Current term [loan]

failbetter

Senior Member
Chinese - Mandarin
Hello,

I'm translating the user interface of a mobile app for a Canadian bank. They are all just strings. Here is the text with context:

---------------------
Original loan amount
Term of loan
Variable interest rate
Accrued interest
Annual prepayment limit
Current term
Payment frequency
Remaining amortization
------------------

The strings I posted here are about loans. I wanted to know what "current term" means, and how it's different from "term of loan". Might it mean the time period remaining until a loan is paid in full? But I found that the time period remaining until a loan is paid in full is actually called "remaining amortization period" by this bank.

Thanks!
 
  • Thomas Tompion

    Senior Member
    English - England
    I'm no expert on this, but here's my best guess:

    The term of a loan is the length of time to full repayment when the loan is originally taken out.

    The current term of a loan is the length of time to full repayment now.

    If you take out a loan for three years, the term of the loan is three years.

    After one year has passed, the current term of the loan has become two years.

    Remember that this is just my best guess.
     

    failbetter

    Senior Member
    Chinese - Mandarin
    I'm no expert on this, but here's my best guess:

    The term of a loan is the length of time to full repayment when the loan is originally taken out.

    The current term of a loan is the length of time to full repayment now.

    If you take out a loan for three years, the term of the loan is three years.

    After one year has passed, the current term of the loan has become two years.

    Remember that this is just my best guess.
    Thank you. But this seems to be what "remaining amortization period" means. Check it out here:
    --------------------------
    Remaining Amortization Period
    The time period remaining (from a specific point in time) until your mortgage loan is paid in full assuming the same interest rate and payment amount.
    -------------------------------------
    You may have noticed that "current term" and "Remaining amortization" are both given by the client, so I think they should have different meanings.
     

    Thomas Tompion

    Senior Member
    English - England
    Thank you. But this seems to be what "remaining amortization period" means. Check it out here:
    --------------------------
    Remaining Amortization Period
    The time period remaining (from a specific point in time) until your mortgage loan is paid in full assuming the same interest rate and payment amount.
    -------------------------------------
    You may have noticed that "current term" and "Remaining amortization" are both given by the client, so I think they should have different meanings.
    Yes, I can see that, but you haven't got remaining amortisation period in your list.

    You seem to simply have remaining amortisation, which I'd take to be a sum of money.

    I'm just off to fix a television for a banker. I'll ask him.
     

    Thomas Tompion

    Senior Member
    English - England
    I asked my banker. He said that he understood the current term to be the time between now and the date when repayment is due - ie. what I said in #2.

    The difference between that and the remaining amortisation period is that the remaining amortisation period would not be a suitable term in the event that the loan was not being amortised.
     

    failbetter

    Senior Member
    Chinese - Mandarin
    I asked my banker. He said that he understood the current term to be the time between now and the date when repayment is due - ie. what I said in #2.

    The difference between that and the remaining amortisation period is that the remaining amortisation period would not be a suitable term in the event that the loan was not being amortised.
    Thank you for asking your banker for my question! Now I think the difference between "term" and "amortization (period)" should be what kayve and EStjarn said here. Your banker's understanding of current term is right, I think.
     
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