For most lenders, a 20-year fixed prices little or no better than a 30-year. The reason is on the back end. Twenty-year loans get bundled and sold into pools very similar to 30-year pools, so investors do not reward the shorter term the way they reward a 15-year. You can end up signing up for a faster required payoff without a better rate to show for it. It is not uniform, though. Of the nearly 100 investors we shop, only a small handful price the 20-year noticeably better, and even then the gap is typically modest, on the order of an eighth to a quarter of a percent. A 15-year usually earns a much larger improvement, often half a percent or more, because that product sells into a genuinely better-priced pool. The practical takeaways: - Do not choose a 20-year for a rate discount that may not exist. - If you want a faster payoff with flexibility, a 30-year with extra principal payments gets you there on your own schedule while keeping the required payment low. - If you want the best rate on a shorter term, the 15-year is usually where the real pricing advantage lives. We are glad to price all three side by side for your loan on the free Roadmap conversation.