We all have financial questions in life, especially when we are making important financial decisions. Have you ever wondered if you would save money if you bought a house rather than renting? Do you know how much emergency saving you need for your situation? If you buy a home, how much of a difference will it make if you get a 15-year mortgage v. a 30-year mortgage. What if you get a 30-year mortgage but make extra payments each year?
First Bank of the Lake knows you need accurate answers to these questions, and we think you should be able to have access to those answers 24/7. So, we created financial calculators and put them on our website for our clients to access any time they want. If you are curious how these financial calculators could help you build a great financial foundation, keep reading this blog! We are going to describe just a few of the many useful calculators to give you an idea of what is available.
Managing Debt Calculator
Use this calculator to find out how much you owe. This can be used as a good starting point for your debt management plan. Enter all your credit cards and outstanding installment loan balances. Find out how much you owe and how long it will take to pay it all off.
Personal Debt Consolidation, and Credit Card Payoff Calculators
Should you consolidate your debt? This calculator is designed to help determine whether debt consolidation is right for you. Enter your credit cards, auto loans, and other installment loan balances by clicking on the "Enter Data" button for each category. Then change the consolidated loan amount, term, or rate to create a loan that will work within your budget.
Auto Rebate vs. Low-Interest Financing
Use this calculator to help you determine whether you should take advantage of low-interest financing or a manufacturer rebate. A rebate will reduce your auto loan balance, while low-interest financing lowers your monthly payment. The best option depends on the price of the vehicle, the size of the rebate, and the interest rates available for financing.
There are a number of different calculators under the loans category. Using them together, you can answer questions like … how much of a difference will it make if I get a 5-year loan v. a 10-year loan. What if I increase my monthly payment $100? Which loan option has the quickest payoff or lowest monthly payment. If you borrow so much money, what will your payment be? If you can afford so much for a payment, how much of a loan can you get? See the calculators under the loans category to learn the answers to these types of questions.
Credit Assessment Calculator
Use this calculator to assess your credit. After entering your information, your credit is assessed as 'Good', 'Fair' or 'Needs Improvement'. You can view your credit assessment report for more information about what this assessment means to you.
Let us help you balance your checkbook. First, tell us the ending balance on your statement, then enter all of your outstanding checks and deposits. If your checkbook register matches our calculated amount, your checkbook is balanced! If not, you may need to verify that all of your withdrawals and deposits are correct and accounted for.
Home Budget Calculator
Managing your monthly budget can be difficult and frustrating. One of the most important aspects of controlling your budget is to determine where your money is going. This calculator helps you do just that. By entering your income and monthly expenditures, you can see how much you have left to save and where your money is being spent. In addition, you can click the "View Report" to see your entry's results in detail, which can help identify areas for improvement.
Emergency Savings Calculator
Having adequate emergency savings can make unforeseen unemployment, auto repairs, medical emergencies, property damage, and even legal issues more manageable. With adequate emergency savings, you can focus on how to best meet your family's needs, rather than worrying about finding the money to handle these difficult situations. This calculator helps you determine how much emergency savings you may need, and how you can begin saving toward this important goal.
Financial calculators for all your financial needs.
When you know the answers to these financial questions, it is much easier to make better decisions to secure your financial future. Saving money and making extra payments can be much more appealing when you see exactly how much money it will save or earn you. You can access all these financial calculators on the First Bank of the Lake website under the Resources Tab. From mortgages to retirement plans, our calculators can help answer questions about loans, debts, investing, and more!
The list above is just a start. We will continue in next week’s blog with more calculators including those to determine whether you are better off renting or buying a home at the Lake of the Ozarks and whether you should get a 15-year mortgage or a 30-year mortgage, and much, much more. For more information and helpful tips for managing your money, be sure to follow us on social media using the channels listed below.
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