15-Year Fixed Mortgage Refinance Interest Rates in New York, NY

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

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Should I Refinance from 30-Year to 15-Year in New York?

In New York's hot market with 23.1% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $428,080 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $2,848 to $3,729/month-a $881 increase. However, you'll save $354k in interest over the loan's life and build equity twice as fast. Combined with New York'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 New York?

Refinancing $428,080 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $881/month. Including New York's $767/month property tax at 1.72%, your total PITI jumps from approximately $3,765 to $4,646. Can you afford the increase? If your New York home appreciated from $535,100 to $615,365, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $23,544 of your $3,729 monthly payment goes to principal -versus only $8,562 monthly on a 30-year. Add New York's 23.1% appreciation ($123,608/year on median homes), and your total equity grows $406,141 in year one. By year 5: over $2,031k in combined equity.

What Are 15-Year Refinance Closing Costs in New York?

Expect $8,562-$12,842 (2-3% of loan amount) for 15-year refinancing in New York. On a $428,080 loan, that's approximately $10,702. While the monthly payment increase is $881, you're not "losing" that money-it goes to principal, building equity. The true benefit: $354k interest savings over the loan's life. With New York's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.