By refinancing your current loan balance of $5,000.00 at 24% over 2 years, you will increase your monthly payments by $14.36 and pay off the loan 5 months sooner. The total interest paid over the life of the loan will decrease by $662.74.
| | Current Loan | Refinanced Loan |
|---|
| Monthly Payment | $250.00 | $264.36 |
| Total Payments | $7,007.22 | $6,344.48 |
| Total Interest | $2,007.22 | $1,344.48 |
| Pay-off Date | September 04, 2027 | April 04, 2027 |