15-Year Fixed Mortgage Refinance Interest Rates in Edison, NJ

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

In Edison's hot market with 25.3% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $303,200 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $2,017 to $2,641/month-a $624 increase. However, you'll save $251k in interest over the loan's life and build equity twice as fast. Combined with Edison'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 Edison?

Refinancing $303,200 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $624/month. Including Edison's $786/month property tax at 2.49%, your total PITI jumps from approximately $2,953 to $3,577. Can you afford the increase? If your Edison home appreciated from $379,000 to $435,850, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $16,676 of your $2,641 monthly payment goes to principal -versus only $6,064 monthly on a 30-year. Add Edison's 25.3% appreciation ($95,887/year on median homes), and your total equity grows $295,999 in year one. By year 5: over $1,480k in combined equity.

What Are 15-Year Refinance Closing Costs in Edison?

Expect $6,064-$9,096 (2-3% of loan amount) for 15-year refinancing in Edison. On a $303,200 loan, that's approximately $7,580. While the monthly payment increase is $624, you're not "losing" that money-it goes to principal, building equity. The true benefit: $251k interest savings over the loan's life. With Edison's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.