Current Loan

Loan Balance
Payment/mo
Interest Rate

Refinanced Loan

Term (Years)
Interest Rate

Refinancing Costs

Fees

Refinancing Summary

By refinancing your current loan balance of $25,000.00 at 5.00% over 5 years, you will decrease your monthly payments by $11.54. The total interest paid over the life of the loan will decrease by $692.35.

  Current Loan Refinanced Loan
Monthly Payment $483.32 $471.78
Total Payments
(including refinancing fees)
$28,999.20 $28,306.85
Total Interest $3,999.20 $3,306.85
Pay-off Date Jun, 2021 Jun, 2021

Loan Details & Amortization

YearPrincipalInterestTotalBalance
2016$2,176.97$722.95$2,899.92$22,823.03
2017$4,554.35$1,245.49$5,799.84$18,268.68
2018$4,835.25$964.59$5,799.84$13,433.42
2019$5,133.48$666.36$5,799.84$8,299.94
2020$5,450.10$349.74$5,799.84$2,849.84
2021$2,849.84$50.08$2,899.92$0.00
Totals: $25,000.00 $3,999.20 $28,999.20  
YearPrincipalInterestTotalBalance
2016$2,228.79$601.90$2,830.69$22,771.21
2017$4,627.91$1,033.46$5,661.37$18,143.30
2018$4,864.68$796.69$5,661.37$13,278.62
2019$5,113.57$547.80$5,661.37$8,165.05
2020$5,375.19$286.18$5,661.37$2,789.86
2021$2,789.86$40.83$2,830.69$0.00
Totals: $25,000.00 $3,306.85 $28,306.85