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30 to 15 Year Refinance Calculator

Refinance Details

Difference in Monthly Payment: $0.00
Total Interest Saved: $0.00

Original Loan

Monthly Payment $1,234.00
Total Interest Paid: $24,231

Refinanced Loan

Monthly Payment $1,234.00
Total Interest Paid: $24,231

This calculator is being provided for educational purposes only. The provided values for interest rates are examples only and do not reflect Churchill Mortgage Product terms & offers. The results are estimates that do not include expenses like taxes and insurance, and are based on information you provided and may not reflect Churchill Mortgage Product terms. The information cannot be used by Churchill Mortgage to determine a customer's eligibility for a specific product or service. All financial calculators are provided by a third-party and are not controlled by or under the control of Churchill Mortgage. Churchill Mortgage is not responsible for the content, results, or the accuracy of information.

These calculations are hypothetical examples designed to for illustration purposes only. Consult a Home Loan Specialist for more specific information regarding payments, terms, etc.

As a responsible lender, Churchill Mortgage is committed to the principles outlined in federal and state lending laws ensuring all potential borrowers have access to the same information, services, and opportunities throughout the home loan process.

What is a rate and term refinance?

Refinancing your mortgage is a strategic way to adjust your loan terms to better fit your financial goals. One powerful option within refinancing is shifting from a 30-year mortgage to a 15-year mortgage. This change can offer several significant benefits.

Why refinance from 30 to 15 years?

Firstly, a 15-year mortgage typically comes with a lower interest rate compared to a 30-year mortgage. This means you'll pay less interest over the life of the loan, potentially saving you thousands of dollars. By securing a lower rate, you reduce the overall cost of borrowing, making your home more affordable in the long run.

Another major advantage is equity builds up faster. With a 15-year mortgage, a larger portion of your monthly payment goes toward paying down the principal balance on your home loan, rather than just covering interest. This accelerated payment schedule helps you build equity in your home more quickly, giving you more financial security and flexibility sooner.

Paying off your mortgage in 15 years instead of 30 can lead to significant long-term savings. While the monthly payments on a 15-year mortgage are generally higher, the total amount paid over the life of the loan is much lower. This can free up your budget for other investments or expenses in the future.

Owning your home outright in half the time provides peace of mind and financial freedom. Without a mortgage payment, you can allocate funds to other priorities, such as retirement savings, education expenses, or travel.

Refinance Calculator Use Cases

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Calculate the change in your Monthly Payment

Refinancing can change how much you pay each month.

This calculator shows what your new payment could be, higher, lower, or just different.

It helps you plan ahead and decide what’s right for your life right now.

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Visualize Time & Interest Savings

Want to see how much time and money you could save?

The calculator shows how refinancing might help you pay off your loan faster and spend less on interest.

It’s a simple way to see if a better future could start today.

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Determine Impact of a longer or shorter loan term

Should you stretch it out or pay it off sooner?

Try both. The calculator helps you compare a longer term (with smaller payments) or a shorter term (with bigger savings).

It’s your loan, and your choice.

Refinance FAQs

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Why should I consider a refinance?

Because life changes, and your loan can too.

Refinancing can help you get a lower monthly payment, pay off your loan faster, or even use your home’s value to cover other needs.

It’s a way to make your loan work better for you.

Less stress. More breathing room.

Sometimes, it’s just about making home feel easier again.

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What refinance options exist?

There are a few good choices.

One popular option is switching from a 30-year loan to a 15-year loan.

That means you pay off your home faster and save a lot on interest.

Your monthly payment might be a bit higher, but you’ll own your home sooner.

It’s a great choice if you want to build equity faster and look toward a debt-free future.

The calculator can help you see if it’s the right move for you.

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How much does refinancing cost?

Refinancing isn’t free, but it may still save you money.

There are closing costs, just like when you bought your home.

But the savings over time might be worth it.

Think of it like fixing up a car so it runs better for years to come.

The calculator can help you see if it’s a good move for your budget.

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How do I pre-approved for a refinance?

It’s simpler than you think.

You share a few details, your income, your home, and your goals.

A loan expert will walk you through the rest.

You don’t have to know all the answers.

Just take the first step. We’ll walk with you the rest of the way

Reasons to refinance

You would never throw away thousands of dollars or pass up the opportunity to put more money in your pocket. Unfortunately, this may be happening right under your nose. It’s a common problem that many homeowners don’t even know they have. Here’s the top 6 reasons to refinance your home to help you save money or increase cash flow:
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Lower Your Monthly Mortgage Payment

Interest rates are notorious for fluctuating. So, if rates have gone down due to market conditions since you last purchased or refinanced your home loan, it may make sense to refinance.

Because interest rates are directly tied to home much you pay on your overall mortgage, lower rates typically mean lower monthly payments. Even if the length of your loan stays the same, you can save hundreds to thousands off your total loan payment.

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Adjust the Length of Your Loan

If you’ve ever wanted to cut the length of your mortgage in half to get you on the right track to paying off your home loan as fast as possible, you can do that by refinancing from a 30-year to a 15-year mortgage. Your monthly payments will be higher, but don’t let that scare you! It just means you’re paying more toward your principal each month.

Typically, interest rates are lower on shorter loan terms as well! This is a great option to maximize return on your investment faster and plan for debt-free homeownership.

Remove Mortgage Insurance

Home values have risen dramatically over the past few years. If your original down payment was less than 20%, you’re likely paying mortgage insurance. The good news is, your home likely has enough equity to refinance and remove your monthly mortgage insurance payments. This could save you a lot of money!

A home appraisal will serve as validation of your current home value and if your loan amount is 80% or less of the current appraised value, your mortgage insurance should be dropped.

Switch Your Loan Type

FHA ➡️ Conventional

If your current mortgage is with the FHA (Federal Housing Authority), you’re paying a premium for mortgage insurance in addition to other costs associated with this type of loan.

As home values continue to rise, it may be a good time for you to look at switching from your FHA loan to a conventional loan.

ARM ➡️ Conventional

If you currently have an Adjustable Rate Mortgage (ARM) and you’re looking to switch to a fixed-rate loan before your interest rate goes up, a conventional loan could be a right fit for you.

Monthly payments on an ARM loan change due to adjustments in the interest rates due to the market. The unpredictability of this loan can be unnerving for those who want the comfort of a consistent payment to budget for each month.

Make Upgrades to Your Home

If your current mortgage has a really low interest rate, staying put may be a wise financial decision. But you don’t have to compromise on the quality or future value of your home. With a few upgrades, you can enjoy your current home more and maintain its future marketability down the road.

Here's the top 5 home improvements to help provide the best long-term financial return:

  1. Hardwood Floor Refinish: 147% ROI
  2. New Wood Flooring: 118% ROI
  3. Insulation Upgrade: 100% ROI
  4. New Roofing: 100% ROI
  5. New Garage Door: 100% ROI
Reduce High Interest Debt

If you’re feeling locked in by a low interest rate on your current mortgage, but you’re also carrying higher interest debt balances, your “blended” rate may be much higher than you think.

Blended Rate Table-1

If this is the case, it may be worth looking into your refinancing options to reduce your high-interest debt like credit cards and help with your monthly cash flow to get you back on track with your budget.

Refinance
Refinancing means trading your old home loan for a new one. It’s kind of like getting a fresh start. You might do it to lower your monthly payment, pay off your home faster, or use some of your home’s value for other things. It’s one way to make your loan fit your life a little better.
Breakeven Period
This is how long it takes for the money you save to catch up with the cost of refinancing. If it costs $3,000 to refinance and you save $300 a month, you’ll break even in 10 months. After that, the savings are yours to keep. It helps you see if the choice is worth it.
Loan Amount
This is how much money you’re borrowing with the new loan. It might be close to what you still owe on your home. Or it could be more, if you're taking cash out for other needs. The loan amount helps the calculator figure out your monthly payment.
Interest Rate
This is the fee the lender charges to let you borrow money. It’s a small percent that’s added to your loan over time. The lower your interest rate, the less you’ll pay in the long run. A better rate means more money stays in your pocket.
Loan Term
The loan term is how long you’ll take to pay back the loan. Common terms are 30 years or 15 years. A shorter term usually means higher payments, but you’ll pay off the home faster and save more in the end. A longer term makes payments smaller, but it takes more time. You get to pick what works best for your life.
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