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amortization software.

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A borrower decides to pay off a closed-end loan earlier than originally scheduled.  The amount by which the finance charge is reduced is the unearned interest.

This software calculates unearned interest using the rule of 78.

Rule of 78

Consider an example.  You want to purchase a new car. The car costs $10,454. After a downpayment of $3,000, you still owe $7,454.  You agree to pay the loan off in 48 monthly payments of $200 each. The finance charge is $2,146.

After the 36th monthly payment, you want to pay off the loan completely. The unearned interest would be $142.34 (this is the amount you save by paying the loan off early) and the payoff amount would be $2,457.66.
 

Type in the loan amount, annual interest rate and term of loan.  Then hit the calculate button.

Rule of 78 Calculator Regular monthly payment  Finance charge  % Total number of payments Current payment number  Unearned interest Payoff amount

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