For example, for a 30-year fixed-rate mortgage, the amortization term is 360 months. The amortization term is expressed as a number of months.
The amount of time required to amortize the mortgage loan. The repayment of a mortgage loan by installments with regular payments to cover the principal and interest. The period that elapses between the adjustment dates for an adjustable-rate mortgage (ARM). The date on which the interest rate changes for an adjustable-rate mortgage (ARM). A B C D E F G H I J K L M N O P Q R S T U V W X Y ZĪ mortgage whose interest rate changes periodically based on the changes in a specified index.
