Refinancing your home or vehicle could save you money
Did you know that almost 3 million borrowers save at least $200 a month by refinancing? By refinancing and locking in a better rate on your loan, you could reduce your monthly payment and save hundreds or even thousands of dollars in interest on the life of your auto loan or mortgage. Check out the examples below to see how much you could save when you refinance!*
|
Auto loan savings |
Mortgage savings |
| Loan amount |
$20,000 |
$200,000 |
| Loan term |
72 months |
30 years |
| Annual Percentage Rate (APR) |
7.5% |
7.5% |
| Monthly payment |
$345.80 |
$1,317 |
| Total interest paid |
$4,897.76 |
$242,748 |
| Refinanced savings |
5.5% APR |
5.5% APR |
| New monthly payment |
$326.76 |
$1,106 |
| Total interest saved |
$1,371.20 |
$75,702 |
Contact Members 1st to find out how much you could save when you bring us your mortgage or vehicle loan from another lender!
Source: CUNA.org
*Rates, terms and conditions are subject to change without notice and may vary based on creditworthiness, qualifications and collateral. Contact credit union for complete details.