10 Best Financial Calculators You Should Be Using

Taking care of your finances can be a complicated matter, and most of the time you might feel like this should be done by finance professionals instead of just you. But the truth is, even though it’s complicated, it’s not impossible to calculate some things on your own, especially in the modern age.

This is where financial calculators come in handy. Essentially, financial calculators are a type of electronic calculator that’s usually used by finance professionals or business students for computing multiple complicated functions that a regular calculator couldn’t handle. They might seem hard to use, but it’s pretty easy once you learn how to, as they’re all based on algebraic functions.

Lucky for you, here we’ll be focusing on a more attainable item – online financial calculators. They’re accommodating when handling finances because they’re focused on a single computation and effortless to use.

We’re here to explain to you what precisely financial calculators are, why they’re a helpful tool for managing finances and which ones are the best the internet has to offer. You’ll learn:

  • What exactly are financial calculators, when and why you should use them.
  • What are the top 10 financial calculators in 2021?
  • And how to own your finances through the concept of infinite banking.

Hopefully, this article will help you understand the importance of handling your own finances, learning how to do it yourself, take you on the road to financial freedom and help you choose the best resolution for managing an excellent financial status.

What are financial calculators?

Even though we’ll show you the best online financial calculators in this article, it’s essential to know more about financial calculators in general.

Financial calculators are a variety of electronic calculators used mainly by financial professionals for calculating complicated financial functions that a regular calculator can’t do. Another name for these is business calculators.

There are different types of financial calculators and many professionals or business students use them for both clients and certification exams. All of them can be found on Amazon, but the price might be hefty.

Financial calculators are known for their functionality. A typical financial calculator has many standalone keys used for various financial calculations and functions, making financial calculations easier.

Most of them are programmable, so users can easily modify them to have any necessary equations that they might require. This can usually be done quickly, so i’s not like you need any programming knowledge.

Financial calculators usually have a long battery life, and some even use solar power. They can have a single-line display or a four-line one with dot matrix, and some are even graphing calculators with LCD screens. Some even have a worksheet mode.

When you think about financial calculators the first things that come into your mind are Texas Instruments BA II Plus, Texas instruments BA II Plus Professional, HP 17bII, HP 10bII, HP 12c Platinum, HP 10bII+ financial calculator and many others. But here we’ll actually talk about online financial calculators.

When you should use financial calculators

Financial calculators can be used for many financial calculations. Financial calculators are here for you whether you need to calculate your taxes, interest rates, amortization, depreciation, or anything else.

The reason they’re why their usage is so widespread is because of their functionality. They are faster and more correct when it comes to financial calculations than regular calculators.

One of the more critical functions that a desktop calculator can have is estimating the time value of money (TVM), as this is usually the most frequently used equation. This concept means that the money you receive today will have a higher value than it will in the future, and this is crucial information, especially when it comes to loans or investing.

Aside from more complicated functions, financial calculators also have basic equations, backspace and storage.

Why you should use financial calculators to handle personal finances

The main reason why you should use financial calculators is to take your finances into your own hands. This is the first step towards financial freedom.

Whether you’re an accountant, business owner, any sort of financial professional in calculated industries or just a business student, you can benefit from using financial calculators, whether they’re from Hewlett Packard or Casio.

There are a lot of things that online financial calculators can be used for to help you with finances. Everything from retirement, car loans and credit card debt is a part of everyday life. More than 191 million Americans have credit cards, and the average household credit card debt is $5,315. Total U.S. consumer debt is at $14.9 trillion. We need financial freedom.

However, for just regular people who want to take care of their funds independently, it will be simpler just to use online financial calculators. In the rest of the article we have prepared you a list of the top 10 best online financial calculators.

The main advantages of online financial calculators are that they are free, extremely simple to use, and are only for specific financial calculations, so they aren’t confusing. Finding out about your amortization schedule can be done simply with just a couple of keystrokes.

With these, you can get to know your financial status better and help yourself accomplish your financial goals simply.

Top 10 financial calculators in 2021

A scientific calculator with an LCD display can be great for professionals or someone taking the CFA exam, but online financial calculators are the better option for regular people. After all, they both do the needed computations and math functions.

Online financial calculators are super simple to use. Whether you want to calculate the net present value (NPV) or net future value (NFV), they’re here. You don’t need a fancy Casio FC-200v financial calculator or an HP 12cp. Just remember always to have your financial information at hand to make the whole process even more accessible.

These are the top 10 financial calculators that you can find online, arranged by different areas of finance that you would like to cover.

Retirement calculators

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Funding your retirement is a long-term process that should be taken extremely seriously. Handling your 401k, your IRA, your current savings and investments is an essential aspect of saving for the future.

Retirement calculators the most crucial tool that can help you on this journey. They can steer you in the right direction, let you model different retirement scenarios, and take into account variables that can affect your retirement funds.

There are many retirement calculators found online, but the best one is the Nerdwallet retirement calculator.

First, enter your current age, income, savings balance and how much you save for retirement per month. You can also add optional aspects like what you expect to receive from Social Security, your spending level while retires, or change the expected retirement age.

This calculator also assumes increases in salary and inflation. You’ll get your results in a graph and they also give you explanations and advice.

Mortgage calculators

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Financing a home can be a stressful and complicated process, but a mortgage is the most realistic way of getting your own real estate. Instead of using a certified financial planner (CFP), you could just use an online mortgage calculator.

You should use a mortgage calculator before deciding to purchase real estate to determine whether you can even afford to live comfortably while staying on top of your bills.

The best mortgage calculator to use is by far the SmartAssest.com mortgage calculator. It’s so simple to use. You just have to enter details to estimate your monthly mortgage payment with taxes, fees and insurance.

You just have to put in the price of the home, your down payment, mortgage interest rate, and the type of your loan.

You’ll get an overview of your total monthly payment breakdown, including your mortgage payment (P&I), home insurance, taxes and other fees.

Additionally, you can calculate your tax, insurance and HOA fees by putting in information about the location of the real estate you want to purchase, annual property tax, yearly homeowners insurance, and monthly HOA/Condo fees.

They also give you recommended minimum savings and recommended minimum income that you should have before opting to purchase the real estate, with breakdowns and explanations.

Credit card & debt payoff calculators

If you have credit card debt, this financial calculator can tell you how long it will take you to pay it off or how much you need to save to pay off your debt faster.

Before, we mentioned that the collective U.S. consumer debt is at $14.9 trillion. Using the information from these financial calculators and the information you put in, you can get recommended monthly payments that you need to meet your goals.

Having a debt repayment plan that you stick to is the only way to get out of debt.

The best online financial calculators for this problem can be found here.

There are a lot of them, but you can choose which one to use based on your more concrete problem, whether it’s the calculation of your credit card payoff, debt consolidation, snowball elimination or other things.

All of these are comprehensive and simple to use.

Auto loan calculators

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Purchasing a vehicle is an another significant investment in the life of an average American, and loans are generally the way to do it.

So, if you want to buy a car but don’t know anything about car loans, using the right car loan calculator is the simplest way to do it.

The best online car loan calculator is the Auto Loan Payment calculator.

Use our auto loan calculator to estimate your monthly car loan payments. Enter a car price and adjust other factors as needed to see how changes affect your estimated payment.

The data entry you put in is the price of the car you want, the down payment (which is optional) and the trade-in value (also optional), length of the loan, annual percentage rate (APR) and sales tax.

Then you get an estimated monthly payment with a breakdown and you can search for cars in your budget.

Savings calculators

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Savings are essential for almost any life event or goal, whether it be big or small. There are many different types of savings calculators, depending on the questions you want to answer.

Use them when you want to calculate how long it will take you to save for something, how much you should save each month to reach your goal by a given date, and most interestingly, use the compound interest calculator for your future investments.

There are many online financial calculators targeting savings, but we consider that figuring out how to handle compound interest is a significant part of building your financial freedom.

This is why we suggest using this Compound Interest Calculator.

Consistent investing is the key to success and even small deposits to your savings account with compound interest can help you reach your goals faster.

You just need to enter your starting amount, years to save, rate of return, additional contributions, frequency of saving, and whether you plan to compound daily, monthly, quarterly or yearly.

If you aren’t sure about some of these things and what they mean, scroll down to find handy explanations.

You get a graph of your balance by year and an estimated total in dollars.

Investment calculators

Investment calculators can usually be more complicated and these sorts of calculations are generally things where you could use the help of a financial professional or a financial risk manager (FRM).

You should use these calculators when you want to invest in something to multiply your wealth. You can get answers to calculations like investment return, internal rate of return (IRR), interest rate conversions, risk priority number (RPN), stock options, investment distributions and more.

The best investment financial calculator that we could find is calcXML.

If you want to calculate anything from the return on your real estate investment, the value of compound interest, your risk tolerance, the long-term impact of increased investment return.

When you click on this link, you’ll be met with a list of all the questions regarding investment calculations that you could have, and by clicking on the ones you want to ask, you’ll be sent to a new page with a calculator.

All of these calculators are simple to use and give you complete results.

Loan payment calculators

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Although no one likes having loans, they are a common thing in today’s age. They can be overwhelming at times, so it’s crucial to stay on top of them.

Loan payment financial calculators are used to help you with figuring out your loans and repaying them.

You can use a loan payment calculator even before you take out a loan, as long as you have all the relevant financial information at hand.

The past financial calculator for this problem is the Loan repayment calculator.

This payment calculator figures both types of monthly loan payments – interest-only vs. principal and interest.

The information you need to put in is principal owed ($), annual interest rate (APR%), the term (number of years), and then hit the calculate payment button and you’ll get your results immediately at the bottom.

Personal finance calculators

Personal finance and taking care of your budget are essential for everyone. This should be done every once in a while if you want to stay on top of things.

It helps you with your personal finances, home budget, net worth, credit assessment and more.

The absolute best online financial calculator for this is the Personal finance calculator.

You get everything from a basic calculator and a basic financial calculator to a home budget analysis. When you click on the provided link, you’ll be taken to a page with a list of calculators regarding personal finances.

Here you can pick any calculator that fits your problem and you’ll be taken to a separate page. These calculators are straightforward to use. If you don’t understand some of the aspects, you can scroll down to find a list of all the terms used in the calculator with their explanations.

Business calculators

Running a business is complex and stressful. This is why most business owners choose finance professionals to handle their accounts for them, but that isn’t realistic for everyone.

If you have a small business, are just starting one, or want to take the matter into your own hands from time to time, you can use various online financial calculators to regulate expenses for your business and do the needed cash flow analysis.

Here you can find a list of Business financial calculators that you’ll most likely require.

You can choose the calculator that fits your problem. For example, do you want to find out how many and at what price you must sell your product to make a profit? Or do you want to determine the adequate cash flow you need to sustain your business? Or do you have any other possible questions that a business owner could have?

Keep your financial information close at hand, but if you aren’t sure what some of the terms on the calculator mean, you’ll find a list with comprehensive explanations if you scroll down.

Tax calculators

Taxes can be complicated and hard to do, but apparently, not everyone hates them that much. About one-third of Americans, or 34%, like or even love doing taxes.

But, no matter how you feel about them, they have to be done.

The best online financial calculators that you can use for taxes can be found here.

Their tax calculators offer insights into Federal income taxes, margin tax rates, payroll taxes, estate taxes and more. All calculators have been updated for the 2021 tax year.

Make sure to keep your financial information close at hand when filling these out. Besides the 1040 tax calculator, you can also do computations for earned income credit, estate tax planning and more.

Own your finance – own your lifestyle.

Owning a whole life insurance policy is the first step in implementing infinite banking that could help you secure retirement income and bring you additional benefits. Here are the most important things you should know about Whole Life Insurance and Infinite Banking.

The concept of infinite banking is about strategically using your whole life insurance policy from a mutual insurance company as a personal endless banking system. In other words, Infinite Banking is essentially being your own banker.

One of the many benefits of a whole life insurance policy is that policyholders can borrow money using their policy’s cash value. Using this borrowing setup, you would never have to borrow money from a bank again and instead would borrow for yourself (your whole life insurance policy) and pay yourself back over time. Thus, being your own bank.

The goal of Infinite banking is to duplicate the process as much as possible to build the value of your own bank. The duplication process happens by lending and repayment of money typically held in the cash value of a permanent life insurance policy.

Infinite banking allows you to better work towards your individual and unique financial goals for yourself and your family and have control over your finances without dealing with banking fees or interest rates on loans.

Infinite Banking involves:

  1. Overfunding (with after-tax funds) a high cash value whole life insurance policy from a life insurance company.
  2. Accumulation of Cash Value(tax-free) throughout the years you are a policyholder of your Whole Life insurance policy.
  3. Tax-Free Loans taken out against your whole life insurance policy’s cash value to use for your financial expenses.

The way infinite banking works allows you to mimic the way a bank operates and borrows money.

Instead of borrowing from a bank, you borrow from yourself while still allowing your whole life insurance policy to earn dividends (money) even though you are using that money elsewhere.

Whether it be for your child’s education, a downpayment on the house, or medical expenses, borrowing for yourself and being your own bank allows you the financial freedom and control of your money.

Entering the Banking Business gives you much better control over your finances and helps you build wealth using the life insurance policy.

Final thoughts

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We hope that we helped you understand the importance of taking your finances into your own hands, which financial calculators are the best to use and how to use them. Other than that, we hope that finding out about Whole Life Insurance and Infinite Banking made you interested in taking your financial freedom seriously.

If you want to learn more about Whole Life Insurance and improve your personal finances, you can sign up for our premium membership! We are looking forward to seeing you at the Wealth Nation community!