Types of Financial Calculators available in the Market
These calculators are designed to calculate the ideal rates most suited to you, depending on the input you have. There are plenty of calculators that are available in the financial market, each designed for a different purpose. Some of them include the following:
Calculator to help in planning your retirement:
At some point in time, you will need to retire from your professional life. But planning your finances after you retire will help you get a peace of mind. The retirement calculator will help you plan your finances depending on factors such as your age, current income and savings rate. Additionally, it will take into consideration other influential factors depending on your choice of lifestyle you would want to lead after your retirement.
Loan calculator to help make your EMI’s
When you apply for a loan, you will be required to know much to keep aside for the EMI’s. This is crucial as it will help you plan your principal amount and interest rate before you even start. The loan calculator takes these factors into consideration before calculating the ideal amount for you. Normally, there are plenty of other loan payment calculators that are created depending on the type of loan you would want to apply for.
This type of calculator helps you compare mortgage rates. It will help you help you compare fixed rates and adjustable mortgage rates, which will help you determine which rate is the best choice for you. It comprises of several set of relevant questions that will help you plan for the future by determining a recommendation.
Debt Planning Calculator:
If you find yourself in financial debt, no doubt you will need to take necessary steps to prevent it from affect any of your finances. Just like the loan calculator the debt calculator, will calculate how much of a debt you can pay off with adjusted interest rates and repayment tenure. This will help you take the necessary steps or financial maintenance to ensure that you get out of your debt.
Net Worth Calculator:
Everyone should know their financial status. This will help you make investments in high risk ventures like stocks or any other equity. Alternatively, it will help you explore other safe options to invest you wealth so that you get high returns. Through this calculator, you can calculate the value of your current assets and the reconciliation of your debts.