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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.

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.

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