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Our Best Personal Finance Calculators For Helping You Reach Your Financial Goals

4-Minute ReadMay 12, 2022

Financial decisions are important for your future. Any monetary change, investment or purchase you make can potentially affect your financial standing for the foreseeable future, so give careful consideration before making final decisions. Luckily, there are calculators devoted to many common financial scenarios that can help you through the decision process. These include loan calculators, savings calculators, and net worth calculators, among others.

Each calculator functions under the same premise: enter in the requested financial data, change certain parameters that relate to you and then receive a forecasted number. These calculators assist users by performing financial functions commonly needed in business and commerce, so you don’t have to do the math yourself. We’ve also included some articles to supplement calculator use and provide frameworks for understanding different aspects of your financial picture.

To help you get started, we compiled a list of the most useful financial resources and calculators on Rocket HQSM.

Personal Finance Calculators

The first type of financial calculators is personal finance calculators. One of the most important ways that you can manage your finances is to be aware of how your decisions impact your longer-term finances. Here are a few financial calculators and resources that can help with that:

Savings And Retirement Calculators

Rocket HQ offers several savings and retirement calculators (including a budget calculator) where you can enter in your income, age and other factors to forecast retirement options. These calculators can answer questions like:

  • What do you need to save?
  • How fast will your savings grow?
  • How much will you need?
  • Can you retire early?

With the assistance of these calculators, you can see how your current retirement fund is doing and how much more you should invest. There are also a few worksheet-type articles linked below to help you work through your unique financial situation:

Debt-To-Income (DTI) Ratio Calculators

Your debt-to-income ratio is an important calculation that can affect many financial aspects of your life, like qualifying for a mortgage. If you have too much debt compared to your income, that can make it difficult to have enough money to live comfortably. You might also find it challenging to not get in even more debt.

If you currently have significant credit card debt and are in the process of making long term financial plans, then you might want to use a debt calculator. When using a debt calculator or debt consolidation calculator, you enter your credit card balances and interest rates. Then, either put in the amount you’re able to pay each month and the payment calculator will tell you how long that will take, or you can enter how many months in which you want to be debt-free and the calculator will give you a minimum monthly payment.

Personal Loan Calculators

One option to help manage your budget and debt might be a personal loan. A personal loan is a loan that can help you take care of debt consolidation or other short-term expenses. Personal loans can be a valuable way to pay medical bills, debts or other expenses instead of putting them on a credit card. When you are looking for a personal loan, you'll want to make sure to compare the interest rate and other terms to find the best loan payment for you.

The Bottom Line: Start Calculating Your Future Today

Understanding your finances is an important step in improving your overall financial health. When you don't understand, measure and manage your finances, it's hard to make any progress toward your goals. Using this suite of resources and financial calculators can help you on your journey. If you are budgeting for a down payment on a new home, you can calculate how much home you can afford. But no matter what you're saving up for, these financial calculators can help you take the next step.

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