## Loan Payoff Calculator

September 5th, 2009 No comments

This has probably been done before, but this script fixes two problems I’ve noticed with loan calculators:

- They assume monthly interest compounding (most loans are compounded daily)
- They don’t allow you to calculate the payments if you’re splitting your payment (eg: paying $200 twice a month instead of $400 once a month)

#/usr/bin/env python import math # Remaining amount on the loan toPayOff = 12345.67 # Interest rate intRate = 12.34 # Amount of your payment payAmt = 200 # Making the payment every x days payEvery = 15 # Maximum amount you're willing to pay extra to just "pay it off" balloonMax = 200 # Days til the next payment runUpDays = 15 # Do not edit below this line days = 0 pmtNum = 0 dailyInt = (intRate / 100) /365 origToPayOff = toPayOff totalPaid = 0 while (runUpDays > 0): toPayOff = (math.ceil((toPayOff * (1 + dailyInt))*100))/100 runUpDays -= 1 while (toPayOff > 0): days += 1 toPayOff = (math.ceil((toPayOff * (1 + dailyInt))*100))/100 if (days % payEvery == 0): toPayOff = (math.ceil(toPayOff * 100))/100 if (toPayOff < (payAmt + balloonMax)): payAmt = toPayOff toPayOff -= payAmt pmtNum += 1 totalPaid += payAmt print "Payment #%s\tPayment Amt: $%s\tBalance:%s" % (pmtNum,payAmt,toPayOff) print "Over %s payments, you will pay a total of $%s ($%s in interest)" % (pmtNum,totalPaid,(totalPaid-origToPayOff))

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