15-Year Fixed Mortgage Refinance Interest Rates in Nashville, TN

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

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

In Nashville's hot market with 14% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $332,480 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $2,212 to $2,896/month-a $684 increase. However, you'll save $275k in interest over the loan's life and build equity twice as fast. Combined with Nashville'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 Nashville?

Refinancing $332,480 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $684/month. Including Nashville's $246/month property tax at 0.71%, your total PITI jumps from approximately $2,608 to $3,292. Can you afford the increase? If your Nashville home appreciated from $415,600 to $477,940, refinancing to 15-year builds equity even faster, compounding with market growth.

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

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $18,286 of your $2,896 monthly payment goes to principal -versus only $6,650 monthly on a 30-year. Add Nashville's 14% appreciation ($58,184/year on median homes), and your total equity grows $277,621 in year one. By year 5: over $1,388k in combined equity.

What Are 15-Year Refinance Closing Costs in Nashville?

Expect $6,650-$9,974 (2-3% of loan amount) for 15-year refinancing in Nashville. On a $332,480 loan, that's approximately $8,312. While the monthly payment increase is $684, you're not "losing" that money-it goes to principal, building equity. The true benefit: $275k interest savings over the loan's life. With Nashville's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.