15-Year Fixed Mortgage Refinance Interest Rates in Portland, 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 Portland?

In Portland's hot market with 22.2% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $460,720 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $3,065 to $4,013/month-a $948 increase. However, you'll save $381k in interest over the loan's life and build equity twice as fast. Combined with Portland'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 Portland?

Refinancing $460,720 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $948/month. Including Portland's $653/month property tax at 1.36%, your total PITI jumps from approximately $3,868 to $4,816. Can you afford the increase? If your Portland home appreciated from $575,900 to $662,285, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $25,340 of your $4,013 monthly payment goes to principal -versus only $9,214 monthly on a 30-year. Add Portland's 22.2% appreciation ($127,850/year on median homes), and your total equity grows $431,925 in year one. By year 5: over $2,160k in combined equity.

What Are 15-Year Refinance Closing Costs in Portland?

Expect $9,214-$13,822 (2-3% of loan amount) for 15-year refinancing in Portland. On a $460,720 loan, that's approximately $11,518. While the monthly payment increase is $948, you're not "losing" that money-it goes to principal, building equity. The true benefit: $381k interest savings over the loan's life. With Portland's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.