15-Year Fixed Mortgage Refinance Interest Rates in Minot, ND

Compare mortgage rates in Minot, North Dakota

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

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

In Minot's hot market with 15.6% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $210,880 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $1,403 to $1,837/month-a $434 increase. However, you'll save $174k in interest over the loan's life and build equity twice as fast. Combined with Minot'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 Minot?

Refinancing $210,880 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $434/month. Including Minot's $215/month property tax at 0.98%, your total PITI jumps from approximately $1,768 to $2,202. Can you afford the increase? If your Minot home appreciated from $263,600 to $303,140, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $11,598 of your $1,837 monthly payment goes to principal -versus only $4,218 monthly on a 30-year. Add Minot's 15.6% appreciation ($41,122/year on median homes), and your total equity grows $180,302 in year one. By year 5: over $902k in combined equity.

What Are 15-Year Refinance Closing Costs in Minot?

Expect $4,218-$6,326 (2-3% of loan amount) for 15-year refinancing in Minot. On a $210,880 loan, that's approximately $5,272. While the monthly payment increase is $434, you're not "losing" that money-it goes to principal, building equity. The true benefit: $174k interest savings over the loan's life. With Minot's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.