By refinancing your current loan balance of $20,000.00 at 4% over 30 years, you will decrease your monthly payments by $604.52 and add 329 months to the loan term. The total interest paid over the life of the loan will increase by $13,035.92.
| | Current Loan | Refinanced Loan |
|---|
| Monthly Payment | $700.00 | $95.48 |
| Total Payments | $21,338.99 | $34,374.91 |
| Total Interest | $1,338.99 | $14,374.91 |
| Pay-off Date | November 04, 2027 | April 04, 2055 |