The amortization period is the length of time it will take to pay off an amortizing loan in full, based on its interest rate and payment schedule.

For fully amortizing loans, which are the most common, the amortization period is the same as the loan term.

For amortizing loans with balloon payments, the amortization period is longer than the loan term. The remaining principal balance is due in full at the end of their term, which is known as a balloon payment.