By refinancing your current loan balance of $20,000.00 at 4% over 5 years, you will decrease your monthly payments by $331.67 and add 29 months to the loan term. The total interest paid over the life of the loan will increase by $760.86. You will recoup the fees associated with refinancing your loan after 1 months.
| | Current Loan | Refinanced Loan |
|---|
| Monthly Payment | $700.00 | $368.33 |
| Total Payments | $21,338.99 | $22,099.85 |
| Total Interest | $1,338.99 | $2,099.85 |
| Pay-off Date | November 27, 2026 | April 27, 2029 |