What Is It?
The loan term is the length of time after which a loan will be paid in full, or will have its remaining balance due.
Fully amortizing loans, which are the most common, will be paid in full at the end of their term. Their loan term is the same as their amortization period.
Balloon loans have an amortization period that is longer than their term, so they will have a balloon payment due at the end of their term, equal to the remaining loan balance at that time.
For interest-only loans, the principal balance does not decrease over the course of the loan term, so their full outstanding balance is due when their term ends. If the loan term field is left blank for these loans, it is assumed that the loan will be paid off when the property is sold or refinanced.