11 Calculators to Help You Scope Out Your Personal Finances

Buying a car or appliance? Applying for a loan? Paying off debt? Saving for college? You can learn how to take more control of your personal finances.

Military OneSource has assembled 11 calculators to show you ways to pay off debt and help you better manage life’s financial decisions.

These 11 personal finance tools can help you manage your money:

• Car payment calculator. Buying a car? Before stepping onto the lot, calculate ahead of time the monthly car payment you can afford.
• Credit card payoff calculator. Figure out how long it will take to pay off your credit card debt.
• College savings calculator. Calculate the amount you’ll need to save each month to pay for college.
• Major purchase calculator. Need to buy an appliance or furniture? Planning a vacation? Calculate how much you’ll need to save and for how long.
• Loan calculators. Considering taking out a loan? This calculator helps you see how much money you can afford to borrow. When borrowing money, there are five other factors to consider — with a calculator available for each:
  • Computing the interest rate on a loan based on the loan amount, payment amount and number of payments
  • Calculating how many payments it will take to pay off a loan
  • Figuring the payment amount (principal and interest) for a fixed-rate loan
  • Seeing whether it is worth consolidating your various loans and other debt in order to lower interest rates or get a better combined monthly payment
  • Determining whether an auto loan or home equity loan, if available, is a better deal for buying a car (this calculator helps you compare the two)
• Debt elimination calculator. Figure out different ways to eliminate your debt and which approach works best for you.

These calculators can help you take a first step toward making sound financial decisions, but remember that the results are only estimates. You can talk with an installation Financial Readiness Manager for free before making any big money decisions. Go online to militaryonesource.mil or call us at 800-342-9647.