Have some extra money in the bank and thinking of paying off that loan? Use this calculator to see what makes more sense, paying off the loan now or investing it in a basic S&P 500 index fund.
This can be applied to any loan. The results will show the total that will be paid to the lender over the life of the loan (principal + interest), what your investment would be if you invested in the S&P 500 assuming 7% annual gains afterlife of the loan, and what the difference between the two will be.