15-Year Fixed Mortgage Refinance Interest Rates in Sioux Falls, SD

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

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Should I Refinance from 30-Year to 15-Year in Sioux Falls?

In Sioux Falls's hot market with 13.5% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $182,720 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $1,216 to $1,592/month-a $376 increase. However, you'll save $151k in interest over the loan's life and build equity twice as fast. Combined with Sioux Falls'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 Sioux Falls?

Refinancing $182,720 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $376/month. Including Sioux Falls's $249/month property tax at 1.31%, your total PITI jumps from approximately $1,615 to $1,991. Can you afford the increase? If your Sioux Falls home appreciated from $228,400 to $262,660, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $10,050 of your $1,592 monthly payment goes to principal -versus only $3,654 monthly on a 30-year. Add Sioux Falls's 13.5% appreciation ($30,834/year on median homes), and your total equity grows $151,429 in year one. By year 5: over $757k in combined equity.

What Are 15-Year Refinance Closing Costs in Sioux Falls?

Expect $3,654-$5,482 (2-3% of loan amount) for 15-year refinancing in Sioux Falls. On a $182,720 loan, that's approximately $4,568. While the monthly payment increase is $376, you're not "losing" that money-it goes to principal, building equity. The true benefit: $151k interest savings over the loan's life. With Sioux Falls's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.