15-Year Fixed Mortgage Refinance Interest Rates in Billings, MT
Explore 15-year fixed mortgage refinance rates in Billings, MT over time.
5.953%5.95%
5.956%5.96%
Timeframe
Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Billings, Montana
Showing results for: 15-Year Fixed refinance offers for Single Family or Townhome properties in MT, total loan amount of $228,000.
| Lender | APR / Rate | Monthly Payment | |
|---|---|---|---|
Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Rates and fees are estimates and subject to change without notice. Payments do not include taxes and insurance premiums. Actual payments may be higher. Not all lenders participate in this marketplace. Loan availability and terms may vary by state and lender. Lender offers, including badges like “Lowest APR” or “Lowest Payment,” are based only on results displayed here and may not reflect the absolute lowest offer available in the market. Rate and product details
What refinancing looks like in Billings at today's rates
The median home in Billings costs about $224,200. Refinancing a typical balance of $179,360 (80% of that value) at today's average 15-year fixed rate in Montana of 5.95% works out to roughly $1,509/month in principal and interest, with $92,258 of total interest over the 15-year term.
Here is how the monthly payment and break-even point change if you wait for (or negotiate) a lower rate, assuming closing costs of $4,484 (2.5% of the loan):
| Rate | Monthly P&I | Monthly savings | Break-even |
|---|---|---|---|
| 5.95% (today) | $1,509 | — | — |
| 5.70% (−0.25%) | $1,485 | $24/mo | 187 months |
| 5.45% (−0.50%) | $1,461 | $48/mo | 94 months |
| 5.20% (−0.75%) | $1,437 | $72/mo | 63 months |
| 4.95% (−1.00%) | $1,414 | $95/mo | 48 months |
Estimates use principal and interest only and today's average Montana rate; they exclude taxes, insurance, and rate differences from credit score or loan size.
Weighing the term itself? At today's Montana average 30-year fixed rate of 6.83%, the same $179,360 balance costs $1,173/month over 30 years — $336/month less than the 15-year fixed option, at the cost of $150,705 more interest over the life of the loan.
How Much Interest Can I Save with a 15-Year Refinance in Billings?
Substantial savings in Billings's stable market. Refinancing $179,360 from 30-year at 7% to 15-year at 6.5% cuts total interest from $250k to $102k-saving $148k over the loan's life. You'll pay more monthly ($369 increase), but every extra dollar goes to principal, not interest. With Billings's 2.7% steady appreciation, you'll own your home outright in 15 years with significant equity gains from both paydown and market growth.
Should I Refinance to 15-Year or Stay in 30-Year in Billings?
Refinance to 15-year in Billings if you can comfortably afford $369/month more. Your total PITI payment (including $157/month property tax at 0.84%) rises from $1,500 to $1,869. Benefits: $148k interest savings, debt-free in 15 years, forced savings plan. Stay in 30-year if: you prefer payment flexibility, invest extra cash at higher returns, or want emergency fund cushion. With Billings's 2.7% appreciation, both options build equity.
What's My Break-Even on a 15-Year Refinance in Billings?
Break-even analysis differs for 15-year refis. With $4,484 closing costs and $148k total interest savings, you "profit" as long as you keep the loan beyond 5 months. However, the real value isn't monthly cash flow-it 's accelerated equity. In Billings, each year of a 15-year mortgage builds approximately $118,378 in principal equity plus $6,053 in market appreciation. You're debt-free 15 years faster.
Can I Afford a 15-Year Refinance in Billings?
Calculate your debt-to-income ratio. Lenders prefer DTI below 43% for 15-year mortgages. On Billings's $224,200 median home, your $1,562/month P&I plus $157 property tax plus $150 insurance = $1,869total. To qualify comfortably, you'd need household income around $80,100/year (assuming 28% housing ratio). Benefits if you qualify: own home in 15 years, $148k interest savings, rapid equity building in Billings's 2.7% appreciation market.
Accelerate Equity with a 15-Year Refinance in Billings
Refinancing relies heavily on your Loan-to-Value (LTV) ratio.
Once your principal payments and market growth push your LTV under 80%, refinancing into a standard Conventional loan will permanently remove your FHA mortgage insurance premium.
Property Tax Tip for Billings Homeowners
Because property taxes are reasonable, your primary focus should be lowering your core interest rate to maximize your monthly savings and improve your cash flow.
Hero & Housing Programs for Billings
The Montana Board of Housing (MBOH) provides excellent support. Check out their conventional loan products, which often provide better long-term value than standard FHA offerings if your credit score has improved.
How Billings compares across Montana
Median home prices vary widely across Montana, which changes what a typical refinance costs. Here is the estimated monthly principal and interest on a median-priced home (80% loan-to-value) at today's average 15-year fixed rate of 5.95%:
| City | Median home price | Est. monthly P&I | vs. Billings |
|---|---|---|---|
| Billings | $224,200 | $1,509 | — |
| Butte | $191,500 | $1,289 | −$220/mo |
| Great Falls | $186,300 | $1,254 | −$255/mo |
| Helena | $328,500 | $2,211 | +$702/mo |
Estimates use each city's median home price with the same statewide average rate; actual quotes vary by lender, credit profile, and loan size.