15-Year Fixed Mortgage Refinance Interest Rates in Indianapolis, IN

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

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

In Indianapolis's hot market with 18.3% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $89,760 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $597 to $782/month-a $185 increase. However, you'll save $74k in interest over the loan's life and build equity twice as fast. Combined with Indianapolis'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 Indianapolis?

Refinancing $89,760 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $185/month. Including Indianapolis's $79/month property tax at 0.85%, your total PITI jumps from approximately $826 to $1,011. Can you afford the increase? If your Indianapolis home appreciated from $112,200 to $129,030, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $4,937 of your $782 monthly payment goes to principal -versus only $1,795 monthly on a 30-year. Add Indianapolis's 18.3% appreciation ($20,533/year on median homes), and your total equity grows $79,774 in year one. By year 5: over $399k in combined equity.

What Are 15-Year Refinance Closing Costs in Indianapolis?

Expect $1,795-$2,693 (2-3% of loan amount) for 15-year refinancing in Indianapolis. On a $89,760 loan, that's approximately $2,244. While the monthly payment increase is $185, you're not "losing" that money-it goes to principal, building equity. The true benefit: $74k interest savings over the loan's life. With Indianapolis's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.