# One Time Extra Payment Calculator

## Introduction

Calculating one-time extra payments can be a crucial aspect of financial planning, whether you’re dealing with loans, mortgages, or investments. To streamline this process, a dedicated calculator can prove invaluable. In this article, we’ll guide you through creating a simple yet powerful One Time Extra Payment Calculator using HTML and JavaScript.

## How to Use

This calculator is designed to help you determine the impact of a one-time extra payment on your financial obligations. Enter the required details, click the “Calculate” button, and get instant insights into potential savings.

## Formula

The formula for calculating the new payment schedule after a one-time extra payment is as follows:

Where:

• is the principal amount.
• is the annual interest rate (in decimal form).
• is the number of times that interest is compounded per unit (usually years).
• is the time the money is invested or borrowed for.
• is the one-time additional amount.

## Example

Suppose you have a loan of $100,000 with an annual interest rate of 5%, compounded monthly for 30 years. If you make a one-time extra payment of$5,000, this calculator will provide the revised payment schedule.

## FAQs

Q: How accurate is this calculator?

A: The calculator employs the standard formula for loan repayment calculations, ensuring accuracy in its results.

Q: Can I use this for mortgages or investments?

A: Yes, the calculator is versatile and can be used for various financial scenarios involving one-time extra payments.

Q: Is the extra payment deducted immediately from the principal?

A: Yes, the extra payment is factored into the revised payment schedule from the outset.

## Conclusion

The One Time Extra Payment Calculator simplifies complex financial calculations, providing a quick and accurate way to assess the impact of additional payments. Whether you’re managing loans or planning investments, this tool can be a valuable asset in optimizing your financial strategy.