Amortization Calculator Paying Extra

let amortizationSteps = “”; const currencySymbol = “$”, fixedCurrency = “USD”; function calculateAmortization(){ amortizationSteps=””; const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100 / 12; const loanTerm = parseInt(document.getElementById(“loanTerm”).value) * 12; const extraPayment = parseFloat(document.getElementById(“extraPayment”).value); if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(extraPayment) || loanAmount <= 0 || loanTerm 0) { let interestPayment = remainingBalance * interestRate; let principalPayment = monthlyPayment – interestPayment + extraPayment; if (remainingBalance < principalPayment) { principalPayment = remainingBalance; } remainingBalance -= principalPayment; totalPayment += principalPayment; months++; } document.getElementById("paymentResult").value = formatCurrency(totalPayment); document.getElementById("loanDuration").value = months; amortizationSteps += `Inputs:
Loan Amount: ${formatCurrency(loanAmount)}
Interest Rate: ${(interestRate * 100 * 12).toFixed(2)}%
Loan Term: ${loanTerm / 12} years
Extra Payment: ${formatCurrency(extraPayment)}

`; amortizationSteps += `Results:
Total Payment with Extra Payments: ${formatCurrency(totalPayment)}
Loan Duration (Months): ${months}
`; amortizationSteps += `Tip: Making extra payments can significantly reduce the time it takes to pay off your loan and the total interest paid.`; if (document.getElementById(“calculationStepsAmortization”).style.display === “block”) { document.getElementById(“calculationStepsAmortization”).innerHTML = amortizationSteps; } } function resetAmortization() { document.querySelectorAll(“#amortization-calculator input”).forEach(el => el.value = “”); amortizationSteps = “”; document.getElementById(“calculationStepsAmortization”).innerHTML = “

Not calculated yet.

“; } function toggleAmortizationSteps() { const s = document.getElementById(“calculationStepsAmortization”); const a = document.getElementById(“toggleArrowAmortization”); if (s.style.display === “none” || s.style.display === “”) { s.style.display = “block”; a.style.transform = “rotate(180deg)”; s.innerHTML = amortizationSteps || “

Not calculated yet.

“; } else { s.style.display = “none”; a.style.transform = “rotate(0deg)”; } } function formatCurrency(n) { return currencySymbol + n.toFixed(2) + ” ” + fixedCurrency; }