20 year loan calculator
This 20-year loan calculator shows the monthly payment and total interest on a loan paid off over 20 years.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,681.74 | $22,309.98 | $245,318.26 |
| 2 | $5,120.89 | $21,870.83 | $240,197.37 |
| 3 | $5,601.27 | $21,390.45 | $234,596.10 |
| 4 | $6,126.69 | $20,865.03 | $228,469.41 |
| 5 | $6,701.45 | $20,290.27 | $221,767.96 |
| 6 | $7,330.08 | $19,661.64 | $214,437.88 |
| 7 | $8,017.70 | $18,974.02 | $206,420.18 |
| 8 | $8,769.81 | $18,221.91 | $197,650.37 |
| 9 | $9,592.46 | $17,399.26 | $188,057.91 |
| 10 | $10,492.33 | $16,499.39 | $177,565.58 |
| 11 | $11,476.58 | $15,515.14 | $166,089.00 |
| 12 | $12,553.14 | $14,438.58 | $153,535.86 |
| 13 | $13,730.71 | $13,261.01 | $139,805.15 |
| 14 | $15,018.75 | $11,972.97 | $124,786.40 |
| 15 | $16,427.61 | $10,564.11 | $108,358.79 |
| 16 | $17,968.64 | $9,023.08 | $90,390.15 |
| 17 | $19,654.23 | $7,337.49 | $70,735.92 |
| 18 | $21,497.92 | $5,493.80 | $49,238.00 |
| 19 | $23,514.57 | $3,477.15 | $25,723.43 |
| 20 | $25,723.43 | $1,271.33 | $0.00 |
Terms of ten years and longer
Terms this long usually belong to secured loans such as mortgages, RVs and some home-equity products. Interest is the largest part of the total cost, so compare it against a shorter term before you commit.
Facts for 20 years
Borrowing $250,000 at 9% over 20 years costs $2,249.31 a month and $289,837 in interest, 116% of the amount borrowed.
$250,000 at 9% by loan length
Borrowing $250,000 at 9% over 20 years costs $2,249.31 a month and $289,837 in interest, $539,837 in total. Shorter terms raise the payment but cut the interest, and longer terms do the reverse. The table shows the trade-off across common terms.
| Term | Monthly payment | Total interest | Total paid |
|---|---|---|---|
| 10-year | $3,166.89 | $130,028 | $380,028 |
| 15-year | $2,535.67 | $206,419 | $456,419 |
| 20-year | $2,249.31 | $289,837 | $539,837 |
| 25-year | $2,097.99 | $379,398 | $629,398 |
| 30-year | $2,011.56 | $474,155 | $724,155 |
How your rate changes the cost
Personal loan rates vary widely with credit score, from the mid single digits for strong borrowers to 30% or more for weak credit. On $250,000 over 20 years, moving from 9% to 12% adds $120,810 in interest.
| APR | Monthly payment | Total interest |
|---|---|---|
| 6% | $1,791.08 | $179,858 |
| 7.5% | $2,013.98 | $233,357 |
| 9% | $2,249.31 | $289,837 |
| 10.5% | $2,495.95 | $349,028 |
| 12% | $2,752.72 | $410,648 |
Payment per $1,000 over 20 years
Multiply the number of thousands you borrow by the figure below to estimate the payment over 20 years.
| APR | Payment per $1,000 |
|---|---|
| 4% | $6.06 |
| 6% | $7.16 |
| 8% | $8.36 |
| 10% | $9.65 |
| 14% | $12.44 |
| 20% | $16.99 |
How much can you borrow for a given payment?
Working backwards at 9% over 20 years, here is the loan size each monthly payment supports.
| Monthly payment | Loan amount |
|---|---|
| $200/month | $22,229 |
| $300/month | $33,343 |
| $400/month | $44,458 |
| $500/month | $55,572 |
When is half of a $250,000 loan repaid?
With a $2,249.31 payment, the balance falls below half ($125,000) after 168 payments, about 14.0 years into a 20 years loan. Because interest is highest at the start, the second half of the loan is paid down much faster than the first.
| After | Balance left | Paid so far |
|---|---|---|
| 1 year | $245,318 | $26,992 |
| 2 years | $240,197 | $53,983 |
| 3 years | $234,596 | $80,975 |
| 5 years | $221,768 | $134,959 |
| 7 years | $206,420 | $188,942 |
| 10 years | $177,566 | $269,917 |
Frequently asked questions
How is a loan payment calculated?
The payment is principal × r ÷ (1 − (1 + r)^−n), where r is the monthly rate (APR ÷ 12) and n is the number of months. Each payment covers that month’s interest first, and the rest reduces the balance.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the money. APR also includes certain fees, so it is the better number for comparing offers. This calculator treats the rate you enter as the rate that accrues on the balance.
Will extra payments save interest?
Yes, if your lender applies them to principal and charges no prepayment penalty. Use the extra payment field to see the effect.
Does this calculator store my data?
No. Everything runs in your browser. Nothing is sent to a server.
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Estimates from standard loan formulas, not a loan offer or financial advice. Example rates are assumptions: use your own quote.