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 Dec, 2021 Dec, 2021

Loan Details & Amortization

YearPrincipalInterestTotalBalance
2017$4,420.08$1,379.76$5,799.84$20,579.92
2018$4,692.70$1,107.14$5,799.84$15,887.22
2019$4,982.13$817.71$5,799.84$10,905.09
2020$5,289.42$510.42$5,799.84$5,615.66
2021$5,615.66$184.18$5,799.84$0.00
Totals: $25,000.00 $3,999.20 $28,999.20  
YearPrincipalInterestTotalBalance
2017$4,513.88$1,147.49$5,661.37$20,486.12
2018$4,744.82$916.55$5,661.37$15,741.30
2019$4,987.57$673.80$5,661.37$10,753.72
2020$5,242.75$418.62$5,661.37$5,510.98
2021$5,510.98$150.39$5,661.37$0.00
Totals: $25,000.00 $3,306.85 $28,306.85