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 28 months to the loan term. The total interest paid over the life of the loan will increase by $312.39.
| | Current Loan | Refinanced Loan |
|---|
| Monthly Payment | $700.00 | $368.33 |
| Total Payments | $21,787.46 | $22,099.85 |
| Total Interest | $1,787.46 | $2,099.85 |
| Pay-off Date | November 28, 2027 | March 28, 2030 |