The date on which a derivative instrument expires or becomes due for payment or settlement. It is also referred to as a termination (expiration) date, i.e., the date on which obligations no longer accrue and the final payment takes place. In essence, the term of a transaction, or the life of an instrument, last from the effective date to the termination date. For example, the maturity date of a swap is the date at which interest rate obligations stop accruing and the swap is no more effective. Likewise, the maturity or expiration date of an option is the date at which the option expires and becomes worthless.

In case of mortgages, a maturity date refers to the due date of the total principal balance of a mortgage loan.