Borrowers who chose a loan with a shorter repayment term in order to get the lowest interest rate and maximize overall savings reduced their interest rate by 1.71 percentage points and will pay $ 18,668
less over the life of their new loan, on average.
Conversely, if you plan to stay in your home for the life of your loan, by refinancing and extending the loan term, you may save in cash payments for the first few years but end up paying more in total interest
payments over the life of your new loan.
In that case, you add the points paid on the latest deal to the leftovers from the previous refinancing and deduct the expense on a pro-rated
basis over the life of the new loan.
Medical School Graduates who chose a loan with a shorter repayment term in order to get the lowest interest rate and maximize overall savings will pay $ 50,516
less over the life of their new loan, on average.
Although choosing a shorter loan term may lower the amount of interest
paid over the life of your new loan, it may not lower your monthly payment amount as much as a new 30 - year term loan might.
Refinancing her federal student loan debt at 4.5 percent interest will save her $ 12,000
over the life of her new loan.
Borrowers using Credible's multi-lender marketplace to refinance student loan debt with the goal of reducing their interest rate, repayment term and total amount repaid can expect to save nearly $ 19,000
over the life of their new loan.
Refinancing her federal student loan debt at 4.5 percent interest will save her $ 12,000
over the life of her new loan.
Unfortunately, here's the rub: because of your higher interest rate of 16.70 %, you'll end up paying an additional $ 1,213
over the life of the new loan, even as your monthly payment shrinks from $ 642 to $ 533.
Medical School Graduates using Credible's multi-lender marketplace to refinance student loan debt with the goal of reducing their interest rate, repayment term and total amount repaid can expect to save nearly $ 50,516
over the life of their new loan.
Borrowers who chose a loan with a shorter repayment term in order to get the lowest interest rate and maximize overall savings reduced their interest rate by 1.71 percentage points and will pay $ 18,668 less
over the life of their new loan, on average.
Borrowers using Credible's multi-lender marketplace to refinance student loan debt with the goal of reducing their interest rate, repayment term and total amount repaid can expect to save nearly $ 19,000
over the life of their new loan.
Points paid when you refinance an existing mortgage must be deducted
over the life of the new loan.