How is the number of forms counted in the free version?

Do I have the possibility to create 5 forms in total or does that mean I can have up to five different forms at a time, thus being able to create a new one as long as I delete an old one? I probably only need three different forms but will have to update one of them every few months with a new price. Can I do that as long as I delete the old form or edit the old form?

Thanks for your help.

The limit is 5 at any given time, regardless if the form is being used or not. So if you have 5 and decided to delete 2 to free up your space, then sure, you can re-add 2 more. You just can't have more than 5 at a time.