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.
| | 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 01, 2027 | April 01, 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 | $2,441.65 | $504.99 | $2,946.64 | $17,558.35 |
| 2026 | $3,786.53 | $633.43 | $4,419.96 | $13,771.82 |
| 2027 | $3,940.81 | $479.15 | $4,419.96 | $9,831.01 |
| 2028 | $4,101.37 | $318.59 | $4,419.96 | $5,729.64 |
| 2029 | $4,268.46 | $151.50 | $4,419.96 | $1,461.18 |
| 2030 | $1,461.18 | $12.19 | $1,473.37 | $0.00 |
| Totals | $20,000.00 | $2,099.85 | $22,099.85 | |