<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1955936548054264&amp;ev=PageView&amp;noscript=1">
 30 to 15-Year Mortgage Scenario 

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.

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:
purchase-g-radio
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.

purchase-g-radio
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.

Connect With A Mortgage Expert!

Are you buying a home or refinancing?

Where are you planning to buy a home?

Please Select a State

What is your full name?

Please Enter a Name
Please Enter a Last Name

What is your email address?

Please Enter a Valid Email Address
  We won't share your information.

Next, we need to verify a phone number.

Enter a Valid Phone Number
Please Select a Message Type

Enter your phone number and we'll text you a 6-digit security code to verify it's you. Standard texting and data rates may apply. Message frequency may vary. Text the word HELP to 615-488-4941 for more information. You can opt out by responding STOP at any time. For more information, read our Privacy Policy, Mobile Policyand Terms & Conditions..

Enter the 6-digit code sent to your device.

 Code sent to +1234567890

Finally, how did you hear about us?

Please Select an Option

By submitting this form, I/we agree to your Privacy Policy Terms of Use and authorize Churchill Mortgage Corporation and/or their Preferred Provider for our area and/or The Churchill Agency to receive the above information to assist in obtaining a home loan.

I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive SMS text messages sent by an automatic telephone dialing system. Message and data rates may apply. Message frequency may vary. Text the word HELP to 615-488-4941 for more information. You can opt out by responding STOP at any time. For more information, read our Privacy Policy, Mobile Policyand Terms & Conditions. Consent to these terms is not a condition of purchase.

Your answer will NOT negatively affect your mortgage application. Your answer does not mean the Lender or Other Loan Participants agree to communicate or provide documents to you in your preferred language. However, it may let them assist you or direct you to persons who can assist you. Language assistance and resources may be available through housing counseling agencies approved by the U.S. Department of Housing and Urban Development. To find a housing counseling agency, contact one of the following Federal government agencies. U.S. Department of Housing and Urban Development (HUD) at (800)569-4287 or www.hud.gov/counseling

Es probable que su transacción de préstamo hipotecario suceda en inglés. Por medio de esta pregunta, solicitamos información para determinar si existen comunicaciones disponibles a su servicio, en su idioma preferido. Sírvase tener en cuenta: posiblemente NO hay comunicaciones disponibles en su idioma preferido.

Thank You!

Thank you for choosing Churchill Mortgage to help you with your home loan needs!

Our team is already hard at work connecting you with your Home Loan Specialist. Rest assured that we've received your request and will be in touch with you shortly.

social proof logos

Already working with someone at Churchill?

Find Your Home Loan Specialist

Please Select a Loan Officer