There are a number of useful financial calculators online that can help you to manage your finances more accurately and efficiently. These include mortgage calculators, personal loan calculators and credit card debt calculators.
Naturally most of the banks provide these types of calculators on their websites and while they are quite useful, it is worth seeking some more impartial and balanced advice. To help you do this we’ve provided a list of some of the better financial calculators available online.
Mortgage calculators are a great place to start whether you’re considering your first ever mortgage or your tenth. What they do is help you work out the duration of the loan depending on your loan amount, the interest rate and the repayments you plan on making. They are also a useful way of comparing interest rates and therefore help you to choose the best home loan for your circumstances.
The Your Mortgage website provides a very good mortgage calculator. It is very easy to use. You simply enter the loan amount, the interest rate and the loan period. In addition to its mortgage calculator, the website also provides a number of other useful resources including life insurance calculators, income protection quotations and comparison tools.
Personal Loan Calculators
The Government’s MoneySmart website is a great resource for financial calculators because it gives impartial information and advice that you can trust. Their personal loan calculator is very useful and gives plenty of options. One of its better features is that it provides three different options, depending on your needs:
• How much can I afford to borrow?
• How long will it take to pay off?
• How much will my repayments be?
Credit Cards Calculators
Again, the MoneySmart website provides a useful and trustworthy calculator to asses your credit card debt. Ultimately it helps you to work out how long it will take to pay off your credit card debt. You can easily adjust the results by changing the amount of repayments that you’re willing to make. This can be very helpful if you feel that your debt is out of control and you’ll never be able to clear it. By breaking it down into the repayments you can get a better grasp of what you owe and adjust your weekly budget accordingly.
Have you ever used any of these calculators? Have you seen any other useful calculators that you would like to share?