Financial calculators are free tools that make managing your budget and reaching goals easier. You can take everything you learn online and apply it to your life with the use of these three calculators. Each one serves a different purpose, but they’re all useful throughout different periods of your life. These calculators are just tools, however, so they should be used alongside helpful resources. Education is your most powerful asset when it comes to financial stability. Growing your wealth, investing and keeping a budget are all money management skills you can learn and develop with time and research.
Auto Loan Calculator
Should you lease or buy a car? It’s a tough choice for many, but you can get a better idea of what you can really afford with this helpful calculator. This is a great source of free financial information. Combined with their plethora of articles and tips, you can use this tool to determine how much a car will really cost you. When considering a new vehicle, it’s important to think about the costs of ownership as well as the initial price. Leasing can seem like a better deal at first, but it may come with much higher interest rates that cost you far more in the long-run.
Financial Aid Loan Simulator
If you or your child are planning to borrow student loans for college, this calculator is a must. You can build a custom student loan package and explore your potential repayment options. Knowing how a loan will affect your life after graduation is equally important as understanding its value in college. Unfortunately, many adults never received adequate loan counseling in school, so they wind up overwhelmed with debt after they graduate. Repayment options can be income-based, accelerated or lowered through consolidation and refinancing. Each one has its benefits and potential drawbacks. This simulator helps you explore all of them in-depth through the help of personalized questions.
Life Settlement Calculator
A life settlement can be a great way to supplement income after retirement, but it takes planning. The settlement market is competitive, meaning you won’t get the same price from every buyer. How do you make sure you get the most cash for your policy? This life settlement calculator helps you in two ways. First, it determines whether you qualify for a life settlement in the first place, and then it projects the potential value of your policy. Meeting the criteria is the first step for any life settlement.
You may need to accrue a greater cash value or wait until you’ve invested more through premiums before selling. Some buyers also won’t buy from someone unless they’re 65 or older or have a life expectancy left to live at least 20 more years. Knowing how much your life insurance policy is really worth will give you greater control during the settlement process. Rather than choosing whoever gives you a fair-sounding offer, you’ll know exactly how much to ask for and prevent losing thousands of dollars in the settlement.