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

Compare mortgage rates in Biloxi, 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 Biloxi?

In Biloxi's hot market with 12% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $121,200 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $806 to $1,056/month-a $250 increase. However, you'll save $100k in interest over the loan's life and build equity twice as fast. Combined with Biloxi'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 Biloxi?

Refinancing $121,200 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $250/month. Including Biloxi's $100/month property tax at 0.79%, your total PITI jumps from approximately $1,056 to $1,306. Can you afford the increase? If your Biloxi home appreciated from $151,500 to $174,225, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $6,666 of your $1,056 monthly payment goes to principal -versus only $2,424 monthly on a 30-year. Add Biloxi's 12% appreciation ($18,180/year on median homes), and your total equity grows $98,172 in year one. By year 5: over $491k in combined equity.

What Are 15-Year Refinance Closing Costs in Biloxi?

Expect $2,424-$3,636 (2-3% of loan amount) for 15-year refinancing in Biloxi. On a $121,200 loan, that's approximately $3,030. While the monthly payment increase is $250, you're not "losing" that money-it goes to principal, building equity. The true benefit: $100k interest savings over the loan's life. With Biloxi's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.