When I was in school, nothing made my day quite like the teacher saying that we could use a calculator on the test. Not only was it easier, but it usually upped my odds of getting the right answer. When it comes to my finances, I definitely don't want to get the wrong answer. So, why not use one of these financial calculators the next time you're trying to make a choice about your money?
Should I Rent Or Buy A Home?
Traditional wisdom is that buying a home is always the smart choice. You're paying yourself (in the form of equity) as opposed to giving your money to a landlord. However, depending on your circumstances it might be wiser to rent your home for a while. This calculator will help you know which option is best for you.
How Much House Can I Afford?
If you're looking to buy a home, it is a smart first step to figure out how much house you can afford. There is no need to look to look at properties that out of your budget. That's just cruel, and it might tempt you to make a poor financial decision. Zillow has a great calculator that will help you determine a good target price for your home.
How Much Will My Monthly Mortgage Payment Be?
Maybe you fell in love with a house before you figured out your budget and now you're seeing if you can make the numbers work. You don't mind how much the house will cost in total as long as the monthly payment falls into a decent range. NerdWallet has a calculator that will show you your monthly mortgage and it will also how that amount would change depending on the type of loan you decide to use.
How Much Car Can I Afford?
Car salesmen are notorious for being tricky (no offense), so don't walk on the lot without knowing exactly what your budget is. You should know your maximum cut off for your auto loan. I know, those heated leather seats are just $500 more... and then who can do without the T.V.s on the back of every seat... but by the time all these little things combine with the interest you'll pay on the loan, you could have purchased a whole other car. Edmunds provides a calculator that shows you what your budget should be based on your desired monthly payment.
Okay, retirement might now be as exciting as buying a new house or car, but it is definitely a major financial decision. Do you know how much you need to have saved up to retire? Do you know how much you should be contributing each month? NerdWallet has a calculator that will answer both for you. If you don't like the results, they'll even help you take steps to better your situation.
Amortization Schedule Calculator
Not everyone knows this, but when you make a payment towards your loan or mortgage, not all of it goes towards paying off the item you purchased. In fact, if the loan is new, a majority of your payment is going towards interest. You can see exactly how much of your payment is going where in what is known as an Amortization Schedule. Ed Financial has a calculator that will show you exactly what your schedule looks like and how much raising your payments or making an extra payment will save you during the course of your loan.
Compound Interest Calculator
Albert Einstein called compound interest the 8th wonder of the world. He even went as far as to say that people who understand it earn it, and those who don't, pay it. But most of us are really bad at imagining the impacts of compound interest over the long term.
To prove the point, which would you take? $10 million dollars or a penny that doubles every day for a month? (1 penny on day 1, 2 pennies on day 2, 4 pennies on day 3, and so on...)
If you picked the penny, you'd be over $700,000 richer than if you took the $10 million.
This calculator will show you how compound interest will impact a balance over a duration and rate of your choosing.
A salary might sound pretty good, but do you know how that translates to your bi-weekly take-home pay?
First, you'll have to take out both federal and state taxes, then social security, Medicare, and whatever other contributions you select (like a 401k).
So, how much will you actually get to put in your pocket? ADP's salary calculator will tell you.
How Much Is Your Time Worth
I used to hate taking toll roads. Why pay a toll when I can save a $1.50 just by taking a different road.
But then a friend challenged me to do the math. The toll road would save me 15 minutes of travel. If I made minimum wage ($7.25), then 15 minutes of my time is worth $1.81. By not taking the toll road, I'm spending $1.81 worth of my time. In that light, the toll road is cheaper!
So, want to figure out how much your time is worth? Check out this calculator.