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 | November 08, 2027 | April 08, 2030 |
| Year | Principal | Interest | Total Paid | Balance |
|---|
| 2025 | $5,005.89 | $594.11 | $5,600.00 | $14,994.11 |
| 2026 | $7,828.07 | $571.93 | $8,400.00 | $7,166.04 |
| 2027 | $7,166.04 | $172.95 | $7,338.99 | $0.00 |
| Totals | $20,000.00 | $1,338.99 | $21,338.99 | |
| Year | Principal | Interest | Total Paid | Balance |
|---|
| 2025 | $2,496.73 | $378.23 | $2,874.96 | $17,503.27 |
| 2026 | $3,839.85 | $472.59 | $4,312.44 | $13,663.42 |
| 2027 | $3,956.65 | $355.79 | $4,312.44 | $9,706.77 |
| 2028 | $4,076.98 | $235.46 | $4,312.44 | $5,629.79 |
| 2029 | $4,200.99 | $111.45 | $4,312.44 | $1,428.80 |
| 2030 | $1,428.80 | $8.94 | $1,437.74 | $0.00 |
| Totals | $20,000.00 | $1,562.46 | $21,562.46 | |