By refinancing your current loan balance of $20,000.00 at 6% over 5 years, you will decrease your monthly payments by $313.34 and add 29 months to the loan term. The total interest paid over the life of the loan will increase by $1,564.21.
| | Current Loan | Refinanced Loan |
|---|
| Monthly Payment | $700.00 | $386.66 |
| Total Payments | $21,635.14 | $23,199.35 |
| Total Interest | $1,635.14 | $3,199.35 |
| Pay-off Date | January 23, 2029 | June 23, 2031 |