401k Loan Calculator

By drlego | September 26, 2024

401(k) Loan Calculator

Account Balance ($):

Do you have outstanding loan(s) already?

New Loan Amount ($): Select Interest Rate: Loan Term (Years):

Check for refinancing savings at a lower interest rate

function calculate401k() { const currentAge = parseInt(document.getElementById('currentAge').value); const retirementAge = parseInt(document.getElementById('retirementAge').value); const annualSalary = parseFloat(document.getElementById('annualSalary').value); const contributionRate = parseFloat(document.getElementById('contributionRate').value) / 100; const employerMatch = parseFloat(document.getElementById('employerMatch').value) || 0; const currentBalance = parseFloat(document.getElementById('currentBalance').value) || 0; const expectedReturn = parseFloat(document.getElementById('expectedReturn').value) / 100; const salaryIncrease = parseFloat(document.getElementById('salaryIncrease').value) / 100; const inflationRate = parseFloat(document.getElementById('inflationRate').value) / 100; if (isNaN(currentAge) || isNaN(retirementAge) || isNaN(annualSalary) || isNaN(contributionRate) || isNaN(expectedReturn)) { document.getElementById('result').innerHTML = "

Please fill out all required fields correctly.

"; return; } const yearsToRetirement = retirementAge - currentAge; let totalContribution = currentBalance; for (let year = 0; year < yearsToRetirement; year++) { const yearlyContribution = (annualSalary * Math.pow(1 + salaryIncrease, year)) * contributionRate + employerMatch; totalContribution += yearlyContribution; totalContribution *= (1 + expectedReturn); } const realValueAtRetirement = totalContribution / Math.pow(1 + inflationRate, yearsToRetirement); document.getElementById('result').innerHTML = `

Your estimated total balance at retirement is $${totalContribution.toFixed(2)}.

Adjusted for inflation, the estimated value is $${realValueAtRetirement.toFixed(2)}.

`; }

401k Loan Calculator

401(k) Loan Calculator

Head Office

The Partners

Specializing in