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20-year mortgage rates chart

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Learn more about 20-year mortgages

What is a 20-year fixed-rate mortgage?

A fixed 20-year mortgage is a loan lasting for 20 years, or 240 monthly payments, with an interest rate that stays consistent for the duration of the loan. For example, on a 20-year mortgage for a home valued at $300,000 with a 20% down payment and an interest rate of 3.75%, the monthly payments would be about $1,423 (not including taxes and insurance). Because the loan amount and interest rate stay the same, principal and interest payments remain flat for the 20-year term.

How does a 20-year fixed-rate mortgage compare to a 5-year ARM?

A 20-year fixed mortgage has a flat interest rate for the full 20 years. Monthly mortgage payments remain the same, while principal and interest totals vary with amortization throughout the life of the loan. A 5-year ARM, or adjustable-rate mortgage, has a fixed interest rate for an initial period of 5 years then adjusts for the remaining length of the loan — meaning the monthly payments can increase (or decrease) after the first 5 years.

Should I refinance to a 20-year or 30-year mortgage?

Refinancing to a 20-year mortgage will cost less interest over the life of the loan than a 30-year mortgage of the same amount. But monthly payments are higher for 20-year loans. If higher payments are manageable and paying off your loan faster and for less interest are priorities for you, then a 20-year mortgage may make sense for your situation. Calculate refinance savings at varied term lengths.

Should I refinance to a 15-year or 20-year mortgage?

Refinancing to a 15-year fixed-rate mortgage will cost less interest over the life of the loan than a 20-year mortgage of the same loan amount. But monthly payments are higher for 15-year loans. If higher payments are manageable and paying off your loan faster and for less interest are priorities for you, then a 15-year mortgage may make sense for your situation. Calculate refinance savings at varied term lengths.

The rate and monthly payments displayed in this section are for informational purposes only. Payment information does not include applicable taxes and insurance. Zillow Group Marketplace, Inc. does not make loans and this is not a commitment to lend.

Is a 20-year fixed-rate mortgage right for you?

With a 20-year fixed mortgage, you can build equity and pay off your mortgage faster than with a 30-year fixed-rate loan. The interest rate is usually lower, costing you less over the life of the loan.

If you’re considering a 20-year fixed over a 30-year fixed mortgage, keep in mind that the 20-year mortgage has a higher monthly payment. For example, on a 30-year fixed rate mortgage for a home valued at $300,000 with a 20% down payment and an interest rate of 3.75%, the monthly payments would be about $1,111 (not including taxes and insurance). But a 20-year fixed rate mortgage for a home valued at $300,000 with a 20% down payment and an interest rate of 3.00%, the monthly payments would be about $1,331 (not including taxes and insurance). Even with a lower rate, the monthly payments can be higher for a 20-year fixed mortgage than a 30-year fixed mortgage. The higher monthly mortgage payment may not meet your budget or affordability.

AdvantagesDisadvantages
Pay off home fasterHigher monthly payments
Pay less interest over timeQualify for a lower mortgage amount
Build equity fasterMight sacrifice monthly savings or retirement

The rate and monthly payments displayed in this section are for informational purposes only. Payment information does not include applicable taxes and insurance. Zillow Group Marketplace, Inc. does not make loans and this is not a commitment to lend.

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