When it comes to calculation of loans and mortgages, there is a special calculator, known as the “Financial Calculator”. This is a simple device that is built purely for the calculation of financial matters, such as interest rate, loan rates, mortgage rates and so on. The calculator has built in formulas and thus makes it easy to calculate financial rates.
Apart from being a physical device, a financial calculator is also a small programmed tool, posted on financial websites, for people to calculate their rates instantly. A typical financial calculator could cost somewhere around $35, and if you happen to be in a finance industry, this is a much needed device.
There are three basic types of financial calculators; Loan calculators, Age calculator mortgage calculators and credit card calculators. Let’s describe each one of them respectively.
A loan calculator enables users to understand the payable amount of a loan, along with the specified interest rate. The loan calculator works on particular variables and helps you decide what the monthly principal and interest payment would be. There are three types of information used in a loan calculator:
You could either use a physical calculator or simply go online and use an online based loan calculator.
A mortgage branches out to two major types; fixed rate and adjustable rate mortgages. Fixed rate mortgage calculator requires information about:
Punch in the values for the above information and you will get all the required calculations. The adjustable rate mortgage calculator is complex. You will need the following information:
The fact remains that a mortgage calculator can just give you an estimate and not an exact figure, as mortgage rates, constantly varies. Be sure to be upgraded about current interest rates on mortgages, and consult industry experts if you want to be sure of the exact amount.
When dealing with credit cards, you need to be aware of the rates that go along with it. Without a firsthand knowledge of where your credit is being spent, and what are the charges along with it, you would be caught in a whirl of debts. A credit calculator could be a vital tool in helping you attain this firsthand knowledge. Not only it will keep you aware of the expense, but also avoid possible debt issues. Information required for credit calculator is:
Online credit calculators help you further with months left to payoff goal and monthly payment to payoff goal.