15-Year Fixed Mortgage Refinance Interest Rates in Brunswick, ME

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

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

In Brunswick's hot market with 22.2% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $252,960 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $1,683 to $2,204/month-a $521 increase. However, you'll save $209k in interest over the loan's life and build equity twice as fast. Combined with Brunswick'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 Brunswick?

Refinancing $252,960 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $521/month. Including Brunswick's $358/month property tax at 1.36%, your total PITI jumps from approximately $2,191 to $2,712. Can you afford the increase? If your Brunswick home appreciated from $316,200 to $363,630, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $13,913 of your $2,204 monthly payment goes to principal -versus only $5,059 monthly on a 30-year. Add Brunswick's 22.2% appreciation ($70,196/year on median homes), and your total equity grows $237,150 in year one. By year 5: over $1,186k in combined equity.

What Are 15-Year Refinance Closing Costs in Brunswick?

Expect $5,059-$7,589 (2-3% of loan amount) for 15-year refinancing in Brunswick. On a $252,960 loan, that's approximately $6,324. While the monthly payment increase is $521, you're not "losing" that money-it goes to principal, building equity. The true benefit: $209k interest savings over the loan's life. With Brunswick's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.