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 Jul, 2021 Jul, 2021

Loan Details & Amortization

YearPrincipalInterestTotalBalance
2016$1,809.61$606.99$2,416.60$23,190.39
2017$4,531.69$1,268.15$5,799.84$18,658.70
2018$4,811.20$988.64$5,799.84$13,847.51
2019$5,107.94$691.90$5,799.84$8,739.57
2020$5,422.99$376.85$5,799.84$3,316.58
2021$3,316.58$66.66$3,383.24$0.00
Totals: $25,000.00 $3,999.20 $28,999.20  
YearPrincipalInterestTotalBalance
2016$1,853.45$505.45$2,358.90$23,146.55
2017$4,608.71$1,052.66$5,661.37$18,537.84
2018$4,844.50$816.87$5,661.37$13,693.34
2019$5,092.35$569.02$5,661.37$8,600.99
2020$5,352.89$308.48$5,661.37$3,248.11
2021$3,248.11$54.36$3,302.47$0.00
Totals: $25,000.00 $3,306.85 $28,306.85