Simple Mortgage Calculator

20-Year Mortgage Calculator

Estimate your monthly payment, total interest, and long-term cost—and compare to a 30-year loan.

Thinking about a 20-year mortgage? This calculator shows your estimated monthly payment and complete cost breakdown. A 20-year term helps you build equity faster and save on interest compared to a 30-year loan. Enter your numbers to see P&I, taxes, insurance, PMI, HOA—and view a full amortization schedule.

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Monthly payment breakdown

Balance and costs over time (yearly)

Compare to a 30-Year Term

30-Year P&I
$2,075.51
30-Year All-in (est.)
$2,675.51
30-Year Total Interest
$427,185.01

Note: 30-year “all-in” shown with current taxes/insurance/HOA and a rough PMI proxy; exact monthly fees vary over time.

Amortization schedule

Enter Property & Mortgage details

Down payment

Results

Monthly payment (all-in)
$3,033.16
P&I only (first month)
$2,433.16
Property tax / mo
$450.00
Insurance / mo
$100.00
HOA / mo
$50.00
PMI / mo
Not required
Loan amount
$320,000.00
Down payment
$80,000.00
Total interest (life)
$263,959.56
Total cost (P&I life)
$583,959.56
Amortization length
21 years (241 mo)
LTV at start
80.00%

What is a 20-Year Mortgage?

A 20-year fixed-rate mortgage keeps your interest rate the same for the entire term, but pays off the loan faster than a 30-year. That typically means a higher monthly payment than a 30-year— but noticeably lower total interest over time.

How does it compare to a 30-year loan?

The 20-year loan usually carries a slightly lower interest rate and a much shorter payoff timeline. You’ll trade a higher monthly payment for significant savings in total interest and faster equity build-up.

Pros and cons

  • Pros: lower lifetime interest, faster payoff, faster equity.
  • Cons: higher monthly payment vs 30-year; less cash-flow flexibility.

How to Use the Calculator

Enter your home price and down payment to compute the loan amount, then set your interest rate and confirm the term is 20 years. Optionally add annual property taxes, homeowners insurance, PMI if your down payment is <20%, and any monthly HOA dues.

Understanding Your Results

The summary shows your total monthly payment and a breakdown across principal, interest, taxes, insurance, PMI, and HOA. You’ll also see total interest over the life of the loan and your payoff date.

Amortization Schedule

The amortization table shows how each payment splits between principal and interest, and how your balance declines over time. Early payments are mostly interest; later payments increasingly go to principal.

20-Year vs 30-Year

Use the comparison card above to see how a 20-year payment differs from a 30-year. In most scenarios, the 20-year has a higher monthly payment but saves tens of thousands in interest.

Frequently Asked Questions

What is PMI?

PMI (Private Mortgage Insurance) is typically required when your down payment is under 20%. It protects the lender and is removed when your LTV drops below the lender’s threshold.

How does my interest rate affect my payment?

Higher rates increase monthly cost and total interest. Small rate changes can make a big impact over 20 years.

Can I pay off early?

Yes—extra principal payments reduce interest and shorten the term. Check your lender’s prepayment policy first.

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