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 Apr, 2021 Apr, 2021

Loan Details & Amortization

YearPrincipalInterestTotalBalance
2016$2,917.23$949.33$3,866.56$22,082.77
2017$4,600.01$1,199.83$5,799.84$17,482.76
2018$4,883.73$916.11$5,799.84$12,599.04
2019$5,184.94$614.90$5,799.84$7,414.10
2020$5,504.74$295.10$5,799.84$1,909.36
2021$1,909.35$23.93$1,933.28$0.00
Totals: $25,000.00 $3,999.20 $28,999.20  
YearPrincipalInterestTotalBalance
2016$2,984.16$790.09$3,774.25$22,015.84
2017$4,666.56$994.81$5,661.37$17,349.28
2018$4,905.31$756.06$5,661.37$12,443.98
2019$5,156.27$505.10$5,661.37$7,287.70
2020$5,420.08$241.29$5,661.37$1,867.63
2021$1,867.63$19.49$1,887.12$0.00
Totals: $25,000.00 $3,306.85 $28,306.85