The loan maturity date for a mortgage is the date that the mortgage is expected to be paid in full. The final payment of your mortgage may vary depending on the type of mortgage you have.
Most mortgages range from 15 to 30 years, but there are shorter mortgages, as well as mortgages that extend past 30 years.
If you have a standard mortgage, the last payment will be about the same as the preceding payments, if not exactly the same. With a balloon mortgage, the final payment will be significantly larger.
Assuming that you have made all of your payments as scheduled, you will own your home outright when you reach the loan maturity date and make the final payment.
Most mortgages allow you to repay the loan in full before the maturity date, if you choose. However, some mortgages may impose an early repayment penalty.
If you have missed payments, or cannot afford the large payment at the end of a balloon mortgage, you may be able to refinance your home to extend the amount of time you have to make payments.
Based in the Kansas City area, Mike specializes in personal finance and business topics. He has been writing since 2009 and has been published by "Quicken," "TurboTax," and "The Motley Fool."