15-Year Fixed Mortgage Refinance Interest Rates in Tupelo, MS

Compare mortgage rates in Tupelo, Mississippi

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

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

In Tupelo's hot market with 12% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $134,560 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $895 to $1,172/month-a $277 increase. However, you'll save $111k in interest over the loan's life and build equity twice as fast. Combined with Tupelo'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 Tupelo?

Refinancing $134,560 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $277/month. Including Tupelo's $111/month property tax at 0.79%, your total PITI jumps from approximately $1,156 to $1,433. Can you afford the increase? If your Tupelo home appreciated from $168,200 to $193,430, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $7,401 of your $1,172 monthly payment goes to principal -versus only $2,691 monthly on a 30-year. Add Tupelo's 12% appreciation ($20,184/year on median homes), and your total equity grows $108,994 in year one. By year 5: over $545k in combined equity.

What Are 15-Year Refinance Closing Costs in Tupelo?

Expect $2,691-$4,037 (2-3% of loan amount) for 15-year refinancing in Tupelo. On a $134,560 loan, that's approximately $3,364. While the monthly payment increase is $277, you're not "losing" that money-it goes to principal, building equity. The true benefit: $111k interest savings over the loan's life. With Tupelo's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.