Current:
Loan amount left- $32,884
Interest - 8.99
Months remaining - exactly 60 months/5years
Monthly Payment - $666
Finance charge remaining - about $7,160
Refinance conditions:
Only approved for - $29,095
Difference/Down - $3,800
Loan term- same as above 60 months/5years
Monthly payment - $559 with new GAP(about one time 300-500 additional)
New interest- 4.79%
New finance charge - about $4445
Monthly payment savings $107
Yearly payment savings $1284
60 months savings on payments $ 6420
Finance charge difference $2715 (old- new)
Ill be saving about 9135 with payments and finance charge,but would consider deducting the $3800 down that I have to give so maybe about $5335 in savings overall. I have the down but its a bit steep lump sum to give all at once for me.
Is it worth the refinance? Or should I use that to pay down some of my credit card debt
Credit card debt
$376 monthly payments minimum
$209 monthly interest
$2519 yearly interest
about $11K total
background --recent college grad, started actual career job in July
Thought of taking this refinance opportunity to save on the car in the longrun and monthly then tackling credit card debt full on starting January by using monthly car savings towards that and other earnings for my goal to pay it off by OCT 2021
Submitted November 04, 2020 at 10:08PM by tloj_ https://ift.tt/3esXluL
