20 vs. 30-Year Mortgage

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Determining which mortgage term is right for you can be a challenge. With a shorter 20 year mortgage, you will pay significantly less interest than a 30 year mortgage - but only if you can afford the higher monthly payment. Use this calculator for a comparison of a 20 vs. 30 year mortgage.

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20 vs. 30-Year Mortgage Definitions

Mortgage amount: Original balance of your mortgage.
Interest rate: Annual interest rate for your mortgage. Interest rates are generally lower for shorter term mortgages.
Marginal tax rate: This is your combined state and federal tax rate. This is used to calculate possible income tax savings by deducting your mortgage interest. **TAXTABLE_CURRENT_DEFINITION**
Monthly payment: Monthly principal and interest payment (PI). Both 30 year fixed and 20 year fixed mortgages are shown.
Total payments: Total of all monthly payments made over the full term of the mortgage. Both 30 year fixed and 20 year fixed mortgages are shown.
Total interest: Total of all interest paid over the full term of the mortgage. Both 30 year fixed and 20 year fixed mortgages are shown.