20-year fixed mortgage calculator

A 20-year mortgage is the middle path. Monthly payment lands between 15- and 30-year options; lifetime interest is meaningfully lower than 30 but the cash-flow hit isn't as steep as 15. Inputs update live; URL is shareable.

Last updated 2026-05-13

Your loan

Home price

$100k$2M

Down payment$97,500

Interest rate30-yr avg: 6.875%

Loan term

20-year fixed

Term locked for this page. Switch term

Taxes & insurance

(optional, but realistic)

State

Sets property tax rate to median for state

Property tax rate

~$305 per month

Homeowner insurance

HOA dues (if any)

PMI required. With 20% down (LTV 80.0%), private mortgage insurance is added at 0.50% of the loan annually — that's $163/month. PMI auto-removes at month 13 (78% LTV, per the Homeowners Protection Act).

Extra payments

(optional — accelerate payoff)

Biweekly paymentsPay half the monthly amount every two weeks (26 half-payments per year ≈ 13 monthly equivalents). Typically saves 4-7 years and tens of thousands in interest on a 30-year loan.

Extra each month

Applied as additional principal every month.

One-time lump sum

Single payment toward principal at the specified month (e.g. tax refund or bonus).

Estimated monthly payment

For a $487,500 home, 20% down, 6.625% APR, 20-year fixed in California.

Where your payment goes

Principal & interest$2,937

Property tax$305

Homeowner insurance$145

PMI$163

Loan amount

$390,000

Total interest

$314,762

Total paid

$704,762

Compare scenarios →

How your balance falls over time

The crossover point — where more of each payment goes to principal than interest — is at year 10.

BalanceInterest paidPrincipal paid

Amortization schedule

Year-by-year breakdown of every payment.

Period	Payment	Principal	Interest	Total interest paid	Balance
Y01Year 1	$35,238	$9,691	$25,547	$25,547	$380,309
Y02Year 2	$35,238	$10,353	$24,885	$50,432	$369,955
Y03Year 3	$35,238	$11,060	$24,178	$74,609	$358,895
Y04Year 4	$35,238	$11,816	$23,422	$98,032	$347,079
Y05Year 5	$35,238	$12,623	$22,615	$120,647	$334,456
Y06Year 6	$35,238	$13,485	$21,753	$142,400	$320,972
Y07Year 7	$35,238	$14,406	$20,832	$163,232	$306,566
Y08Year 8	$35,238	$15,390	$19,848	$183,080	$291,176
Y09Year 9	$35,238	$16,441	$18,797	$201,878	$274,735
Y10Year 10	$35,238	$17,564	$17,674	$219,552	$257,171
Y11Year 11	$35,238	$18,763	$16,475	$236,026	$238,407
Y12Year 12	$35,238	$20,045	$15,193	$251,219	$218,362
Y13Year 13	$35,238	$21,414	$13,824	$265,044	$196,948
Y14Year 14	$35,238	$22,877	$12,361	$277,405	$174,072
Y15Year 15	$35,238	$24,439	$10,799	$288,204	$149,633
Y16Year 16	$35,238	$26,108	$9,130	$297,334	$123,525
Y17Year 17	$35,238	$27,891	$7,347	$304,681	$95,633
Y18Year 18	$35,238	$29,796	$5,442	$310,122	$65,837
Y19Year 19	$35,238	$31,831	$3,407	$313,529	$34,005
Y20Year 20	$35,238	$34,005	$1,233	$314,762	$0

When 20-year is the right answer

Common scenario: refinancing in year 10 of a 30-year loan and want to keep the original payoff date intact rather than restart the 30-year clock. A 20-year refi at a similar payment to the original 30-yr does exactly that.

Also useful when 15-year is too tight on monthly budget but 30-year leaves too much interest on the table. Compare all three side-by-side in the comparison tool.