By refinancing your current loan balance of $20,000.00 at 3% over 5 years, you will decrease your monthly payments by $340.63 and add 29 months to the loan term. The total interest paid over the life of the loan will increase by $223.47.
| | Current Loan | Refinanced Loan |
|---|
| Monthly Payment | $700.00 | $359.37 |
| Total Payments | $21,338.99 | $21,562.46 |
| Total Interest | $1,338.99 | $1,562.46 |
| Pay-off Date | June 23, 2027 | November 23, 2029 |