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 Nov, 2021 Nov, 2021

Loan Details & Amortization

YearPrincipalInterestTotalBalance
2016$358.32$125.00$483.32$24,641.68
2017$4,442.18$1,357.66$5,799.84$20,199.50
2018$4,716.16$1,083.68$5,799.84$15,483.34
2019$5,007.05$792.79$5,799.84$10,476.29
2020$5,315.87$483.97$5,799.84$5,160.42
2021$5,160.42$156.10$5,316.52$0.00
Totals: $25,000.00 $3,999.20 $28,999.20  
YearPrincipalInterestTotalBalance
2016$367.61$104.17$471.78$24,632.39
2017$4,532.69$1,128.68$5,661.37$20,099.70
2018$4,764.59$896.78$5,661.37$15,335.11
2019$5,008.36$653.01$5,661.37$10,326.75
2020$5,264.59$396.78$5,661.37$5,062.16
2021$5,062.16$127.43$5,189.59$0.00
Totals: $25,000.00 $3,306.85 $28,306.85