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U said prosper would only save me $425. What do u mean? Over the life of the loan or every month. How do I calculate the difference every month?

The $425 is actually a simplification. The interest rate savings amounts to 4.25% between the two loans. So, on an annual basis, you'd save 4.25% of whatever the balance happens to be. Of course, the balance isn't constant, it's going down every month as you make payments. So my quick back of the napkin was the initial $10k balance * 4.25% = $425. You'd save that the first year (actually a little bit less, as the average balance throughout the year is less than $10k). It's probably better to think of it as a monthly interest of around .35%. That's 4.25% / 12. So, it would be around $35 the first month, then slightly less in subsequent months.

I can't calculate the actual savings, because I don't know the term of the loan or the theoretical monthly payment.
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