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

Compare mortgage rates in Pierre, 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 Pierre?

In Pierre's hot market with 13.5% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $174,800 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $1,163 to $1,523/month-a $360 increase. However, you'll save $145k in interest over the loan's life and build equity twice as fast. Combined with Pierre'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 Pierre?

Refinancing $174,800 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $360/month. Including Pierre's $239/month property tax at 1.31%, your total PITI jumps from approximately $1,552 to $1,912. Can you afford the increase? If your Pierre home appreciated from $218,500 to $251,275, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $9,614 of your $1,523 monthly payment goes to principal -versus only $3,496 monthly on a 30-year. Add Pierre's 13.5% appreciation ($29,498/year on median homes), and your total equity grows $144,866 in year one. By year 5: over $724k in combined equity.

What Are 15-Year Refinance Closing Costs in Pierre?

Expect $3,496-$5,244 (2-3% of loan amount) for 15-year refinancing in Pierre. On a $174,800 loan, that's approximately $4,370. While the monthly payment increase is $360, you're not "losing" that money-it goes to principal, building equity. The true benefit: $145k interest savings over the loan's life. With Pierre's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.