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 May, 2022 May, 2022

Loan Details & Amortization

YearPrincipalInterestTotalBalance
2017$2,546.18$837.06$3,383.24$22,453.82
2018$4,577.12$1,222.72$5,799.84$17,876.70
2019$4,859.43$940.41$5,799.84$13,017.27
2020$5,159.15$640.69$5,799.84$7,858.12
2021$5,477.35$322.49$5,799.84$2,380.77
2022$2,380.77$35.83$2,416.60$0.00
Totals: $25,000.00 $3,999.20 $28,999.20  
YearPrincipalInterestTotalBalance
2017$2,605.69$696.78$3,302.47$22,394.31
2018$4,647.19$1,014.18$5,661.37$17,747.12
2019$4,884.95$776.42$5,661.37$12,862.16
2020$5,134.88$526.49$5,661.37$7,727.29
2021$5,397.59$263.78$5,661.37$2,329.70
2022$2,329.70$29.20$2,358.90$0.00
Totals: $25,000.00 $3,306.85 $28,306.85