15-Year Fixed Mortgage Refinance Interest Rates in Flagstaff, AZ

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Showing results for: 15-Year Fixed refinance offers for Single Family or Townhome properties in AZ, total loan amount of $228,000.

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Should I Refinance from 30-Year to 15-Year in Flagstaff?

In Flagstaff's hot market with 8.6% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $395,440 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $2,631 to $3,445/month-a $814 increase. However, you'll save $327k in interest over the loan's life and build equity twice as fast. Combined with Flagstaff's rapid appreciation, this strategy maximizes wealth building for homeowners who can afford higher payments.

How Much More Will My Payments Be with a 15-Year Refi in Flagstaff?

Refinancing $395,440 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $814/month. Including Flagstaff's $255/month property tax at 0.62%, your total PITI jumps from approximately $3,036 to $3,850. Can you afford the increase? If your Flagstaff home appreciated from $494,300 to $568,445, refinancing to 15-year builds equity even faster, compounding with market growth.

How Fast Will I Build Equity with a 15-Year Refi in Flagstaff?

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $21,749 of your $3,445 monthly payment goes to principal -versus only $7,909 monthly on a 30-year. Add Flagstaff's 8.6% appreciation ($42,510/year on median homes), and your total equity grows $303,500 in year one. By year 5: over $1,518k in combined equity.

What Are 15-Year Refinance Closing Costs in Flagstaff?

Expect $7,909-$11,863 (2-3% of loan amount) for 15-year refinancing in Flagstaff. On a $395,440 loan, that's approximately $9,886. While the monthly payment increase is $814, you're not "losing" that money-it goes to principal, building equity. The true benefit: $327k interest savings over the loan's life. With Flagstaff's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.