New Monthly Payment: $397.85
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| Current Loan | New Loan | Savings | |
| Monthly Payment | $450.00 | $397.85 | $52.15 |
| Total Interest | $2,000.00 | $3,316.80 | -$1,316.80 |
| Total Cost | $27,000.00 | $19,096.80 | $7,903.20 |
| Refinance Costs | $0.00 | $525.00 | -$525.00 |
| Net Savings | $7,378.20 | ||
| Loan Details | |||
| Current Loan Balance | $25,000.00 | ||
| New Loan Amount | $25,525.00 | ||
| Current Payoff Date | Aug. 2030 | ||
| New Payoff Date | Aug. 2029 | ||
| Break-even Point | 10 months | ||