year mortgage) means smaller monthly payments but far more total interest; a shorter term (like 15 years) means higher payments but big interest savings. Choosing a term is a trade-off between monthly affordability and lifetime cost.