refinance to a 15 year fixed rate mortgage calculator

The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years. Interest rate. Annual fixed interest rate for. Basic Info · Credit score: Minimum 580 · Down payment requirement: 3% · Maximum loan amount: $3 million · Loan options: 30-year fixed; 15-year fixed. Fifteen-year fixed-rate mortgages come with even lower rates than 30-year loans: currently an average 2.59%, down from 3.16% a year ago and 4.04. refinance to a 15 year fixed rate mortgage calculator

Refinancing a mortgage can be a great opportunity to lower your monthly payments, shorten your term so you pay less interest over the life of the mortgage, or take advantage of lower interest rates. Use this calculator to help decide if refinancing is the right choice for you.

Mortgage Refinance Interest Savings Calculator

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Figuring out what you’ll pay monthly for your mortgage is easy. Just fill in the details, using the mortgage calculator above, to get an estimate of your monthly mortgage payment.

Estimated Home Value:

If you are buying a house, enter the price of the property you are considering. If you’re refinancing your home loan, enter your home’s current value.

Down Payment:

If you are buying a house, enter the amount of your down payment. If you are refinancing, enter the amount of equity you have in the property.

Equity = Estimated Home Value - Present Loan Balance

Loan Amount:

This will automatically calculate for you based on your estimated home value and down payment amounts

Loan Amount = Estimated Home Value - Down Payment

Interest Rate:

Enter the interest rate you estimate you will pay on your mortgage loan. Your interest rate can vary by the type of mortgage you choose, the term of your loan and the rate for which you qualify. If you are wondering about today’s interest rates, or would like to start the preapproval or application process, contact a mortgage loan officer.


This is the number of years it will take to pay off your mortgage. Typically, a mortgage loan is either a 15- or 30-year term, but there are other options. If you are refinancing your home to a shorter or longer term, you can adjust the term length and see the difference it will make to your monthly mortgage payment. Paying additional dollars each month on your mortgage principal may reduce the length of your term.

Annual Property Tax:

Property taxes vary not only by state, but by county, too. You can estimate your annual property taxes by taking the assessed value of your home and multiplying it by your local property tax rate.

For example, if you want to know the amount of your annual property tax for a $100,000 house in Omaha, Nebraska, you would multiply $100,000 by the Omaha property tax rate of 2.38% for a total of $2,388.00. To estimate the property tax in your city/town and state, visit this website.

Annual Property Insurance:

The premium for your annual property insurance can vary depending on your location and the insurance company that underwrites your policy.


15-Year Mortgage Refinance Rates for November 2021

We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

If you’re refinance to a 15 year fixed rate mortgage calculator a mission to pay off your mortgage as quickly as possible, a 15-year refinance could be a perfect fit.

With interest rates still exceptionally low, refinancing into the shorter-term 15-year mortgage could be an ideal fit. Taking out a 15-year loan could allow you to gain the benefits of refinancing without adding years back onto your repayment term.

But there are upfront closing costs to pay if you refinance, and 15-year loans have much larger monthly payments than a 30-year refinance. There are a lot all first national bank locations factors that go into deciding if refinancing, and a 15-year refinance specifically, is right for you.

What the Experts Are Saying About 15-Year Mortgage Refinance Rates

Throughout the rest of this year, many experts are forecasting rising rates. “I think in general, [rates are] going up,” says Skylar Olsen, principal economist at Tomo, a digital real estate and mortgage company based in Stamford, Connecticut. “But it might be [a] slower increase than you think.” The Federal Reserve has begun to unwind the policies it put in place that have helped keep mortgage rates low, but it is slowly ending them, so there won’t be abrupt changes overnight.

Even though the economy is well on the road to recovery and the job market is strong, there is some uncertainty in those areas. So although refinance rates are most likely going to increase, they aren’t expected to skyrocket overnight.

What the 15-Year Mortgage Refinance Rate Forecast Means For You In 2021

Although rates will continue to bounce around from week to week, if you’ve been considering a 15-year refinance loan the longer you wait, the more expensive it’s likely to become. 

Yes, rates are coming back up, but you could still get an advantageous rate, Olsen says. Rates have risen in 2021, so you may not be able to secure a record low refinance rate. However, if you took out a home loan just two or three years ago, you could still potentially shave 1% to 2% off your interest rate.

But just because refinance rates are near historic lows, that doesn’t necessarily mean a refinance is a good move for you. There are other factors to consider, such as your future plans, when you last refinanced, and your current interest rate. 

What Are Today’s 15-Year Refinance Rates?

On Monday, November 29, 2021 according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the average 15-year refinance rate is 2.440% with an APR of 2.600%.

Current 15-Year Refinance Rates

ProductInterest RateAPR
30-Year Fixed Rate3.130%3.250%
30-Year FHA Rate2.700%3.580%
30-Year VA Rate2.790%2.990%
30-Year Fixed Jumbo Rate3.120%3.190%
20-Year Fixed Rate3.010%3.130%
15-Year Fixed Rate2.440%2.600%
15-Year Fixed Jumbo Rate2.430%2.490%
10-Year Fixed Rate2.420%2.580%
5/1 ARM Rate2.690%3.980%
5/1 ARM Jumbo Rate2.680%3.690%
7/1 ARM Rate2.880%4.000%
7/1 ARM Jumbo Rate2.890%3.920%
10/1 ARM Rate3.090%4.080%
ProductInterest RateAPR
30-Year Fixed Rate3.140%3.300%
30-Year FHA Rate2.660%3.530%
30-Year VA Rate2.750%2.920%
30-Year Fixed Jumbo Rate3.130%3.220%
20-Year Fixed Rate3.020%3.170%
15-Year Fixed Rate2.440%2.670%
15-Year Fixed Jumbo Rate2.430%2.500%
10-Year Fixed Rate2.420%2.610%
5/1 ARM Rate2.760%4.070%
5/1 ARM Jumbo Rate2.810%4.050%
7/1 ARM Rate2.870%3.980%
7/1 ARM Jumbo Rate3.000%4.010%
10/1 ARM Rate3.090%4.040%

Rates as of Monday, November 29, 2021


These rate averages are based on weekday mortgage rate information provided by national lenders to, which like NextAdvisor is owned by Red Ventures.

These averages provide borrowers a broad view of average rates that can inform borrowers when comparing lender offers. We feature both the interest rate and the annual percentage rate (APR), which includes additional lender fees, so you can get a better idea of the overall cost of the loan. The actual interest rate you can qualify for may be different from the average rates quoted in our rate table. But these rates are useful for giving you a benchmark to use when comparing loan offers by giving you a sense of how the type of mortgage and the length of the repayment term impacts your interest rate and APR.

Pros and Cons of a 15-Year Mortgage Refinance


  • Lower interest rates

  • Shorter repayment term

  • Build equity more quickly

  • Pay much less interest in the long term


  • Higher monthly payments

  • Less money to invest each month

  • Less money available to save each month

When Is the Best Time to Refinance Into a 15-Year Mortgage?

The right time to refinance with a 15-year loan is when you can afford the larger monthly payments, and it fits into your financial strategy. It’s a significant commitment to go with a 15-year mortgage over a 30-year mortgage, but you will pay off your mortgage sooner and potentially save tens of thousands of dollars in interest.

If you currently have a $250,000 mortgage balance, here is what you would pay for a 15- and 30-year refinance loan at today’s rates, according to the NextAdvisor mortgage calculator.

Loan TermLoan BalanceInterest RateMonthly PaymentTotal Interest
30 Years$250,0003.13%$1,071$135,929
15 Years$250,0002.44%$1,659$48,820

Even with the lower interest rate you could qualify for with a 15-year loan, the monthly payment is an additional $588+ more a month. But, over the life of the loan, you’d paid nearly $90,000 chemical bank open near me in interest. That’s a big monthly commitment with the potential for significant savings. So before you go all-in on a 15-year loan, be sure you can afford it and that it won’t take away from other priorities, such as saving for retirement or building an emergency fund.

Alternatives to a 15-Year Refinance

A 15-year refinance is just one financial tool that can help you achieve your goals, but it may not be the only answer for what you’re trying to do. 

This type of refinancing can lock you refinance to a 15 year fixed rate mortgage calculator a hefty monthly payment. If you’re not sure if you’ll be able to afford a 15-year loan’s payment for the long haul, you could simply pay on a 30-year loan as if it was a 15-year loan. Just make sure that your lender knows you’re making extra payments. 

In this scenario, you won’t be able to secure the lower interest rate 15-year loans often have, but you refinance to a 15 year fixed rate mortgage calculator save on interest by paying off your loan earlier. This is less risky because if you experience a loss or reduction in your income, you have the flexibility to make smaller payments without going into default.

You could also look at a loan between 15 and 30 years. Some lenders offer 20-year mortgage refinance refinance to a 15 year fixed rate mortgage calculator, which could allow you to shave years off your existing loan term while committing to a somewhat smaller monthly payment.  

Here is how a $250,000 loan’s monthly payment and overall cost could change with the different loan terms and rates.

Loan TermInterest RateMonthly PaymentTotal Interest
30 Years3.13%$1,071$135,929
30 Years*3.13%$1,659$68,002
20 Years3.01%$1,387$83,125
15 Years2.44%$1,659$48,820

Once you run the numbers for all of your options, you’ll have a better idea of what loan term best fits your goals. There is no one loan option that is the best deal, but there is one that can help you reach your financial goals.

15-Year Refinance Rate: Frequently Asked Questions (FAQ)

What is a 15-year fixed refinance rate?

A 15-year fixed refinance rate is a type of home loan designed to replace your existing mortgage. It has refinance to a 15 year fixed rate mortgage calculator fixed mortgage interest rate, so the amount of interest you’ll pay won’t change over the life of the loan. And with a 15-year payment term, you’ll pay off your mortgage in half the time you would with a 30-year mortgage refinance.

A 15-year refinance typically has a lower interest rate than longer-term loans — but it comes with a higher monthly payment. At today’s rates, a 15-year $250,000 loan’s monthly payment is nearly $600 more than a 30-year loan even though it would have a lower interest rate.

When should I consider a 15-year refinance?

15-year refinance loans typically have a lower rate than a 30-year loan. A 15-year mortgage refinance can be a good way to pay off your mortgage sooner and save on interest. So the best time to consider refinancing is when rates are low enough that your interest savings will outweigh the upfront closing costs associated with a refinance loan.

For homeowners with more than 15 years left on their mortgage, a 15-year loan is a great way to potentially secure a lower rate without adding years to your repayment schedule.

Because the monthly payments on a 15-year mortgage are higher, refinancing to a shorter-term loan makes the most sense if your income has increased since purchasing your home. 

So before you commit to bigger monthly payments make sure your current financial situation can support them.

What is a good 15-year refinance rate?

In 2020, the 15-year refinance rate average fell below 2.25% for the first time ever and is currently hovering around 2.5%. However, that doesn’t necessarily mean it’s the best refinance rate you’ll be able to qualify for. And it doesn’t mean it’s a good deal for you. 

Sometimes an advertised low refinance to a 15 year fixed rate mortgage calculator can have built-in discount points. These points are extra fees you can pay in exchange for a lower rate. So you need to refinance to a 15 year fixed rate mortgage calculator attention to not only your interest rate, but also the upfront fees you’re paying for the loan.

At the end of the day, a good 15-year refinance rate is one that is considerably less than the current rate you’re paying, allowing you to save money on interest over time with a new loan.

How do I choose between a 30-year fixed refinance or a 15-year?

Some experts, like NextAdvisor contributor Suze Orman, average american savings 2020 against extending your loan term because it could cost you more in the long run. Trice funeral home in barnesville ga obituaries believes you should never refinance into a mortgage that will extend the amount of time you have until your loan is paid off. 

But when rates are low enough you may be able to reduce your monthly payment and the amount of interest you owe without extending your mortgage’s repayment term with a 15-year mortgage. 

Another option is to refinance into a new 30-year loan, but make payments as if it was a 15 -year mortgage. That way you can still pay off the loan in the same amount of time, but you’ll have the flexibility to make smaller payments if you fall on hard times.

How do I find the next 15-year refinance rate?

Your mortgage refinance rate will depend on your financial situation (e.g., credit score and income etc.), how much equity you have in your home, and even the type of refinance you’re applying for. So to get the best 15-year refinance rates, you’ll need to shop around and compare mortgage lenders. 

To qualify for the lower rates, you’ll need a high credit score (700+), and at least 20% equity in your home. You can also expect to pay a higher rate with a cash-out refinance compared to other types of refinancing because lenders view this as a riskier type of refinance loan.


Mortgage Calculator

With so many mortgage options out there, it can be hard to know how each would impact you in the long run. Here are the most common mortgage loan types:

  • Adjustable-Rate Mortgage (ARM)
  • Federal Housing Administration (FHA) Loan
  • Department of Vertans Affairs (VA) Loan
  • Fixed-Rate Conventional Loan

We recommend choosing a 15-year fixed-rate conventional loan. Why not a 30-year mortgage? Because you’ll pay thousands more in interest if you go with a 30-year mortgage. For a $250,000 loan, that could mean a difference of more than $100,000!

A 15-year loan does come with a higher monthly payment, so you may need to adjust your home-buying budget to get your mortgage payment down to 25% or less of your monthly income.

But the good news is, a 15-year mortgage is actually paid off in 15 years. Why be in debt for 30 years when you can knock out your mortgage in half the time and save six figures in interest? That’s a win-win!


Mortgage Loan Calculator (PITI) for Refinancing or Home Purchase Payments

Basic Overview

There are many different mortgage programs and options to choose from whether you are setting up a new mortgage to purchase a home or to refinance a mortgage on a home that you already own. There are fixed rate mortgages, fixed to adjustable rate mortgages and adjustable rate mortgages to choose from. The most popular and well known mortgages are 15- and 30-year fixed rate mortgages.

Why Use the Mortgage Loan Calculator?

There are so many different mortgage and loan options to choose from, it can sometimes be a little overwhelming. Whether you are setting up a new mortgage to purchase a home or to refinance a mortgage on a home that you already own, there are always a great many aspects to consider.

To name just a few of the more common choices, there are fixed rate mortgages, adjustable rate mortgages, and fixed refinance to a 15 year fixed rate mortgage calculator adjustable rate mortgages for those who want something in between. Fixed rate mortgages with terms lasting between 15 and 30 years are currently the most common.

Whichever kind of mortgage you end up using, the information you get from the Mortgage Loan Calculator will remain relevant.

How to Use the Mortgage Loan Calculator

We have done our best to make this calculator as simple and user-friendly as possible, but if you aren’t sure where to start, try following these steps:

  1. Use the slider to enter your mortgage amount, or alternatively just type it into the box. If you aren’t sure yet how much you will borrow, just enter your best guess.
  2. Use the drop-down list or the slider to input your term; this is the number of years you intend to take to repay your loan.
  3. Use the slider or the box to input your interest rate. If you don’t know this yet, leave the original figure as this is representative of the current market average.
  4. Your monthly payment will now be displayed in the top blue bar and under the interest rate box based on the information provided.
  5. If you are coming in well under budget, you can click Prepayments to add an additional amount that you will pay every month, year, or even just one time. This will reduce the total amount repaid as you can see in the graph below the Prepayments section.
  6. Click View Report to see a detailed breakdown of your loan including total amount to be repaid over the term, and a payment schedule comparing your regular payments with those augmented by prepayments (where applicable).

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