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 Aug, 2021 Aug, 2021

Loan Details & Amortization

YearPrincipalInterestTotalBalance
2016$1,444.07$489.21$1,933.28$23,555.93
2017$4,509.15$1,290.69$5,799.84$19,046.79
2018$4,787.26$1,012.58$5,799.84$14,259.53
2019$5,082.53$717.31$5,799.84$9,177.00
2020$5,396.01$403.83$5,799.84$3,781.00
2021$3,780.99$85.57$3,866.56$0.00
Totals: $25,000.00 $3,999.20 $28,999.20  
YearPrincipalInterestTotalBalance
2016$1,479.67$407.45$1,887.12$23,520.33
2017$4,589.58$1,071.79$5,661.37$18,930.74
2018$4,824.40$836.97$5,661.37$14,106.35
2019$5,071.22$590.15$5,661.37$9,035.13
2020$5,330.67$330.70$5,661.37$3,704.45
2021$3,704.45$69.80$3,774.25$0.00
Totals: $25,000.00 $3,306.85 $28,306.85