The Must-Have Personal Finance Calculators

Personal Finance

There are many things that need money in our lives. Whether we are looking at getting a new house, joining university or buying a new car, we need money. But before you even get to purchase them, you need a good plan. Personal finance is all about numbers and it is important to make your decisions based on calculations and not instinct.

The good thing is that there are some online calculators that can help you plan your financial moves with more accuracy. The tools can be used by just anyone and if you are bad at math, you will still find these tools helpful. This is because you will only be required to type in a few numbers and the calculator will give you some qualitative answers to your finance questions. Below, we will look at the most important personal finance calculators that you should have.

Mortgage calculator

Buying a home is a huge investment that you can make. Therefore, you need to use a mortgage calculator to determine what your monthly payments are going to be for a house of a given price range. The calculator allows you to try different payment options such as 15 year, 20 year or 30 year payment periods. However, you need to note that the shorter the repayment period, the higher the monthly payments. Nonetheless, this will allow you to pay much less in interest.

Home affordability calculator

Before buying a home, it is important to identify the kind of house that you can afford. This is because you cannot use your entire income on mortgage payment. Therefore, it is wise to determine the most reasonable amount to pay for your house. To get this, you can use a home affordability calculator that will help you know the kind of house that you can get based on your income and other loans that you have.

Home rent vs. buy calculator

For many people, renting a house is cheaper and more convenient than buying one. However, it is important to note that a house can appreciate in value over time. When determining the rent vs. buy option, you need to consider how long you are going to be living in the house. The home rent vs. buy calculator helps you determine the best way forward.

Investment growth calculator

Investment calculator helps you look at the issue of compound interest on a particular investment. Instead of waiting for many decades to see how your investment will grow, you can just use a calculator to find out now. It is ideal to monitor your investment growth and be able to calculate compound interest to come up with a better plan for future investments. Although you may not be sure of how the stock market will look in the future, you can run many likely scenarios to see how your investments will grow. Therefore, having an investment growth calculator is very important.

A retirement calculator

If you are in a career, retirement is a must. However, one of the biggest questions that people have is the amount of money that they need before going to retirement.  With the retirement calculator, you will be able to answer questions to do with life expectancy and the related expenses.

Credit card calculator

Many people take credit card debt to meet different expenses in their lives. However, have you ever sat down to look at how much the debt costs you? You can find out by using a credit card calculator. With the calculator, you can learn how long it takes to pay off your credit card loan based on the interest rate, balance, and the payment amount. The calculator would also show you the amount of money that you would save by transferring your balance to a credit card with a lower interest rate.

Auto loan calculator

You may be looking to buy your dream car in the near future. Whether you are purchasing a used car or a new car, an auto loan calculator will help you calculate your payments and see the total cost of the car loan. You can try out different terms such as 5 years and 4 years to see the changes in the monthly payments as well as the total cost of the loan.

Auto lease vs. buy calculator

If you want to cut on your budget, you may want to lease a vehicle instead of purchasing a new one. In most cases, you will be required to pay about half or less the amount of monthly payment that you would normally pay on a new vehicle. Unfortunately, you will not keep the vehicle after the lease ends. The auto lease vs. buy calculator will let you know if you are better off leasing a vehicle or buying a new one.

Drive vs. fly calculator

When going on a long trip, many people are confused over whether to fly or drive to the destination. Although driving can be less expensive than flying, the hassles of hotel stay, meals, and related expenses make it the lesser attractive option. And if you factor the related costs of driving, you will discover that it is much more expensive than flying. Fortunately, the drive vs. fly calculator helps you factor in all expenses when making travel plans to a specific destination. From the findings, you will be able to make much more informed decisions.

Student loan payment calculator

Is borrowing $100k in student loans to get a degree that will enable you to earn a six figure salary in a few years a good idea? A student loan calculator will help you determine the amount of monthly payment that you need to make on the loan. This will help you make an informed decision on whether to get the loan or not.

College value calculator

If you are thinking of getting a college degree in a particular subject, a college value calculator is a must have. This is because the calculator can go a long way in determining the amount of money that you could make in your career if you proceeded to get the college degree.


Above are some of the most important finance calculators that you should have. The calculators will be of much help when making important financial decisions in your life. For more cool finance, business and lifestyle-related calculator check out

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.