20- vs 30-year Mortgage

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.

For more information about these these financial calculators please visit: Dinkytown.net Financial Calculators from KJE Computer Solutions, Inc.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

Financial Calculators from
Dinkytown.net

*indicates required.

Mortgage Inputs

Mortgage amount:*This entry is required.Enter an amount between $0 and $250,000,000

Your marginal tax rate:*This entry is required.Enter an amount between 0% and 60%

Interest rate for 20 years:*This entry is required.Enter an amount between 0% and 50%

Interest rate for 30 years:*This entry is required.Enter an amount between 0% and 50%

20 year monthly payment:

30-year monthly payment:

**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Monthly Payments

**FIG_GRAPHTITLE** Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Principal Balance by Year

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. Use the ‘Filing Status and Federal Income Tax Rates on Taxable Income’ table to assist you in estimating your federal tax rate.

Filing Status and Federal Income Tax Rates on Taxable Income for 2025^*
Tax Rate	Married Filing Jointly or Qualified Widow(er)	Single	Head of Household	Married Filing Separately
10%	$0 - $23,850	$0 - $11,925	$0 - $17,000	$0 - $11,925
12%	$23,850 - $96,950	$11,925 - $48,475	$17,000 - $64,850	$11,925 - $48,475
22%	$96,950 - $206,700	$48,475 - $103,350	$64,850 - $103,350	$48,475 - $103,350
24%	$206,700 - $394,600	$103,350 - $197,300	$103,350 - $197,300	$103,350 - $197,300
32%	$394,600 - $501,050	$197,300 - $250,525	$197,300 - $250,500	$197,300 - $250,525
35%	$501,050 - $751,600	$250,525 - $626,350	$250,500 - $626,350	$250,525 - $375,800
37%	Over $751,600	Over $626,350	Over $626,350	Over $375,800
^*Caution: Do not use these tax rate schedules to figure 2024 taxes. Use only to figure 2025 estimates. Source: Rev. Proc. 2024-40

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.

*Please consult with a tax professional regarding mortgage interest deductions and your specific situation.

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Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.