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 Oct, 2024 Oct, 2024

Loan Details & Amortization

YearPrincipalInterestTotalBalance
2019$718.43$248.21$966.64$24,281.57
2020$4,464.39$1,335.45$5,799.84$19,817.18
2021$4,739.74$1,060.10$5,799.84$15,077.43
2022$5,032.08$767.76$5,799.84$10,045.35
2023$5,342.45$457.39$5,799.84$4,702.91
2024$4,702.90$130.30$4,833.20$0.00
Totals: $25,000.00 $3,999.20 $28,999.20  
YearPrincipalInterestTotalBalance
2019$736.76$206.80$943.56$24,263.24
2020$4,551.58$1,109.79$5,661.37$19,711.66
2021$4,784.44$876.93$5,661.37$14,927.22
2022$5,029.22$632.15$5,661.37$9,898.00
2023$5,286.53$374.84$5,661.37$4,611.47
2024$4,611.47$106.34$4,717.81$0.00
Totals: $25,000.00 $3,306.85 $28,306.85