Shiny Contest Submission: Achieve financial freedom through loan overpayment

Have student loans, car loans, or a mortgage? Want to understand how much time and money you can save by making overpayments?

If you are like me, you have been advised that overpaying on your loans will make a "big difference" but you struggle to set aside the funds for overpayments without knowing exactly how much you will save. With this application, you can empower yourself to make informed financial decisions about your loans!

Simply enter your loan information, including balances, interest rates, and minimum monthly payments. Once your repayment options are calculated, you can observe the time and interest curves to see the benefits of incremental overpayments in the "Overview" tab. In the "Payment Plans" tab, you can slide to your desired total monthly payment to see what your payments and balance will look like over time. If you decide to make immediate overpayments, you will be told which loan to start overpaying first and how much you should pay each month.

Links

RStudio Cloud project

Application

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Nice. I hope you don’t have 5 loans, though! :grinning:

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