20 Year Mortgage Calculator
Estimate a full monthly mortgage payment including principal, interest, property tax, home insurance and HOA fees, plus the total interest paid over the life of the loan on a 20-year term.
Every figure below is labelled in the currency you pick. Amounts are not converted — enter values in the same currency.
What a 20-year term costs
On $288,000 at 6.50%, a 20-year term gives a payment of $2,147.25 and total interest of $227,340 over the life of the loan. Against the 30-year baseline the payment is $326.89 higher and the lifetime interest is $139,988 — the shorter term saves that much.
Who a 20-year term suits
A shorter term is the cheapest way to borrow if the payment fits comfortably. The risk is that it is contractual: a 30-year loan with voluntary extra payments reaches a similar place while letting you stop in a bad month.
The formula
M = P·i·(1+i)^n / ((1+i)^n − 1), where P is the loan amount, i the monthly rate and n the number of payments.
Every result on this page comes from this formula. Nothing is rounded until the final display, so figures match a spreadsheet to the cent.
How to use the 20 Year Mortgage Calculator
- Enter the home price and the cash you plan to put down.
- Add the annual interest rate your lender quoted and the term in years.
- Add yearly property tax, insurance and any monthly HOA dues.
- Read the monthly payment, then open the amortization schedule to see how the split between interest and principal changes over time.
20 Year Mortgage Calculator — frequently asked questions
What is the monthly payment on a 20-year loan?
On $288,000 borrowed at 6.50% over 20 years, the payment is $2,147.25 and you repay $515,340 in total. Change the amount and rate above for your own figures.
What is included in a monthly mortgage payment?
A typical payment has four parts, often called PITI: principal, interest, property taxes and homeowners insurance. If you put down less than 20% you will usually also pay private mortgage insurance, and a condo or planned community adds HOA dues.
How much house can I afford?
A common guideline is that housing costs stay under 28% of gross monthly income and total debt payments under 36%. Run the numbers with your own income in the house affordability calculator before you shop.
Does a bigger down payment lower the monthly payment?
Yes. Every extra dollar down reduces the financed balance, so both the payment and the lifetime interest drop. Reaching 20% down also removes private mortgage insurance on a conventional loan.
Is this 20 year mortgage calculator free to use?
Yes. Every calculator on the site is free, needs no sign-up, and runs entirely in your browser, so your figures never leave your device.
This page is a focused version of the Mortgage Calculator, which handles every variation in one place.
What people search for
This page answers each of these searches. They are the exact phrases visitors use to find the 20 year mortgage calculator.
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About this calculator
Written and reviewed by The Samsung Calculator editorial team. Every calculator is written against a published formula, reviewed against at least one independent reference implementation, and dated when it changes.
Last reviewed August 15, 2026 · Calculation runs client-side · No data collected · Report an error