20-Year Mortgage Calculator
Calculate your monthly payment with a 20-year fixed mortgage.
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What is a 20-year mortgage?
A 20-year fixed-rate mortgage splits the difference between the 15-year and 30-year standard terms. You build equity much faster than a 30-year but with a more manageable monthly payment than a 15-year. The interest rate is typically 0.25% to 0.50% lower than a 30-year loan but slightly higher than a 15-year.
20-year vs 15-year vs 30-year: real example
On a $400,000 loan at 6.25%: a 30-year costs $2,463/month and $486,000 in total interest; a 20-year costs $2,919/month and $300,000 in total interest; a 15-year costs $3,432/month and $218,000 in total interest. The 20-year balances payment size with interest savings — you save $186,000 in interest vs a 30-year while paying $456/month less than a 15-year.
How to use this calculator
- Enter your loan amount (home price minus down payment).
- Enter the interest rate for a 20-year mortgage.
- Confirm term is 20 years (240 months).
- Optionally include property taxes, homeowners insurance, and PMI for full PITI.
- Click Calculate to see monthly payment, total interest, and amortization.
Understanding your results
The calculator outputs your monthly principal and interest, the total interest paid over 20 years, the total cost, and a full amortization schedule. The 20-year term reaches the 50% principal-to-interest crossover around year 9 — faster than a 30-year (year 18+) but slower than a 15-year (year 6). Equity builds predictably, and you'll own the home outright about 10 years sooner than a 30-year.
When does a 20-year mortgage make sense?
A 20-year mortgage is a good fit when: you can afford more than a 30-year payment but not a 15-year, you want significant total interest savings, you plan to refinance or own the home for 15+ years, or you want to build equity faster without aggressive payments. It's also a useful refinance target for homeowners whose 30-year loans are 5-10 years in.
Should I refinance from a 30-year to a 20-year?
Refinancing from a 30-year to a 20-year mortgage makes sense when: current rates are at least 0.5% lower than your existing rate, you can afford the higher monthly payment, you plan to stay in the home for 10+ more years, or you want to build equity faster without the aggressive payment of a 15-year. Use our refinance calculator to compare your current loan against a 20-year term and see the exact savings.
Frequently asked questions
Is a 20-year mortgage better than a 30-year? It depends on your goals. The 20-year has higher payments but saves a substantial amount of interest. If you can afford the payment, the long-term savings typically favor the 20-year.
Do all lenders offer 20-year mortgages? Most do. They're a standard product, not a niche one. If your lender doesn't offer them, most lenders will.
What if I want to pay off even faster? Make extra payments toward principal, or refinance into a 15-year loan after a few years if your income grows.