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Using Financial Calculators to Help Your Personal Finances

A Better Financial Tool

The internet offers many tools to help you get a better grasp of your personal finances. One of the most helpful tools come in the form of calculators. Financial calculators will help you figure out everything from your 401(k) match to your net worth.

The Web today is home to financial calculators of all kinds and can help with many needs. You can determine how much you’ll pay each month for a 30-year fixed rate mortgage loan at 6 percent interest. You can find a calculator that will tell you how long it’ll take you to pay off your credit card debt if you only make your minimum monthly required payment each month. Online calculators will help you determine how much money you’ll have to save each month to prepare for retirement and how much you’ll have to save to help your children make it through their college education.

Useful Calculators

How They Work

Some of the most important online calculators are those that tell you how long it’ll take you to pay off your credit card debt. Simply enter the amount of your credit card debt, the interest rate attached to that debt and the amount of money you plan to pay each month. These calculators can also tell you how much interest you can save by paying off your credit card debt earlier. And if you’re struggling to tackle debt, there are calculators that will set up a repayment schedule for you.

Making a major purchase, such as buying a car or house, can be a frightening experience, unless you know exactly how much you’ll be paying each month, and how much the debt is being reduced. The auto loan calculator can help you determine the amount needed to pay off your loan, and the mortgage calculator does the same for your house.

How These Calculators Work

You only need the basic loan information to use these calculators. For example, on a mortgage calculation, you will need the loan amount, the years remaining on the loan, and the interest rate. If the loan amount is $200,000, and the term is a traditional 30-year fixed rate loan at a 3.2% interest rate, the monthly loan payment would be $864.93 (plus other costs like insurance and escrow payments.)

Calculators for Retirement Planning

Retirement choices are difficult, but by using online resources, you can calculate many important numbers, such as the differences in investing in Roth or Traditional IRA’s and how much taxes you’ll pay if you don’t take the required minimum distribution on that IRA. That’s why consumers can turn to online calculators that tell them how much money they’ll earn by investing in Roth vs. Traditional IRAs. Other online calculators will determine the true cost of borrowing from your 401(k) account, while still others will tell you whether it makes more sense to save money or use that money to pay down debt.

Retirement Calculators

And if you still have some free time in your day, you can access the net worth calculator that will factor your debts and assets and tell you exactly how much you’re worth. Try some calculations today and see how useful these calculators are.