15-Year Fixed Mortgage Refinance Interest Rates in Jersey City, NJ

Compare mortgage rates in Jersey City, New Jersey

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

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Rate data provided by RateUpdate.com. Displayed by ICB, a division of 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

How Much Can I Save with a 15-Year Refinance in Jersey City?

On Jersey City's high-value homes ($862,800 median), 15-year refinance savings are substantial. Refinancing $690,240 from 30-year (7%) to 15-year (6.5%) saves $571k in total interest. Your monthly payment increases $1,421, but you own your home outright in half the time. With 25.3% appreciation, accelerated equity building compounds wealth faster.

What's the Payment Increase for 15-Year Refi in Jersey City?

Refinancing $690,240 in Jersey City from 30-year to 15-year increases P&I from $4,592 to $6,013/month-a $1,421 jump. Including $1,790/month property tax (2.49%), your total PITI rises from $6,532 to $7,953. Affordability rule: keep housing costs below 28% of gross income. For a $7,953 payment, you'd need approximately $340,843/year income.

How Do Mortgage Interest Deductions Work on 15-Year Refis in Jersey City?

15-year mortgages pay less total interest, reducing tax deductions but building wealth faster. On a $690,240 15-year loan at 6.5%, year-one interest is approximately $44,866-fully deductible under $750k limit. At 35% tax rate, you save around $16k in taxes year one. Yes, you'll lose some deductions compared to 30-year, but you'll save $571k in actual interest paid. Consult a CPA about Jersey City's 2.49% property tax deductions under SALT cap.

Is a 15-Year Jumbo Refinance Available in Jersey City?

While Jersey City's median home is 862,800, many properties exceed the $806,500 jumbo threshold. 15-year jumbo loans are available with competitive rates, strict requirements (740+ credit, 25% equity, 12-month reserves), but offer 571k+ interest savings potential. Shop portfolio lenders who specialize in high-value mortgages.