15-Year Fixed Mortgage Refinance Interest Rates in Columbia, SC

Compare mortgage rates in Columbia, South Carolina

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

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

In Columbia's hot market with 17.8% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $187,600 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $1,248 to $1,634/month-a $386 increase. However, you'll save $155k in interest over the loan's life and build equity twice as fast. Combined with Columbia'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 Columbia?

Refinancing $187,600 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $386/month. Including Columbia's $111/month property tax at 0.57%, your total PITI jumps from approximately $1,509 to $1,895. Can you afford the increase? If your Columbia home appreciated from $234,500 to $269,675, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $10,318 of your $1,634 monthly payment goes to principal -versus only $3,752 monthly on a 30-year. Add Columbia's 17.8% appreciation ($41,741/year on median homes), and your total equity grows $165,557 in year one. By year 5: over $828k in combined equity.

What Are 15-Year Refinance Closing Costs in Columbia?

Expect $3,752-$5,628 (2-3% of loan amount) for 15-year refinancing in Columbia. On a $187,600 loan, that's approximately $4,690. While the monthly payment increase is $386, you're not "losing" that money-it goes to principal, building equity. The true benefit: $155k interest savings over the loan's life. With Columbia's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.