Payoff plan
payoff_planRead-onlyIdempotent
A payoff plan for a car loan, for paying it off early with an extra payment each month: the months and total interest at the regular payment, and with an extra amount toward principal each month (optionally for only the first so many months, or skipping some), with the months and interest the extra saves and the payoff month each way. Give the balance, the APR, and the months left or the regular payment. Lenders differ in how they apply extra payments, and some charge a prepayment penalty.
Input Schema
| Name | Required | Description | Default |
|---|---|---|---|
| apr | Yes | The loan APR in percent | |
| balance | Yes | What is owed today | |
| payment | No | The regular monthly payment; or give months_left instead | |
| months_left | No | Payments left at the regular payment; or give payment instead | |
| skip_months | No | Months (1 is the next payment) with nothing extra paid | |
| extra_monthly | Yes | Extra paid toward principal each month | |
| extra_for_months | No | Pay the extra for only the first this-many months; leave out for every month |