Can You Get a 20-Year Mortgage?

Written by Bill MacDonaldSeptember 14th, 20221 minute read

Is there a 20 year mortgage

The 20-year fixed-rate mortgage makes sense if you want to pay off the mortgage quickly.

A monthly over payment on top of the required monthly payment can help you pay off your mortgage even faster.

Plus, the 20-year fixed interest rate is lower than the 30-year rate — but keep in mind that it's higher than the 15-year interest rate.

20-Year Mortgages vs. 30- Year Mortgages

The obvious benefit of the 20-year mortgage is that the loan will payoff in 20-years. Plus, the interest rate is lower than the 30-year mortgage rate by about 0.25%.

However, compared to the 30-year mortgage, your monthly payment will be higher because there are only 240 payments in the 20-year mortgage, compared to 360 payments with a 30-year mortgage.

30-year Mortgage
20-year Mortgage
Loan Amount
Monthly Payment
Interest Rate
Total Interest Paid

Frequently Asked Questions About 20-Year Fixed Mortgage Rates

When can you get a 20-year mortgage?
20-year mortgages are available for purchase and refinance loans.

How can I get the lowest mortgage rate?
The best way to get a lower interest rate is to increase your credit score. Many people are surprised to learn that credit scores are tied to interest rates.

Take a look at your credit report — it's free from Equifax, Experian, and TransUnion.

Is a 20-year mortgage a good idea?
Everybody's situation is different, but if you intend to make over payments on your mortgage, then a 20-year mortgage is a good idea due to the lower interest rate.

Is a 20-year mortgage worth it?
If you can afford the payment, a 20-year mortgage is worth it because of the interest savings.