Financial Calculators for the Masses

Posted on 09. Oct, 2005 by in Taxes

While doing some tax research the other day I stumbled across a collection of calculators offered by RIA Checkpoint. Since that site is restricted to paid subscribers, I thought I would post some links to some free – but just as valuable – personal calculators. Unless otherwise stated, these calculators are all valid for the 2005 tax year.

Personal Withholdings Calculator – This allows you to tweak the number of withholdings you mark on your W-4 in order to see what the outcome would be.

Retirement Calculator – This very simple calculator allows you to input your desired nest egg, your age at retirement, and how much you have saved so far and it calculates how much you’ll have to keep tucking away in order to reach your goal. A more complicated and more precise retirement calculator can be found here. Note, however, that you’ll have to know a lot more about the current state of your investments to use this tool.

Vehicle Loan Comparison – You can use this calculator to help you decide between two different loans that have different interest rates or different down payment amounts. In a similar vein you can also calculate what your payments will be and perhaps most importantly, what kind of vehicle you can afford.

What House can I Afford? – This calculator helps you determine what kind of house you can afford. Too many people ignore this little calculation and purchase a home that they will almost never be able to pay off – or end up paying rediculous amounts of interest on. Perhaps purchasing a home is not even a smart option at this time in your life. Find out if you should stick with the rent check or upgrade here.

Credit Card Repayment – With the ever increasing level of consumer debt in this country perhaps the most valuable calculator on this list is this one. Input what you owe, expected future purchases, how long you want to take to pay off your debt, and future expected payments and this calculator will tell you what it would take to pay off your debt within your desired time as well as how long it will take with your current habits.

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