Much like the 15-year fixed rate mortgage, with a 20-year fixed rate mortgage, an individual can build up the equity in his home more quickly under a shortened payment term of unchanging interest and principal payments. Another advantage to this type of fixed rate loan is the lowered total interest paid on the loan leading to a tremendous interest savings. Alternatively, one drawback to the 20-year fixed rate mortgage is the higher monthly payments required to meet the total cost of the home. Moreover, this mortgage loan may be more difficult to qualify for than some of the longer termed mortgages due to the higher payment installments. Please use our mortgage calculator to compare the different mortgage options available.

Mortgage Calculator