20-Year Mortgage Calculator
Estimate the monthly payment, total interest and amortization schedule on a 20-year fixed-rate mortgage.
Free to use No sign-up needed Updates as you type
How the 20-year mortgage calculator works
This calculator holds the term at 20 years and translates your price, down payment, and rate into a monthly principal-and-interest payment. It sits deliberately between the two popular terms: the bill lands well below a 15-year payment yet noticeably above a 30-year one, spreading the balance across 240 payments.
That middle position is the appeal. You capture a large share of the 15-year's interest savings and faster equity without the full jump in monthly cost, and you finish a decade sooner than a 30-year loan. The tool shows the payment and total interest so you can weigh this compromise against both extremes.
Worked example: with home price of $425,000, down payment of $85,000 and interest rate of 6.88%, the 20-year mortgage calculator shows estimated monthly payment of $2,611.58.
- Principal & interest
- $2,611.58
- Total interest
- $286,780
- Total of payments
- $626,780
- Loan-to-value
- 80.0%
| Home price | Estimated monthly payment |
|---|---|
| $300,000 | $1,651.44 |
| $425,000 | $2,611.58 |
| $550,000 | $3,571.72 |
| $700,000 | $4,723.89 |
The formula
Monthly payment M = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r is the annual rate ÷ 12, and the term is fixed so n = 20 × 12 = 240 payments. Total interest = (M × 240) − P, landing between the 15- and 30-year results.
How every calculator here computes, what it assumes and how the defaults stay current: our methodology.
- Term is fixed at 20 years; this is a fixed-rate model, the standard form for a 20-year mortgage.
- Principal and interest only — escrowed taxes and insurance, PMI, and HOA dues are separate and don't shrink with the shorter term.
- Twenty-year rates often fall between 15- and 30-year rates, but not every lender publishes one; some quote it as a custom term, so confirm pricing.
- The payment is higher than a 30-year's, so qualifying room and monthly cushion are tighter — a limitation if your budget is already stretched.
- Savings versus a 30-year are real but smaller than a 15-year's; if you can absorb a larger payment, compare all three before committing.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender or a licensed advisor.
Questions about the 20-year mortgage calculator
Why pick a 20-year term instead of just paying extra on a 30-year?
Discipline and rate. A 20-year locks in the faster payoff so you can't quietly drift back to minimum payments, and it often carries a rate below a 30-year's.
Paying extra on a 30-year gives more flexibility but tempts you to skip the extra when money's tight. The 20-year suits borrowers who want the commitment made for them.
How does the 20-year payment compare to the 15- and 30-year?
It's a true middle. The monthly bill typically runs only modestly above a 30-year payment, while a 15-year can sit a third or more higher.
You give up some of the 15-year's deep interest savings, but you avoid most of its payment shock — which is why the 20-year appeals to buyers who find the 15-year a stretch.
Is a 20-year mortgage harder to find than a 15 or 30?
Sometimes. The 15- and 30-year terms are offered almost universally, while not every lender advertises a 20-year option. Many will still write one on request, occasionally at a rate between their 15- and 30-year quotes.
If a lender won't, you can replicate it closely by taking a 30-year and targeting a 20-year payoff with extra principal.
Is my information saved or shared?
No. Every calculation runs entirely in your browser. We never store, transmit or sell the numbers you enter.
Why choose a 20-year mortgage?
A 20-year term sits between the 15 and 30 — a lower rate and less total interest than a 30-year, with a more manageable payment than a 15-year. It suits buyers who want to pay off sooner without the steep 15-year payment.
Sources
- Freddie Mac — Primary Mortgage Market Survey (weekly average rates)
- CFPB — Loan Estimate explainer
- CFPB — Fixed-rate vs adjustable-rate mortgages
How the figures on this site are calculated and tested: methodology · editorial policy.
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