15-Year Fixed Mortgage Refinance Interest Rates in Richmond, VA
Explore 15-year fixed mortgage refinance rates in Richmond, VA over time.
6.154%6.15%
6.153%6.15%
Timeframe
Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Richmond, Virginia
Showing results for: 15-Year Fixed refinance offers for Single Family or Townhome properties in VA, total loan amount of $228,000.
| Lender | APR / Rate | Monthly Payment | |
|---|---|---|---|
Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Rates and fees are estimates and subject to change without notice. Payments do not include taxes and insurance premiums. Actual payments may be higher. Not all lenders participate in this marketplace. Loan availability and terms may vary by state and lender. Lender offers, including badges like “Lowest APR” or “Lowest Payment,” are based only on results displayed here and may not reflect the absolute lowest offer available in the market. Rate and product details
What refinancing looks like in Richmond at today's rates
The median home in Richmond costs about $242,300. Refinancing a typical balance of $193,840 (80% of that value) at today's average 15-year fixed rate in Virginia of 6.15% works out to roughly $1,652/month in principal and interest, with $103,503 of total interest over the 15-year term.
Here is how the monthly payment and break-even point change if you wait for (or negotiate) a lower rate, assuming closing costs of $4,846 (2.5% of the loan):
| Rate | Monthly P&I | Monthly savings | Break-even |
|---|---|---|---|
| 6.15% (today) | $1,652 | — | — |
| 5.90% (−0.25%) | $1,626 | $26/mo | 187 months |
| 5.65% (−0.50%) | $1,600 | $52/mo | 94 months |
| 5.40% (−0.75%) | $1,574 | $78/mo | 63 months |
| 5.15% (−1.00%) | $1,548 | $104/mo | 47 months |
Estimates use principal and interest only and today's average Virginia rate; they exclude taxes, insurance, and rate differences from credit score or loan size.
Weighing the term itself? At today's Virginia average 30-year fixed rate of 7.02%, the same $193,840 balance costs $1,293/month over 30 years — $359/month less than the 15-year fixed option, at the cost of $168,046 more interest over the life of the loan.
How Much Interest Can I Save with a 15-Year Refinance in Richmond?
Substantial savings in Richmond's stable market. Refinancing $193,840 from 30-year at 7% to 15-year at 6.5% cuts total interest from $271k to $110k-saving $160k over the loan's life. You'll pay more monthly ($399 increase), but every extra dollar goes to principal, not interest. With Richmond's 3.8% steady appreciation, you'll own your home outright in 15 years with significant equity gains from both paydown and market growth.
Should I Refinance to 15-Year or Stay in 30-Year in Richmond?
Refinance to 15-year in Richmond if you can comfortably afford $399/month more. Your total PITI payment (including $166/month property tax at 0.82%) rises from $1,606 to $2,005. Benefits: $160k interest savings, debt-free in 15 years, forced savings plan. Stay in 30-year if: you prefer payment flexibility, invest extra cash at higher returns, or want emergency fund cushion. With Richmond's 3.8% appreciation, both options build equity.
What's My Break-Even on a 15-Year Refinance in Richmond?
Break-even analysis differs for 15-year refis. With $4,846 closing costs and $160k total interest savings, you "profit" as long as you keep the loan beyond 5 months. However, the real value isn't monthly cash flow-it 's accelerated equity. In Richmond, each year of a 15-year mortgage builds approximately $127,934 in principal equity plus $9,207 in market appreciation. You're debt-free 15 years faster.
Can I Afford a 15-Year Refinance in Richmond?
Calculate your debt-to-income ratio. Lenders prefer DTI below 43% for 15-year mortgages. On Richmond's $242,300 median home, your $1,689/month P&I plus $166 property tax plus $150 insurance = $2,005total. To qualify comfortably, you'd need household income around $85,929/year (assuming 28% housing ratio). Benefits if you qualify: own home in 15 years, $160k interest savings, rapid equity building in Richmond's 3.8% appreciation market.
Accelerate Equity with a 15-Year Refinance in Richmond
Your Loan-to-Value (LTV) measures how much you owe versus what the home is worth.
If you are paying Private Mortgage Insurance (PMI) on an FHA loan, refinancing right now allows you to reappraise at this new, higher value, drop your LTV below the 80% threshold, and cancel your PMI forever.
Property Tax Tip for Richmond Homeowners
Because your property taxes are so low, almost all of your monthly payment is going toward principal and interest. This means securing a lower interest rate through a refinance has a massive, immediate impact on your wallet.
State & Local Assistance in Richmond
Take advantage of Virginia Housing. Their regular assistance programs and competitive rates are incredible tools for keeping long-term homeownership deeply affordable.
How Richmond compares across Virginia
Median home prices vary widely across Virginia, which changes what a typical refinance costs. Here is the estimated monthly principal and interest on a median-priced home (80% loan-to-value) at today's average 15-year fixed rate of 6.15%:
| City | Median home price | Est. monthly P&I | vs. Richmond |
|---|---|---|---|
| Richmond | $242,300 | $1,652 | — |
| Norfolk | $342,700 | $2,336 | +$684/mo |
| Charlottesville | $367,000 | $2,502 | +$850/mo |
| Virginia Beach | $537,900 | $3,667 | +$2,015/mo |
Estimates use each city's median home price with the same statewide average rate; actual quotes vary by lender, credit profile, and loan size.