What does Number of Months Refer to? - Definition

What does Number of Months Refer to? - Defintion
On the application the number of months can refer to two things. If there is only one number in this section of the application that the length of the loan and the repayment schedule are the same time

frame. If there are two numbers in this section, the first number indicates the time frame that the repayment schedule is based off of, and the second number indicates the length of the loan. For example: 600/360 would indicate that the monthly payment is based on a 50 year amortization schedule, but the mortgage will be due in 30 years.