40 Year Amortization Schedule. $20,000 Loan at 6.40%

Create an amortization chart for a 20,000 fixed rate mortgage at 6.40 APR for 40 Years. What is the monthly payment for a $20,000 Loan at 6.40% APR? Enter your details above to create an amortization chart showing the details by month or year. A downloadable printable PDF is available after you create the amortization table.

To find the best mortgage rates get several quotes, both online and at a local bank or credit union. Browse by rates below to see how a small change in APR can affect the monthly mortgage payment. Pay close attention to the different fees. Some banks charge higher closing costs.

20,000 Loan for 40 Years	Monthly Payment	Total Amount Paid
6.40%	115.67	55,521.36
6.90%	122.84	58,961.39
7.40%	130.14	62,466.50

Can I afford a 20,000 home? The monthly payment of a 20000 loan at 6.40% is 115.67.
Percentage of Income Spent	Monthly Income Required
15%	917
17.5%	786
20%	688
22.5%	611
25%	550
27.5%	500
30%	459
32.5%	423
35%	393
37.5%	367
40%	344

40 Year Loan at 6.40%
$5,000	28.92
$10,000	57.83
$15,000	86.75
$20,000	115.67
$25,000	144.59
$30,000	173.50
$35,000	202.42
$40,000	231.34
$45,000	260.26
$50,000	289.17
$55,000	318.09
$60,000	347.01
$65,000	375.93
$70,000	404.84
$75,000	433.76
$80,000	462.68
$85,000	491.60
$90,000	520.51
$95,000	549.43
$100,000	578.35
$105,000	607.26
$110,000	636.18
$115,000	665.10
$120,000	694.02
$125,000	722.93
$130,000	751.85
$135,000	780.77
$140,000	809.69
$145,000	838.60
$150,000	867.52
$155,000	896.44
$160,000	925.36
$165,000	954.27
$170,000	983.19
$175,000	1,012.11
$180,000	1,041.03
$185,000	1,069.94
$190,000	1,098.86
$195,000	1,127.78
$200,000	1,156.70
$205,000	1,185.61
$210,000	1,214.53
$215,000	1,243.45
$220,000	1,272.36
$225,000	1,301.28
$230,000	1,330.20
$235,000	1,359.12
$240,000	1,388.03
$245,000	1,416.95
$250,000	1,445.87

40 Year Loan at 6.40%
$255,000	1,474.79
$260,000	1,503.70
$265,000	1,532.62
$270,000	1,561.54
$275,000	1,590.46
$280,000	1,619.37
$285,000	1,648.29
$290,000	1,677.21
$295,000	1,706.13
$300,000	1,735.04
$305,000	1,763.96
$310,000	1,792.88
$315,000	1,821.79
$320,000	1,850.71
$325,000	1,879.63
$330,000	1,908.55
$335,000	1,937.46
$340,000	1,966.38
$345,000	1,995.30
$350,000	2,024.22
$355,000	2,053.13
$360,000	2,082.05
$365,000	2,110.97
$370,000	2,139.89
$375,000	2,168.80
$380,000	2,197.72
$385,000	2,226.64
$390,000	2,255.56
$395,000	2,284.47
$400,000	2,313.39
$405,000	2,342.31
$410,000	2,371.22
$415,000	2,400.14
$420,000	2,429.06
$425,000	2,457.98
$430,000	2,486.89
$435,000	2,515.81
$440,000	2,544.73
$445,000	2,573.65
$450,000	2,602.56
$455,000	2,631.48
$460,000	2,660.40
$465,000	2,689.32
$470,000	2,718.23
$475,000	2,747.15
$480,000	2,776.07
$485,000	2,804.99
$490,000	2,833.90
$495,000	2,862.82
$500,000	2,891.74

40 Year Loan at 6.40%
$505,000	2,920.65
$510,000	2,949.57
$515,000	2,978.49
$520,000	3,007.41
$525,000	3,036.32
$530,000	3,065.24
$535,000	3,094.16
$540,000	3,123.08
$545,000	3,151.99
$550,000	3,180.91
$555,000	3,209.83
$560,000	3,238.75
$565,000	3,267.66
$570,000	3,296.58
$575,000	3,325.50
$580,000	3,354.42
$585,000	3,383.33
$590,000	3,412.25
$595,000	3,441.17
$600,000	3,470.09
$605,000	3,499.00
$610,000	3,527.92
$615,000	3,556.84
$620,000	3,585.75
$625,000	3,614.67
$630,000	3,643.59
$635,000	3,672.51
$640,000	3,701.42
$645,000	3,730.34
$650,000	3,759.26
$655,000	3,788.18
$660,000	3,817.09
$665,000	3,846.01
$670,000	3,874.93
$675,000	3,903.85
$680,000	3,932.76
$685,000	3,961.68
$690,000	3,990.60
$695,000	4,019.52
$700,000	4,048.43
$705,000	4,077.35
$710,000	4,106.27
$715,000	4,135.18
$720,000	4,164.10
$725,000	4,193.02
$730,000	4,221.94
$735,000	4,250.85
$740,000	4,279.77
$745,000	4,308.69
$750,000	4,337.61

40 Year Loan at 6.40%
$755,000	4,366.52
$760,000	4,395.44
$765,000	4,424.36
$770,000	4,453.28
$775,000	4,482.19
$780,000	4,511.11
$785,000	4,540.03
$790,000	4,568.95
$795,000	4,597.86
$800,000	4,626.78
$805,000	4,655.70
$810,000	4,684.61
$815,000	4,713.53
$820,000	4,742.45
$825,000	4,771.37
$830,000	4,800.28
$835,000	4,829.20
$840,000	4,858.12
$845,000	4,887.04
$850,000	4,915.95
$855,000	4,944.87
$860,000	4,973.79
$865,000	5,002.71
$870,000	5,031.62
$875,000	5,060.54
$880,000	5,089.46
$885,000	5,118.38
$890,000	5,147.29
$895,000	5,176.21
$900,000	5,205.13
$905,000	5,234.04
$910,000	5,262.96
$915,000	5,291.88
$920,000	5,320.80
$925,000	5,349.71
$930,000	5,378.63
$935,000	5,407.55
$940,000	5,436.47
$945,000	5,465.38
$950,000	5,494.30
$955,000	5,523.22
$960,000	5,552.14
$965,000	5,581.05
$970,000	5,609.97
$975,000	5,638.89
$980,000	5,667.81
$985,000	5,696.72
$990,000	5,725.64
$995,000	5,754.56
$1,000,000	5,783.48

Frequently Asked Questions

Here are answers to help understand the basic concepts of amortization schedules.

What is an amortization schedule?
An amortization schedule displays the payments required for paying off a loan or mortgage. Each payment is separated into the amount that goes towards interest with the rest being used to pay down the remaining balance.
What is the principal?
The principal is the remaining balance to be paid off. Initially this is the full amount of the loan but each payment subtracts an amount. The term "principal balance" is often used to indicate this number.
What about a down payment?
Most mortgages will require a down payment amount upon closing. Be sure to subtract this amount from your purchase price to obtain the actual amount of your loan. For example, if you purchase a home for $20,000 with a down payment of $4,000, you should create an amortization schedule based on a principal of $16,000.
How does the interest rate affect the total cost of a loan?
The interest rate determines the amount of money that must be paid back the lender in addition to the original loan amount. A higher interest will result in higher monthly payments.
What can I use an amortization schedule for?
Amortization schedules can be used for any type of asset, including home mortgages, car loans, credit cards, student loans and many more.