Use this 20-year mortgage calculator to estimate your monthly principal and interest payment based on your home price, down payment, and interest rate. Compare borrowing scenarios to understand how a 20-year repayment term could balance monthly affordability with long-term interest costs.
How a 20-Year Mortgage Works
A 20-year mortgage is repaid over 240 monthly payments. It generally has higher monthly payments than a 30-year mortgage but lower payments than a comparable 15-year mortgage. Choosing this term can help you repay your home loan sooner than a 30-year option while spreading payments over a longer period than a 15-year loan.
Understand Your Mortgage Results
- Monthly payment: Your estimated monthly principal and interest payment.
- Principal paid: The amount that reduces your loan balance during the selected year.
- Interest paid: The interest charged during that year.
- Remaining balance: The estimated amount you still owe at the end of the selected year.
Select a year in the amortization breakdown to see the estimated principal paid, interest paid, and remaining loan balance for that period.
How Your Inputs Affect Payments
Home price and down payment: Your down payment reduces the amount you need to borrow. Use our down payment calculator to compare different upfront payment amounts.
Interest rate: A higher rate generally increases your monthly payment and the total interest paid over the loan term. Learn how mortgage rates work before comparing loan offers.
Loan term: A 20-year mortgage offers a middle ground between shorter and longer repayment periods. Compare a 15-year mortgage and a 30-year mortgage to see how changing the term affects your estimated monthly payment.
What This Mortgage Estimate Includes
This calculator estimates principal and interest only. It does not include property taxes, homeowners insurance, private mortgage insurance (PMI), homeowners association fees, or closing costs. Your actual monthly housing expenses may therefore be higher than the calculated amount.
Use the estimate to compare loan scenarios and check whether the payment fits your budget. Consider both your monthly commitment and the total cost of borrowing before selecting a mortgage term.
Frequently Asked Questions
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Disclaimer
MortgageRatesChecker provides educational mortgage calculators, loan tools, and financial guides designed to help you better understand home financing. Our content is researched, fact-checked, and regularly updated in accordance with our Editorial Policy, using trusted information from our Data Sources and transparent methodologies explained in How We Calculate. Learn more about our commitment to accuracy on Why Trust Us. This content is provided for informational purposes only and should not be considered financial, legal, tax, investment, or mortgage advice. Mortgage rates, lending requirements, loan programs, and regulations may change without notice. Before making any borrowing, refinancing, or home-buying decision, consult your Bank or Mortgage Lender, licensed financial advisor, tax professional, or attorney based on your individual circumstances. MortgageRatesChecker is an independent educational resource and is not a lender, mortgage broker, financial advisor, or government agency. Please review our Affiliate Disclosure, Advertiser Disclosure, Disclaimer, and Terms & Conditions for additional information.
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