Remove and Replace Printed items

Just use CR to go to beginning of the line.

import time
for x in range (0,5):  
    b = "Loading" + "." * x
    print (b, end="\r")
    time.sleep(1)

One way is to use ANSI escape sequences:

import sys
import time
for i in range(10):
    print("Loading" + "." * i)
    sys.stdout.write("\033[F") # Cursor up one line
    time.sleep(1)

Also sometimes useful (for example if you print something shorter than before):

sys.stdout.write("\033[K") # Clear to the end of line

import sys
import time

a = 0  
for x in range (0,3):  
    a = a + 1  
    b = ("Loading" + "." * a)
    # \r prints a carriage return first, so `b` is printed on top of the previous line.
    sys.stdout.write('\r'+b)
    time.sleep(0.5)
print (a)

Note that you might have to run sys.stdout.flush() right after sys.stdout.write('\r'+b) depending on which console you are doing the printing to have the results printed when requested without any buffering.