15-Year Fixed Mortgage Refinance Interest Rates in Buffalo, 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 Buffalo?

In Buffalo's hot market with 23.1% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $222,640 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $1,481 to $1,939/month-a $458 increase. However, you'll save $184k in interest over the loan's life and build equity twice as fast. Combined with Buffalo'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 Buffalo?

Refinancing $222,640 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $458/month. Including Buffalo's $399/month property tax at 1.72%, your total PITI jumps from approximately $2,030 to $2,488. Can you afford the increase? If your Buffalo home appreciated from $278,300 to $320,045, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $12,245 of your $1,939 monthly payment goes to principal -versus only $4,453 monthly on a 30-year. Add Buffalo's 23.1% appreciation ($64,287/year on median homes), and your total equity grows $211,230 in year one. By year 5: over $1,056k in combined equity.

What Are 15-Year Refinance Closing Costs in Buffalo?

Expect $4,453-$6,679 (2-3% of loan amount) for 15-year refinancing in Buffalo. On a $222,640 loan, that's approximately $5,566. While the monthly payment increase is $458, you're not "losing" that money-it goes to principal, building equity. The true benefit: $184k interest savings over the loan's life. With Buffalo's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.