20 Year Fixed Mortgages

Couple at the home that they bought with a 20 year mortgageIf you are not sure that you can afford the payments of a 15 year fixed mortgage or you do not want to stretch your loan out to a 30 year fixed or 40 year fixed rate product, then a 20 year mortgage program might be right for you. 20 year home loan programs have become increasingly more popular in recent years by providing a happy medium between long term and short term fixed rate products. Typically, the rates for these loans fall somewhere between their 15 year mortgage and 30 year fixed counterparts.

Let's take a look at a sample scenario of how a 20 year fixed rate mortgage may stack up against other fixed programs - Sample Fixed Rate Mortgage Loan Criteria:

20 Year

5.75% Mortgage Rate
$125,000 Loan
Monthly principal and interest payment: $877.60
Total Interest Paid over life of loan: $85,625.05

30 Year
$125,000 Loan
5.875% Mortgage Rate
Monthly principal and interest payment: $739.82
Total Interest Paid over life of loan: $141,335.81

15 Year
$125,000
5.625% Mortgage Rate
Monthly principal and interest payment: $1030.00
Total Interest Paid over life of loan: $60,399.61

With the 20 year home loan, you shave off some of your monthly payment compared to the 15 year fixed. Plus, you save tens of thousands of dollars in interest by shortening the term of the loan from a 30 year program. Note: This is only a rough sample for educational purposes. Always be sure to review APR and closing costs when choosing a provider and program.

Request 20 year mortgage rates (options):
1. Call the lenders and broker in the survey for quotes.
2. Visit the various companies' web sites for more details.

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When it comes to some of the best 20 year fixed rates on the market, start your research at ForTheBestRate.com. The companies listed in the survey diplay their low rates for a wide variety of financing options. Give them today for a consultation. You can also get started by visiting their web sites for more information.

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