Check out current refinance rates for a 20-year conventional fixed-rate loan.

These rates and APRs are current as of $date and may change at any time. They assume you have a FICO® Score of 740+ and at least 25% equity, that the loan is for a single-family home as your primary residence and that you will purchase up to one mortgage point.

Mortgage points, or discount points, are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payment. One mortgage point is equal to about 1% of your total loan amount, so on a $250,000 loan, one point would cost you about $2,500. Connect with a mortgage loan officer to learn more about mortgage points.

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Mortgage refinance calculator

See if refinancing is right for you and how much you could save with our mortgage refinance calculator. This calculator provides estimates based on default assumptions. For the most accurate results, update the values to reflect your current financial situation, including taxes and insurance.

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Get answers to common questions.

A 20-year fixed-rate mortgage is a home loan that has a repayment period of 20 years. It has an interest rate that does not change throughout the life of the loan.

The main advantages of a 20-year fixed mortgage versus other mortgage options are:

  • Stability: You’ll be able to lock the interest rate on your mortgage for the entire 20-year term. This gives you a degree of predictability you won’t have with an adjustable-rate refinance.
  • Lower interest rate: Interest rates on 20-year loans are usually lower than on 30-year loans.
  • Less time before you own your home: Compared to the more common 30-year loan, you’ll shave 10 years off the time it takes to pay off your mortgage and own your home outright.
  • Lower total cost of borrowing: Between a lower interest rate and a shorter term, you'll reduce the total interest you pay over the life of the loan compared to a 30-year loan term.

A fixed-rate mortgage gives you predictability regardless of term. A 20-year fixed mortgage may be a good option for you if you find the monthly payment on a 30-year mortgage low but the monthly payment on a 15-year mortgage too high. Visit our fixed-rate loan calculator to estimate your 20-year fixed mortgage monthly payment. U.S. Bank offers a variety of loan terms and options. Our mortgage loan officers are dedicated to helping you choose the option that’s best for you.

Consider refinancing to a 20-year fixed mortgage if:

  • You currently have an adjustable-rate mortgage and are looking for the security of a fixed-rate
  • You want to be mortgage debt-free within 20 years
  • You can afford the higher monthly payment in exchange for a lower total cost of borrowing
  • You want to tap into your home's equity for cash out without a home equity loan or line of credit

A U.S. Bank mortgage loan officer can help you decide if refinancing to a 20-year fixed mortgage is a good option for you. We also offer 15- and 30-year fixed refinance options. Check out today’s rates for 15-year fixed and 30-year fixed refinance loans. If you’re curious about the costs associated with refinancing, use our mortgage refinance cost calculator to get an estimate of how much it will cost.

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Disclosures

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.

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  1. Conforming fixed-rate loans: The annual percentage rate (APR) calculation assumes a $405,000 fixed-term loan with 25% borrower equity and borrower-paid finance charges of 0.862% of the loan amount, plus origination fees if applicable. If the borrower equity is less than 20%, mortgage insurance may be required, which could increase the monthly payment and the APR. Conforming rates are for loan amounts not exceeding $806,500 ($1,209,750 in Alaska and Hawaii).

  2. Annual percentage rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased after the closing date for adjustable-rate mortgage (ARM) loans.

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The rates shown above are the current rates for the refinance of a single-family primary residence based on a 45-day lock period. These rates are not guaranteed and are subject to change. This is not a credit decision or a commitment to lend. Your final rate will depend on various factors including loan product, loan size, credit profile, property value, geographic location, occupancy and other factors.

To lock a rate, you must submit an application to U.S. Bank and receive confirmation from a mortgage loan officer that your rate is locked. An application can be made by calling 888-291-2334, by starting it online or by meeting with a mortgage loan officer.

Minnesota properties: To guarantee a rate, you must receive written confirmation as required by Minnesota Statute 47.206. This statement of current loan terms and conditions is not an offer to enter into an interest rate or discount point agreement. Any such offer may be made only pursuant to subdivisions 3 and 4 of Minnesota Statutes Section 47.206. 

Calculators are provided by Leadfusion. This calculator is being provided for educational purposes only. The results are estimates that are based on information you provided and may not reflect U.S. Bank product terms. The information cannot be used by U.S. Bank to determine a client's eligibility for a specific product or service. All financial calculators are provided by the third-party Leadfusion and are not associated, controlled by or under the control of U.S. Bank, its affiliates or subsidiaries. U.S. Bank is not responsible for the content, results, or the accuracy of information.