Making Extra Car Payment Calculator
Calculate the impact of making extra payments on your car loan.
Results
New Loan Payoff Time:
Interest Saved:
New Monthly Payment:
function calculateExtraPaymentImpact() {
const loanAmount = parseFloat(document.getElementById(“loanAmount”).value);
const interestRate = parseFloat(document.getElementById(“interestRate”).value) / 100;
const loanTerm = parseInt(document.getElementById(“loanTerm”).value);
const extraPayment = parseFloat(document.getElementById(“extraPayment”).value);
if (isNaN(loanAmount) || isNaN(interestRate) || isNaN(loanTerm) || isNaN(extraPayment) || loanAmount <= 0 || interestRate <= 0 || loanTerm <= 0 || extraPayment 0) {
remainingBalance = remainingBalance * (1 + monthlyRate) – (monthlyPayment + extraPayment);
totalInterestPaid += remainingBalance > 0 ? (remainingBalance * monthlyRate) : 0;
totalPayments++;
}
const newLoanTerm = (totalPayments / 12).toFixed(2);
const interestSaved = (totalInterestPaid – (monthlyPayment * months – loanAmount)).toFixed(2);
const newMonthlyPayment = (monthlyPayment + extraPayment).toFixed(2);
document.getElementById(“newPayoffTime”).textContent = newLoanTerm + ” years”;
document.getElementById(“interestSaved”).textContent = “$” + interestSaved;
document.getElementById(“newMonthlyPayment”).textContent = “$” + newMonthlyPayment;
document.getElementById(“results”).style.display = “block”;
}
