20 Year Fixed Rate Mortgage Amortization Example
The 20 year fixed rate mortgage offers predictable monthly payments and a reasonable compromise between the low monthly payments of a 30 year fixed and the lower interest rates of a 15 year fixed mortgage.
In this example, we compare the amortization schedules for a $225,000 20 year fixed mortgage at a 3% annual interest rate to a 30 year fixed mortgage at 3.5%. After reviewing this example, enter your desired mortgage amount and term into the mortgage amortization calculator to see how the principal and interest change over time and help you decide which mortgage best meets your needs.
This 20 year fixed has a monthly payment that is approximately $238 higher than the 30 year fixed. However, the 20 year fixed would save you approximately $64,242 in total interest over the life of the loan. If you keep the mortgage for 7 years before refinancing or selling the home, you would save approximately $10,374 in total interest with the 20 year fixed. As you can see, the length of time you plan to keep your mortgage can have a real impact on which type of mortgage will be most appropriate for you. Note how little the principal balance changes in the early months of the mortgage and how much of it changes in the final years of the mortgage. This is why extra payments made early on can result in great savings.
| Month | Principal Interest Payment | Interest | Principal | Balance ▲ |
|---|---|---|---|---|
| 1 | $1,248 | $562 | $685 | $224,315 |
| 2 | $1,248 | $561 | $687 | $223,628 |
| 3 | $1,248 | $559 | $689 | $222,939 |
| 4 | $1,248 | $557 | $690 | $222,248 |
| 5 | $1,248 | $556 | $692 | $221,556 |
| 6 | $1,248 | $554 | $694 | $220,862 |
| 7 | $1,248 | $552 | $696 | $220,166 |
| 8 | $1,248 | $550 | $697 | $219,469 |
| 9 | $1,248 | $549 | $699 | $218,770 |
| 10 | $1,248 | $547 | $701 | $218,069 |
| 11 | $1,248 | $545 | $703 | $217,366 |
| 12 | $1,248 | $543 | $704 | $216,662 |
| Year 1 | $14,974 | $6,636 | $8,338 | |
| 13 | $1,248 | $542 | $706 | $215,956 |
| 14 | $1,248 | $540 | $708 | $215,248 |
| 15 | $1,248 | $538 | $710 | $214,538 |
| 16 | $1,248 | $536 | $712 | $213,826 |
| 17 | $1,248 | $535 | $713 | $213,113 |
| 18 | $1,248 | $533 | $715 | $212,398 |
| 19 | $1,248 | $531 | $717 | $211,681 |
| 20 | $1,248 | $529 | $719 | $210,963 |
| 21 | $1,248 | $527 | $720 | $210,242 |
| 22 | $1,248 | $526 | $722 | $209,520 |
| 23 | $1,248 | $524 | $724 | $208,796 |
| 24 | $1,248 | $522 | $726 | $208,070 |
| Year 2 | $14,974 | $6,382 | $8,592 | |
| 25 | $1,248 | $520 | $728 | $207,342 |
| 26 | $1,248 | $518 | $729 | $206,613 |
| 27 | $1,248 | $517 | $731 | $205,881 |
| 28 | $1,248 | $515 | $733 | $205,148 |
| 29 | $1,248 | $513 | $735 | $204,413 |
| 30 | $1,248 | $511 | $737 | $203,676 |
| 31 | $1,248 | $509 | $739 | $202,938 |
| 32 | $1,248 | $507 | $741 | $202,197 |
| 33 | $1,248 | $505 | $742 | $201,455 |
| 34 | $1,248 | $504 | $744 | $200,711 |
| 35 | $1,248 | $502 | $746 | $199,965 |
| 36 | $1,248 | $500 | $748 | $199,217 |
| Year 3 | $14,974 | $6,121 | $8,853 | |
| 37 | $1,248 | $498 | $750 | $198,467 |
| 38 | $1,248 | $496 | $752 | $197,715 |
| 39 | $1,248 | $494 | $754 | $196,962 |
| 40 | $1,248 | $492 | $755 | $196,206 |
| 41 | $1,248 | $491 | $757 | $195,449 |
| 42 | $1,248 | $489 | $759 | $194,690 |
| 43 | $1,248 | $487 | $761 | $193,929 |
| 44 | $1,248 | $485 | $763 | $193,166 |
| 45 | $1,248 | $483 | $765 | $192,401 |
| 46 | $1,248 | $481 | $767 | $191,634 |
| 47 | $1,248 | $479 | $769 | $190,865 |
| 48 | $1,248 | $477 | $771 | $190,094 |
| Year 4 | $14,974 | $5,852 | $9,122 | |
| 49 | $1,248 | $475 | $773 | $189,322 |
| 50 | $1,248 | $473 | $775 | $188,547 |
| 51 | $1,248 | $471 | $776 | $187,771 |
| 52 | $1,248 | $469 | $778 | $186,992 |
| 53 | $1,248 | $467 | $780 | $186,212 |
| 54 | $1,248 | $466 | $782 | $185,430 |
| 55 | $1,248 | $464 | $784 | $184,645 |
| 56 | $1,248 | $462 | $786 | $183,859 |
| 57 | $1,248 | $460 | $788 | $183,071 |
| 58 | $1,248 | $458 | $790 | $182,281 |
| 59 | $1,248 | $456 | $792 | $181,488 |
| 60 | $1,248 | $454 | $794 | $180,694 |
| Year 5 | $14,974 | $5,574 | $9,400 | |
| 61 | $1,248 | $452 | $796 | $179,898 |
| 62 | $1,248 | $450 | $798 | $179,100 |
| 63 | $1,248 | $448 | $800 | $178,300 |
| 64 | $1,248 | $446 | $802 | $177,498 |
| 65 | $1,248 | $444 | $804 | $176,694 |
| 66 | $1,248 | $442 | $806 | $175,888 |
| 67 | $1,248 | $440 | $808 | $175,080 |
| 68 | $1,248 | $438 | $810 | $174,269 |
| 69 | $1,248 | $436 | $812 | $173,457 |
| 70 | $1,248 | $434 | $814 | $172,643 |
| 71 | $1,248 | $432 | $816 | $171,827 |
| 72 | $1,248 | $430 | $818 | $171,009 |
| Year 6 | $14,974 | $5,288 | $9,686 | |
| 73 | $1,248 | $428 | $820 | $170,188 |
| 74 | $1,248 | $425 | $822 | $169,366 |
| 75 | $1,248 | $423 | $824 | $168,541 |
| 76 | $1,248 | $421 | $826 | $167,715 |
| 77 | $1,248 | $419 | $829 | $166,886 |
| 78 | $1,248 | $417 | $831 | $166,056 |
| 79 | $1,248 | $415 | $833 | $165,223 |
| 80 | $1,248 | $413 | $835 | $164,388 |
| 81 | $1,248 | $411 | $837 | $163,551 |
| 82 | $1,248 | $409 | $839 | $162,712 |
| 83 | $1,248 | $407 | $841 | $161,871 |
| 84 | $1,248 | $405 | $843 | $161,028 |
| Year 7 | $14,974 | $4,994 | $9,980 | |
| 85 | $1,248 | $403 | $845 | $160,183 |
| 86 | $1,248 | $400 | $847 | $159,335 |
| 87 | $1,248 | $398 | $850 | $158,486 |
| 88 | $1,248 | $396 | $852 | $157,634 |
| 89 | $1,248 | $394 | $854 | $156,781 |
| 90 | $1,248 | $392 | $856 | $155,925 |
| 91 | $1,248 | $390 | $858 | $155,067 |
| 92 | $1,248 | $388 | $860 | $154,206 |
| 93 | $1,248 | $386 | $862 | $153,344 |
| 94 | $1,248 | $383 | $864 | $152,480 |
| 95 | $1,248 | $381 | $867 | $151,613 |
| 96 | $1,248 | $379 | $869 | $150,744 |
| Year 8 | $14,974 | $4,690 | $10,284 | |
| 97 | $1,248 | $377 | $871 | $149,873 |
| 98 | $1,248 | $375 | $873 | $149,000 |
| 99 | $1,248 | $372 | $875 | $148,125 |
| 100 | $1,248 | $370 | $878 | $147,247 |
| 101 | $1,248 | $368 | $880 | $146,367 |
| 102 | $1,248 | $366 | $882 | $145,485 |
| 103 | $1,248 | $364 | $884 | $144,601 |
| 104 | $1,248 | $362 | $886 | $143,715 |
| 105 | $1,248 | $359 | $889 | $142,826 |
| 106 | $1,248 | $357 | $891 | $141,936 |
| 107 | $1,248 | $355 | $893 | $141,043 |
| 108 | $1,248 | $353 | $895 | $140,147 |
| Year 9 | $14,974 | $4,377 | $10,597 | |
| 109 | $1,248 | $350 | $897 | $139,250 |
| 110 | $1,248 | $348 | $900 | $138,350 |
| 111 | $1,248 | $346 | $902 | $137,448 |
| 112 | $1,248 | $344 | $904 | $136,544 |
| 113 | $1,248 | $341 | $906 | $135,637 |
| 114 | $1,248 | $339 | $909 | $134,729 |
| 115 | $1,248 | $337 | $911 | $133,818 |
| 116 | $1,248 | $335 | $913 | $132,904 |
| 117 | $1,248 | $332 | $916 | $131,989 |
| 118 | $1,248 | $330 | $918 | $131,071 |
| 119 | $1,248 | $328 | $920 | $130,151 |
| 120 | $1,248 | $325 | $922 | $129,228 |
| Year 10 | $14,974 | $4,055 | $10,919 | |
| 121 | $1,248 | $323 | $925 | $128,303 |
| 122 | $1,248 | $321 | $927 | $127,376 |
| 123 | $1,248 | $318 | $929 | $126,447 |
| 124 | $1,248 | $316 | $932 | $125,515 |
| 125 | $1,248 | $314 | $934 | $124,581 |
| 126 | $1,248 | $311 | $936 | $123,645 |
| 127 | $1,248 | $309 | $939 | $122,706 |
| 128 | $1,248 | $307 | $941 | $121,765 |
| 129 | $1,248 | $304 | $943 | $120,821 |
| 130 | $1,248 | $302 | $946 | $119,876 |
| 131 | $1,248 | $300 | $948 | $118,928 |
| 132 | $1,248 | $297 | $951 | $117,977 |
| Year 11 | $14,974 | $3,723 | $11,251 | |
| 133 | $1,248 | $295 | $953 | $117,024 |
| 134 | $1,248 | $293 | $955 | $116,069 |
| 135 | $1,248 | $290 | $958 | $115,111 |
| 136 | $1,248 | $288 | $960 | $114,151 |
| 137 | $1,248 | $285 | $962 | $113,189 |
| 138 | $1,248 | $283 | $965 | $112,224 |
| 139 | $1,248 | $281 | $967 | $111,256 |
| 140 | $1,248 | $278 | $970 | $110,287 |
| 141 | $1,248 | $276 | $972 | $109,315 |
| 142 | $1,248 | $273 | $975 | $108,340 |
| 143 | $1,248 | $271 | $977 | $107,363 |
| 144 | $1,248 | $268 | $979 | $106,384 |
| Year 12 | $14,974 | $3,381 | $11,593 | |
| 145 | $1,248 | $266 | $982 | $105,402 |
| 146 | $1,248 | $264 | $984 | $104,417 |
| 147 | $1,248 | $261 | $987 | $103,431 |
| 148 | $1,248 | $259 | $989 | $102,441 |
| 149 | $1,248 | $256 | $992 | $101,449 |
| 150 | $1,248 | $254 | $994 | $100,455 |
| 151 | $1,248 | $251 | $997 | $99,459 |
| 152 | $1,248 | $249 | $999 | $98,459 |
| 153 | $1,248 | $246 | $1,002 | $97,458 |
| 154 | $1,248 | $244 | $1,004 | $96,453 |
| 155 | $1,248 | $241 | $1,007 | $95,447 |
| 156 | $1,248 | $239 | $1,009 | $94,437 |
| Year 13 | $14,974 | $3,028 | $11,946 | |
| 157 | $1,248 | $236 | $1,012 | $93,426 |
| 158 | $1,248 | $234 | $1,014 | $92,411 |
| 159 | $1,248 | $231 | $1,017 | $91,395 |
| 160 | $1,248 | $228 | $1,019 | $90,375 |
| 161 | $1,248 | $226 | $1,022 | $89,353 |
| 162 | $1,248 | $223 | $1,024 | $88,329 |
| 163 | $1,248 | $221 | $1,027 | $87,302 |
| 164 | $1,248 | $218 | $1,030 | $86,272 |
| 165 | $1,248 | $216 | $1,032 | $85,240 |
| 166 | $1,248 | $213 | $1,035 | $84,205 |
| 167 | $1,248 | $211 | $1,037 | $83,168 |
| 168 | $1,248 | $208 | $1,040 | $82,128 |
| Year 14 | $14,974 | $2,665 | $12,309 | |
| 169 | $1,248 | $205 | $1,043 | $81,086 |
| 170 | $1,248 | $203 | $1,045 | $80,040 |
| 171 | $1,248 | $200 | $1,048 | $78,993 |
| 172 | $1,248 | $197 | $1,050 | $77,942 |
| 173 | $1,248 | $195 | $1,053 | $76,889 |
| 174 | $1,248 | $192 | $1,056 | $75,834 |
| 175 | $1,248 | $190 | $1,058 | $74,775 |
| 176 | $1,248 | $187 | $1,061 | $73,714 |
| 177 | $1,248 | $184 | $1,064 | $72,651 |
| 178 | $1,248 | $182 | $1,066 | $71,585 |
| 179 | $1,248 | $179 | $1,069 | $70,516 |
| 180 | $1,248 | $176 | $1,072 | $69,444 |
| Year 15 | $14,974 | $2,290 | $12,684 | |
| 181 | $1,248 | $174 | $1,074 | $68,370 |
| 182 | $1,248 | $171 | $1,077 | $67,293 |
| 183 | $1,248 | $168 | $1,080 | $66,213 |
| 184 | $1,248 | $166 | $1,082 | $65,131 |
| 185 | $1,248 | $163 | $1,085 | $64,046 |
| 186 | $1,248 | $160 | $1,088 | $62,958 |
| 187 | $1,248 | $157 | $1,090 | $61,868 |
| 188 | $1,248 | $155 | $1,093 | $60,775 |
| 189 | $1,248 | $152 | $1,096 | $59,679 |
| 190 | $1,248 | $149 | $1,099 | $58,580 |
| 191 | $1,248 | $146 | $1,101 | $57,479 |
| 192 | $1,248 | $144 | $1,104 | $56,375 |
| Year 16 | $14,974 | $1,905 | $13,070 | |
| 193 | $1,248 | $141 | $1,107 | $55,268 |
| 194 | $1,248 | $138 | $1,110 | $54,158 |
| 195 | $1,248 | $135 | $1,112 | $53,046 |
| 196 | $1,248 | $133 | $1,115 | $51,930 |
| 197 | $1,248 | $130 | $1,118 | $50,812 |
| 198 | $1,248 | $127 | $1,121 | $49,692 |
| 199 | $1,248 | $124 | $1,124 | $48,568 |
| 200 | $1,248 | $121 | $1,126 | $47,441 |
| 201 | $1,248 | $119 | $1,129 | $46,312 |
| 202 | $1,248 | $116 | $1,132 | $45,180 |
| 203 | $1,248 | $113 | $1,135 | $44,045 |
| 204 | $1,248 | $110 | $1,138 | $42,908 |
| Year 17 | $14,974 | $1,507 | $13,467 | |
| 205 | $1,248 | $107 | $1,141 | $41,767 |
| 206 | $1,248 | $104 | $1,143 | $40,624 |
| 207 | $1,248 | $102 | $1,146 | $39,477 |
| 208 | $1,248 | $99 | $1,149 | $38,328 |
| 209 | $1,248 | $96 | $1,152 | $37,176 |
| 210 | $1,248 | $93 | $1,155 | $36,021 |
| 211 | $1,248 | $90 | $1,158 | $34,863 |
| 212 | $1,248 | $87 | $1,161 | $33,703 |
| 213 | $1,248 | $84 | $1,164 | $32,539 |
| 214 | $1,248 | $81 | $1,166 | $31,373 |
| 215 | $1,248 | $78 | $1,169 | $30,203 |
| 216 | $1,248 | $76 | $1,172 | $29,031 |
| Year 18 | $14,974 | $1,097 | $13,877 | |
| 217 | $1,248 | $73 | $1,175 | $27,856 |
| 218 | $1,248 | $70 | $1,178 | $26,677 |
| 219 | $1,248 | $67 | $1,181 | $25,496 |
| 220 | $1,248 | $64 | $1,184 | $24,312 |
| 221 | $1,248 | $61 | $1,187 | $23,125 |
| 222 | $1,248 | $58 | $1,190 | $21,935 |
| 223 | $1,248 | $55 | $1,193 | $20,742 |
| 224 | $1,248 | $52 | $1,196 | $19,546 |
| 225 | $1,248 | $49 | $1,199 | $18,347 |
| 226 | $1,248 | $46 | $1,202 | $17,145 |
| 227 | $1,248 | $43 | $1,205 | $15,940 |
| 228 | $1,248 | $40 | $1,208 | $14,732 |
| Year 19 | $14,974 | $675 | $14,299 | |
| 229 | $1,248 | $37 | $1,211 | $13,521 |
| 230 | $1,248 | $34 | $1,214 | $12,307 |
| 231 | $1,248 | $31 | $1,217 | $11,090 |
| 232 | $1,248 | $28 | $1,220 | $9,870 |
| 233 | $1,248 | $25 | $1,223 | $8,646 |
| 234 | $1,248 | $22 | $1,226 | $7,420 |
| 235 | $1,248 | $19 | $1,229 | $6,191 |
| 236 | $1,248 | $15 | $1,232 | $4,959 |
| 237 | $1,248 | $12 | $1,235 | $3,723 |
| 238 | $1,248 | $9 | $1,239 | $2,485 |
| 239 | $1,248 | $6 | $1,242 | $1,243 |
| 240 | $1,246 | $3 | $1,243 | $0 |
| Year 20 | $14,972 | $240 | $14,732 | |
| Grand Total | $299,482 | $74,482 | $225,000 |
Fixed Rate Mortgages
Mortgage Calculator - Help
- Amortization Schedule
- The amortization schedule show you how monthly principal and interest payment and principal balances change over the life of your loan.
- Interest
- The portion of your mortgage payment that is due to the interest rate being applied to the principal balance. The Total Interest for a mortgage is the sum of all interest paid over the life of a loan.
- Interest Rate
- The percentage of the principal balance of your mortgage that determines how much interest you must pay. The interest rate on your mortgage may change or remain the same depending on the type of loan you have.
- Loan Amount
- The initial principal balance or your mortgage at closing.
- Principal
- The portion of your mortgage payment that is used to pay down the current balance of your mortgage. The principal balance represents how much you owe on the mortgage.
- Term
- The amortization term is one of the key factors that determine your required mortgage payment. Your required mortgage payment for fully amortizing mortgages is the amount that would result in the mortgage being closest to being paid off by the end of the amortization term. Longer amortization terms result in lower required mortgage payments for fully amortizating mortgages, all other things being equal.