20-Year Mortgage Calculator
Estimate the monthly payment, total interest and amortization schedule on a 20-year fixed-rate mortgage.
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 (apr) of 6.60%, the 20-year mortgage calculator shows estimated monthly payment of $2,555.01.
- Principal & interest
- $2,555.01
- Total interest
- $273,201
- Total of payments
- $613,201
- Loan-to-value
- 80.0%
| Home price | Estimated monthly payment |
|---|---|
| $300,000 | $1,615.66 |
| $425,000 | $2,555.01 |
| $550,000 | $3,494.35 |
| $700,000 | $4,621.55 |
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.
- 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 the 20-Year Mortgage Calculator free to use?
Yes. Every calculator on MortgageLoansCalculator is completely free, with no sign-up, login or paywall. Run as many scenarios as you like.
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.
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