What is a 20-year mortgage?

A 20-year fixed-rate mortgage is a home loan paid off over 20 years with the same interest rate throughout the life of the loan. It comes with a higher monthly payment than a 30-year loan but typically a lower interest rate, saving you money on interest.

What are the alternatives to a 20-year mortgage?

Alternatives to a 20-year mortgage include 30-year loans, 15-year loans and 10-year loans. Getting a 30-year loan and making additional payments when your budget allows can provide a benefit similar to a 20-year loan: paying off your mortgage faster.

How much does a 20-year mortgage cost?

The closing costs with a 20-year mortgage are similar to those of mortgages with other repayment terms. Expect to pay about 2% to 5% of the loan’s principal at closing in fees, including the origination fee and third-party costs such as title insurance. It’s possible to wrap these fees into the loan and pay them off gradually, but keep in mind that doing so will cost you in the long run: They increase the loan amount, so you'll wind up paying more in interest.

Current 20-year mortgage rates

Written by

Jeff Ostrowski

Edited by

Katie Lowery, CFHC

Updated on June 30, 2026

On Tuesday, June 30, 2026, the national average 20-year fixed mortgage APR is 6.40%. The average 20-year refinance APR is 6.52%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Showing results for: Rate-and-term refinance offers for Single-family home, 20 year fixed mortgages with all points options.

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Optimum First Mortgage 20 Year Fixed Refinance

NMLS #240415 | State Lic: RM.804405.000

Rate as of 7/1/26: 5.622%
APR: 5.951%
Points: 1.883
Monthly payment: $1,834
Upfront costs: $6,9668 year cost: $110,473
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Loandepot 20 Year Fixed Refinance

NMLS #174457

Rate as of 7/1/26: 5.625%
APR: 5.952%
Points: 1.98
Monthly payment: $1,835
Upfront costs: $6,9228 year cost: $110,859
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Sage Home Loans 20 Year Fixed Refinance

NMLS #3304 | State Lic: RM.850026.000

Rate as of 7/1/26: 5.750%
APR: 6.035%
Points: 1.711
Monthly payment: $1,854
Upfront costs: $6,0118 year cost: $112,426
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About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.

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Table of contents

National mortgage interest rate trends
20-year mortgage rates today
How to get the best 20-year mortgage rate
Should you get a 20-year mortgage?
20-year mortgage FAQ
Additional mortgage resources

Weekly national mortgage interest rate trends

Current mortgage rates

	20 year fixed	6.33%
	10 year fixed	5.88%
	30 year fixed	6.57%

20-year mortgage rates today

If you’re looking to pay down your mortgage quickly, a 20-year mortgage offers a good compromise. Your monthly payments may be higher than those for the more popular 30-year loan, since you’re paying off the same amount faster — but the rates are lower, and you’ll pay less interest over the life of the loan.

The table below uses a comprehensive national survey of mortgage lenders to help you understand the current interest rates and APRs for a 20-year fixed mortgage loan. This data is updated daily.

Product	Interest Rate	APR
20-Year Fixed	6.31%	6.40%
30-Year Fixed	6.52%	6.59%
15-Year Fixed	5.93%	6.02%
10-Year Fixed	5.82%	5.92%

Rates as of Tuesday, June 30, 2026 at 6:30 AM

Product	Interest Rate	APR
20-Year Fixed	6.41%	6.52%
30-Year Fixed	6.63%	6.71%
15-Year Fixed	6.05%	6.14%
10-Year Fixed	5.98%	6.04%

Rates as of Tuesday, June 30, 2026 at 6:30 AM

Bankrate’s mortgage rates include national rate and APR averages, Bankrate Monitor (BRM) National Index rate averages, and “top offers”:
- National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
- Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
- “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.
You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate.

Learn more about how we collect, display and report mortgage rates.

How to get the best 20-year mortgage rate

It's important to research current mortgage rates so you know what to expect when you rate shop, based on your credit and financial profile. To get the best offer, compare at least three mortgage offers by following these steps:

Get preapproved

Collect quotes from three or more mortgage lenders — ideally on the same day, because rates can change quickly. Lenders set the mortgage rate they're willing to offer you based on your credit score, debt-to-income (DTI) ratio and other factors, including the size of your down payment. If you can increase your down payment, for example, you may be able to find a better deal.
Compare the annual percentage rates (APRs)

The APR reflects the interest rate as well as other expenses you’ll incur for the loan, such as an origination fee and any mortgage points.
Consider the lender’s ratings and your experience

Aside from the numbers, evaluate other factors, such as convenience and customer service. Take a look at what other borrowers have said about the lender online, too.
Apply and lock in your rate

Once you’ve picked a lender, it’s time to submit an application and authorize a hard credit check. The lender will verify your income, assets and home value. Generally, the process takes 30 to 45 days from application to funding, although the timing depends on the lender and how quickly you can provide necessary documentation.

Learn more: How to get a mortgage

Should you get a 20-year mortgage?

These loans offer an alternative to 30- and 15-year terms. Compared to a 30-year loan, you’ll have a larger monthly payment, but you'll pay down your balance more quickly while paying less interest to your lender. In contrast, a 20-year mortgage offers lower monthly payments than a 15-year mortgage.

To determine whether a 20-year mortgage is right for you, do the math using Bankrate's mortgage calculator. Get the latest interest rates for 20-year fixed-rate mortgages above, and be sure to check back regularly, as rates can change quickly.

Also, think about your own financial goals and how a mortgage fits in. If lower monthly payments are most important to you, a longer-term mortgage is probably a better choice. But if you’d prefer to pay less in interest, even if it means higher monthly costs, a 20-year loan could do the trick.

Bankrate staff insights

"A 20-year mortgage means 10 fewer years spent paying interest compared to a 30-year mortgage. For many loans, that can mean a savings of well into six figures."

Andrew Dehan, Bankrate Senior Writer

Is a 20-year mortgage better than just making extra payments on a 30-year loan?

Thirty-year mortgages are the most common type of home loan, but you may want to pay off your mortgage sooner. Here are the benefits of a 20-year mortgage versus paying extra on a 30-year loan:

20-year mortgage: Mortgage loans of 20 years generally have lower rates than their 30-year counterparts — and in turn, you’ll pay less overall interest. But because you’re paying for your home over a shorter term, your required monthly payment will be higher.
30-year mortgage: A longer loan comes with lower minimum monthly payments, and you’re free to pay extra each month to whittle down your balance. This gives you the freedom not to pay extra when lean times hit. Because you’re paying off your home more slowly, however, it takes longer to build up equity.

Pros of 20-year mortgages

You’ll pay off your mortgage faster than you would with a typical 30-year loan.
Your monthly payments will be lower than they would be with a 10- or 15-year mortgage.
You can obtain a lower interest rate and save thousands over the life of the loan.

Cons of 20-year mortgages

Your monthly payments will be higher than they would be with a 30-year loan.
You'll have less buying power.
You’ll have less discretionary cash on hand month-to-month.

Why a 20-year mortgage could be the sweet spot

Depending on your financial needs and goals, a 20-year mortgage could be your “Goldilocks” option, offering a lower interest rate and the chance to be debt-free a decade earlier than with the common 30-year term. The following example illustrates how a 20-year mortgage stacks up against 15- and 30-year options for a $400,000 loan with a fixed rate:

Term	Interest rate*	Monthly principal & interest payment	Total interest paid
30-year fixed	6.56%	$2,544	$515,867
20-year fixed	6.35%	$2,947	$307,298
15-year fixed	5.91%	$3,356	$204,082

* Rates based on national average as of May 29, 2026

Ultimately, a 20-year mortgage could offer a competitive interest rate and a manageable monthly payment, saving you over $200,000 in total interest compared to a 30-year loan, while avoiding the highest monthly payment of the 15-year note.

Frequently asked questions

A 20-year fixed-rate mortgage is a home loan paid off over 20 years with the same interest rate throughout the life of the loan. It comes with a higher monthly payment than a 30-year loan but typically a lower interest rate, saving you money on interest.
Alternatives to a 20-year mortgage include 30-year loans, 15-year loans and 10-year loans. Getting a 30-year loan and making additional payments when your budget allows can provide a benefit similar to a 20-year loan: paying off your mortgage faster.
The closing costs with a 20-year mortgage are similar to those of mortgages with other repayment terms. Expect to pay about 2% to 5% of the loan’s principal at closing in fees, including the origination fee and third-party costs such as title insurance. It’s possible to wrap these fees into the loan and pay them off gradually, but keep in mind that doing so will cost you in the long run: They increase the loan amount, so you'll wind up paying more in interest.

Additional mortgage resources

Mortgage resources

Explore the latest mortgage news and expert advice from Bankrate

How to get the best mortgage rate

When you’re ready to buy, these tips can help you find the best rate

Amortization calculator

Use Bankrate’s calculator to preview your loan amortization schedule and payoff date

Meet our Bankrate experts

Written by

Jeff Ostrowski Jeff Ostrowski

Writer and Housing Market Analyst