Online calculators make calculating numbers as easy as 1-2-3

Have you ever wanted to know exactly how long it will take to pay off your car, house or personal loan? Do you ever wonder how a small increase in your 401(k) contribution will affect your total balance 50 years from now? And wouldn’t it be handy to quickly determine the day and date when you will be debt-free? Online calculators can reveal answers to all of these questions and more. Simply gather a few data points, enter them into the appropriate calculator, and the answer is at your fingertips.

Here are direct links to some of the best totally free online calculators. Each serves a different purpose, but each gets the job done for consumers who want accurate answers about savings rates, loan repayments, education funds, and mortgage information.

The College Savings Calculator

If you plan to send one or more children to college and pay some of the costs yourself, this simple calculator is made to order. Starting with a child’s age and your best estimate of tuition when entering the freshman class, you can figure out how much to save each month until the day you say goodbye, at least temporarily, to your beloved offspring.

A versatile loan calculator

If you are considering a traditional fixed loan, this calculator will tell you exactly what your monthly, quarterly or annual payments will be depending on the interest rate and the term of the loan. You can easily manipulate various interest rates, installments and loan terms.

Mortgage Comparison Calculator

Mortgage calculations can get quite cumbersome when homeowners want specific comparisons between fixed rate and variable rate loans. This calculator is designed for people who want to increase their home equity in the most efficient way possible. After entering all relevant data, you will be able to see if a fixed or variable rate mortgage is in your best interest. For millions of working adults, one of the main financial goals is to build up equity in their home as quickly as possible. This free online tool will help you do just that.

The retirement calculator

This financial tool is a little more sophisticated than the previous ones because it uses a lot more information. From the AARP planning team, the calculator needs information regarding your savings rate, age, expected Social Security benefits, current all-source income, and expected lifestyle after retirement. But the beauty of it is the result. The calculator uses all the data you provide to produce a summary of whether or not you are achieving the goal, in terms of achieving the financial lifestyle you desire at retirement age.

Caution Calculator

Don’t forget to use online calculators as one of the many ways to do comprehensive financial planning. It’s a great place to start getting an idea of ​​goals, but it’s usually a good idea to consult a professional financial planner to get an overview of your financial situation. Calculators are fun to use and can provide solid information, but there’s a lot more to your life than a few random numbers and interest rates, so leave the heavy lifting to the professionals when it comes to your savings and interest rates. monetary health set.

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