By refinancing your current loan balance of $20,000.00 at 5% over 30 years, you will decrease your monthly payments by $592.64 and add 329 months to the loan term. The total interest paid over the life of the loan will increase by $17,314.27.
| | Current Loan | Refinanced Loan |
|---|
| Monthly Payment | $700.00 | $107.36 |
| Total Payments | $21,338.99 | $38,653.26 |
| Total Interest | $1,338.99 | $18,653.26 |
| Pay-off Date | September 13, 2028 | February 13, 2056 |