By refinancing your current loan balance of $20,000.00 at 4% over 5 years, you will decrease your monthly payments by $331.67 and add 29 months to the loan term. The total interest paid over the life of the loan will increase by $760.86. You will recoup the fees associated with refinancing your loan after 1 months.
| Current Loan | Refinanced Loan |
---|
Monthly Payment | $700.00 | $368.33 |
Total Payments | $21,338.99 | $22,099.85 |
Total Interest | $1,338.99 | $2,099.85 |
Pay-off Date | October 28, 2027 | March 28, 2030 |