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 Sep, 2022 Sep, 2022

Loan Details & Amortization

YearPrincipalInterestTotalBalance
2017$1,080.34$369.62$1,449.96$23,919.66
2018$4,486.71$1,313.13$5,799.84$19,432.94
2019$4,763.44$1,036.40$5,799.84$14,669.50
2020$5,057.24$742.60$5,799.84$9,612.26
2021$5,369.16$430.68$5,799.84$4,243.10
2022$4,243.10$106.78$4,349.88$0.00
Totals: $25,000.00 $3,999.20 $28,999.20  
YearPrincipalInterestTotalBalance
2017$1,107.44$307.90$1,415.34$23,892.56
2018$4,570.54$1,090.83$5,661.37$19,322.02
2019$4,804.38$856.99$5,661.37$14,517.64
2020$5,050.18$611.19$5,661.37$9,467.46
2021$5,308.56$352.81$5,661.37$4,158.90
2022$4,158.90$87.12$4,246.03$0.00
Totals: $25,000.00 $3,306.85 $28,306.85