Space-based telescopes offer unparalleled opportunities for characterizing exoplanets, solar system bodies, and stellar objects. However, observatories in low-Earth orbits (e.g., Hubble, CHaracterising ExOPlanets Satellite, Twinkle, and an ever-increasing number of cubesats) cannot always be continuously pointed at a target due to Earth obscuration. For exoplanet observations consisting of transit, or eclipse, spectroscopy, this causes gaps in the light curve, which reduces the information content and can diminish the science return of the observation. Terminus, a time-domain simulator, has been developed to model the occurrence of these gaps to predict the potential impact on future observations. The simulator is capable of radiometrically modeling exoplanet observations as well as producing light curves and spectra. Here, Terminus is baselined on the Twinkle mission, but the model can be adapted for any space-based telescope and is especially applicable to those in a low-Earth orbit. Terminus also has the capability to model observations of other targets such as asteroids or brown dwarfs.Unified Astronomy Thesaurus concepts: Exoplanet atmospheres (487); Space telescopes (1547); Asteroids (72); Astronomical instrumentation (799); Infrared telescopes (794)