Refinancing SummaryBy refinancing your current loan balance of $30,000 at 5.00% over 5 years, you will increase your monthly payments by $82.82 and pay off the loan 15 months sooner. The total interest paid over the life of the loan will decrease by $2,039.82. | | Current Loan | Refinanced Loan |
|---|
| Monthly Payment | $483.32 | $566.14 | Total Payments
(including refinancing fees) | $36,008.04 | $33,968.22 | | Total Interest | $6,008.04 | $3,968.22 | | Pay-off Date | Dec, 2019 | Sep, 2018 |
Loan Details & Amortization2013 2014 2015 2016 2017 2018 2019 | Year | Principal | Interest | Total | Balance |
|---|
| 2013 | $1,004.97 | $444.99 | $1,449.96 | $28,995.03 | | 2014 | $4,173.67 | $1,626.17 | $5,799.84 | $24,821.36 | | 2015 | $4,431.10 | $1,368.74 | $5,799.84 | $20,390.26 | | 2016 | $4,704.40 | $1,095.44 | $5,799.84 | $15,685.86 | | 2017 | $4,994.55 | $805.29 | $5,799.84 | $10,691.31 | | 2018 | $5,302.61 | $497.23 | $5,799.84 | $5,388.70 | | 2019 | $5,388.70 | $170.18 | $5,558.88 | $0 | | Totals: | $30,000 | $6,008.04 | $36,008.04 | |
| Year | Principal | Interest | Total | Balance |
|---|
| 2013 | $1,328.93 | $369.48 | $1,698.41 | $28,671.07 | | 2014 | $5,484.65 | $1,309 | $6,793.64 | $23,186.42 | | 2015 | $5,765.25 | $1,028.39 | $6,793.64 | $17,421.17 | | 2016 | $6,060.21 | $733.43 | $6,793.64 | $11,360.95 | | 2017 | $6,370.27 | $423.38 | $6,793.64 | $4,990.68 | | 2018 | $4,990.68 | $104.55 | $5,095.23 | $0 | | Totals: | $30,000 | $3,968.22 | $33,968.22 | |
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