15-Year Fixed Mortgage Refinance Interest Rates in Great Falls, MT

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

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Should I Refinance from 30-Year to 15-Year in Great Falls?

In Great Falls's hot market with 13.8% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $149,040 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $992 to $1,298/month-a $306 increase. However, you'll save $123k in interest over the loan's life and build equity twice as fast. Combined with Great Falls'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 Great Falls?

Refinancing $149,040 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $306/month. Including Great Falls's $130/month property tax at 0.84%, your total PITI jumps from approximately $1,272 to $1,578. Can you afford the increase? If your Great Falls home appreciated from $186,300 to $214,245, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $8,197 of your $1,298 monthly payment goes to principal -versus only $2,981 monthly on a 30-year. Add Great Falls's 13.8% appreciation ($25,709/year on median homes), and your total equity grows $124,076 in year one. By year 5: over $620k in combined equity.

What Are 15-Year Refinance Closing Costs in Great Falls?

Expect $2,981-$4,471 (2-3% of loan amount) for 15-year refinancing in Great Falls. On a $149,040 loan, that's approximately $3,726. While the monthly payment increase is $306, you're not "losing" that money-it goes to principal, building equity. The true benefit: $123k interest savings over the loan's life. With Great Falls's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.