15-Year Fixed Mortgage Refinance Interest Rates in Hartford, CT

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

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

In Hartford's hot market with 26.5% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $220,000 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $1,464 to $1,916/month-a $452 increase. However, you'll save $182k in interest over the loan's life and build equity twice as fast. Combined with Hartford'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 Hartford?

Refinancing $220,000 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $452/month. Including Hartford's $490/month property tax at 2.14%, your total PITI jumps from approximately $2,104 to $2,556. Can you afford the increase? If your Hartford home appreciated from $275,000 to $316,250, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $12,100 of your $1,916 monthly payment goes to principal -versus only $4,400 monthly on a 30-year. Add Hartford's 26.5% appreciation ($72,875/year on median homes), and your total equity grows $218,075 in year one. By year 5: over $1,090k in combined equity.

What Are 15-Year Refinance Closing Costs in Hartford?

Expect $4,400-$6,600 (2-3% of loan amount) for 15-year refinancing in Hartford. On a $220,000 loan, that's approximately $5,500. While the monthly payment increase is $452, you're not "losing" that money-it goes to principal, building equity. The true benefit: $182k interest savings over the loan's life. With Hartford's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.