15-Year Fixed Mortgage Refinance Interest Rates in Aberdeen, SD

Compare mortgage rates in Aberdeen, South Dakota

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 Aberdeen?

In Aberdeen's hot market with 13.5% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $163,440 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $1,087 to $1,424/month-a $337 increase. However, you'll save $135k in interest over the loan's life and build equity twice as fast. Combined with Aberdeen'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 Aberdeen?

Refinancing $163,440 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $337/month. Including Aberdeen's $223/month property tax at 1.31%, your total PITI jumps from approximately $1,460 to $1,797. Can you afford the increase? If your Aberdeen home appreciated from $204,300 to $234,945, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $8,989 of your $1,424 monthly payment goes to principal -versus only $3,269 monthly on a 30-year. Add Aberdeen's 13.5% appreciation ($27,581/year on median homes), and your total equity grows $135,451 in year one. By year 5: over $677k in combined equity.

What Are 15-Year Refinance Closing Costs in Aberdeen?

Expect $3,269-$4,903 (2-3% of loan amount) for 15-year refinancing in Aberdeen. On a $163,440 loan, that's approximately $4,086. While the monthly payment increase is $337, you're not "losing" that money-it goes to principal, building equity. The true benefit: $135k interest savings over the loan's life. With Aberdeen's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.