A 20-year mortgage rate is attractive to borrowers who are looking for an unchanging mortgage payment for a specific period of time. A 20-year fixed-rate mortgage will generally have a lower interest rate than a 30- or 40-year mortgage. You could spend less money on interest over the life of a 20-year mortgage loan as well.
|20-year mortgage||30-year mortgage|
|Loan term (months)||240||360|
|Total interest expense||$96,777||$175,526|