# 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.

Amortization Calculator
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.
MonthPrincipal
Interest
Payment
InterestPrincipalBalance
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

## 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.