There are plenty of financial planning tools available for folks in every situation and income tax bracket. Financial calculators are a common resource for people looking to make a large purchase, reduce their debt, or get ready for retirement. These tools can provide useful estimates for monthly payments and help individuals make decisions when purchasing a home or opening a credit card. Here are a few types of financial calculators that people can use to help inform big financial decisions.
Car, Home, and Personal Loan Calculators
There are plenty of loan calculators designed for auto loans, home loans, personal loans, and more. These financial calculators typically start with basic information such as the price of the car or house, the dollar amount of the down payment, the interest rate of the loan, and the length of the loan term. Some advanced tools also take your credit score or your area’s property values and taxes into account. While the precise terms of your loan will differ, these financial calculators can give borrowers a broad estimate of what they can expect for monthly payments.
Credit and Debt Calculators
While different types of loans have unique terms and variables, some financial calculators help borrowers look at all of their debt as a whole. These tools are incredibly useful when developing a plan for reducing debt, and they allow folks to experiment with different monthly payment options and debt reduction strategies. Another way that financial calculators can help borrowers is by determining their credit utilization ratio. The ratio of credit card balances to available credit is a crucial part of one’s credit score, and knowing this ratio can help with building credit.
Other Financial Calculators
Because the world of finance is so expansive, there are plenty of other kinds of tools to point investors, borrowers, and purchasers in the right direction. Some tools give estimates for loan refinancing, monthly mortgage payments, and income and capital gains taxes. Retirees (or those who are planning for retirement) can use these tools to explore the potential of their Roth IRA, 401(k), and other retirement plans. Budgeting is another crucial area with which financial calculators can help. Planning for weddings, vacations, and other significant expenses can be simpler with an estimate and a set budget.
Take Control of Your Finances with EveryIncome
EveryIncome is dedicated to providing our clients with career and finance management tools to help them create a stable financial future. Regardless of where you are in life, our system of tools and guided learning is tailored to fit your specific needs. Take control of your financial health today. Contact the team at EveryIncome online or give us a call at (571)370-5400. For more tips and tricks to foster financial wellness, follow EveryIncome on Facebook, Twitter, and LinkedIn.