If you’re having a hard time figuring out how much your monthly payments of a loan are going to be with your basic pen and paper, maybe it’s time to get a little more technologically advanced. There are a lot of online financial calculators that can make your life a lot easier. Whether you’re trying to figure out a mortgage loan rate you can afford or how much you need to pay each month to get rid of that debt, there’s a calculator to help your goals.
First, you need to figure out what kind of loan you’re looking to pay off. Generally, a loan calculator can help you figure out a basic monthly payment plan, but if your loan is a little more complex like a mortgage or auto loan, then you may need additional fields that calculate tax savings or additional payments.
Here are a few examples of what you can do with some of these online tools.
Calculate your monthly mortgage payments using these financial tool. Buying a home is a significant undertaking, and if you don’t know how much you’ll have to pay each month on that mortgage, punch in the numbers to find out if your mortgage rate and amount makes sense for your finances.
Outstanding student loans or personal loans can be a financial drag. Use loan calculators to help you budget your monthly and annual payments. You could even use these tool for multiple calculations to see if consolidating your loans under one rate is a better option for you.
Purchasing a car can be exciting, but you don’t want to finance it with a car loan you can’t pay for. Those monthly payments could haunt your dreams. Calculate how much you can borrow before you bread your budget and what the best auto loan rate is for your needs.
The great thing about financial calculators is that there are many different types that can help you figure out your specific needs. There are a variety of different calculators for mortgage payments alone. One useful feature that some debt calculators have is the amortization schedule. This allows you to see a complete breakdown of your loan payments, how much interest you’re paying over time, and how much you can potentially save with additional payments. Spend some time to see which ones you like the most.
What calculators do you find useful?