20-Year Fixed Mortgage

Get a fixed rate and save on interest with a 20-year mortgage.

Take the first step toward buying a house.


20-Year-Fixed Mortgage Rates

Loan OptionRateAPR

Rates shown reflect current products available with Rocket Mortgage, a provider on our network.


More About The 20-Year Fixed

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Who Are 20-Year Fixed Mortgages Best For?

A 20-year fixed mortgage is a great option for buyers who want the security and savings that come with a fixed interest rate and a shorter loan term.
Looking to refinance? A 20-year fixed is a great refi option, too.

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How Do 20-Year Fixed Mortgages Work?

With a 20-year fixed mortgage, you'll pay off your home loan over a period of 20 years.
You'll also have the comfort of a fixed interest rate for the life of the loan.

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How Do I Qualify For A 20-Year Fixed Mortgage?

  • General minimum 3% - 3.5% down payment
  • Minimum 580 - 620 FICO® Score depending on loan type
  • What you need to qualify depends on loan type, but we generally recommend a debt-to-income ratio (DTI) of no more than 45%.
  • 3% - 6% of the purchase price to cover closing costs
  • You’ll pay private mortgage insurance (PMI) if you put less than 20% down on a conventional loan. FHA loans have automatic upfront and annual mortgage insurance premiums.
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20-Year Fixed Mortgage Benefits

  • Your interest rate will stay fixed for the life of the loan.
  • You may be able to secure a lower interest rate than you would get with a 30-year fixed mortgage.
  • A lower rate could save you money spent on interest, compared to a 30-year fixed.
  • You can put as little as 3% down when buying a primary home.
  • You can pay off your mortgage early without prepayment penalties.
  • You can refinance for up to 97% of your home’s value.

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Mortgage Insurance Requirements

If you put less than 20% down on your conventional 20-year mortgage, you’ll have to pay primary mortgage insurance (PMI).

  • PMI typically costs 0.5% – 1% of your mortgage amount per year, paid over 12 payments.
  • You may be able to request to cancel PMI after you reach 20% equity in your home.
  • PMI typically gets canceled automatically once you reach 22% equity.

FHA loans come with upfront mortgage insurance premiums of 1.75% in most cases. You’ll also pay annual mortgage insurance premiums in monthly installments. If you have a down payment of 10% or more, these last 11 years. Otherwise, they remain for as long as you have the loan.

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