15-Year Fixed Mortgage Refinance Interest Rates in Farmington, NM

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

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

In Farmington's hot market with 14.5% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $155,040 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $1,031 to $1,351/month-a $320 increase. However, you'll save $128k in interest over the loan's life and build equity twice as fast. Combined with Farmington'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 Farmington?

Refinancing $155,040 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $320/month. Including Farmington's $129/month property tax at 0.8%, your total PITI jumps from approximately $1,310 to $1,630. Can you afford the increase? If your Farmington home appreciated from $193,800 to $222,870, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $8,527 of your $1,351 monthly payment goes to principal -versus only $3,101 monthly on a 30-year. Add Farmington's 14.5% appreciation ($28,101/year on median homes), and your total equity grows $130,427 in year one. By year 5: over $652k in combined equity.

What Are 15-Year Refinance Closing Costs in Farmington?

Expect $3,101-$4,651 (2-3% of loan amount) for 15-year refinancing in Farmington. On a $155,040 loan, that's approximately $3,876. While the monthly payment increase is $320, you're not "losing" that money-it goes to principal, building equity. The true benefit: $128k interest savings over the loan's life. With Farmington's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.