When it comes to the complexities of your student loans, you’re bound to have questions. Unfortunately, you may be hard-pressed to always find easy, straightforward answers to all of them. But what you can do is arm yourself with the latest facts and figures around your specific needs.
Have you wondered how much you could save if you refinanced your student loans? Or, how many years you’ll have to keep saving to retire comfortably? Perhaps, whether you should you rent or buy while you pay them off? All of these inquiries may come into play.
Sure, you could take pen to paper or punch some numbers into a calculator to figure out how to tackle these things. But in the interest of time and efficiency, there are some solid online financial calculators available to help with these important financial decisions—and give you a clearer picture of where you stand.
Here, you’ll find a summary of top tools to help you navigate your own unique student loan situation.
Student Loan Calculator
There are plenty of student loan calculators out there that can help you estimate your monthly payment and total interest cost, but if you want to take it a step further, use SoFi’s Student Loan Savings Calculator to see how refinancing student loans could affect your bottom line.
Simply enter your current loan information, then adjust the rate “slider” to see how your monthly payment and total savings amount could be impacted by refinancing.
It’s almost impossible for one online retirement calculator to take into account all the variables that retirement planning requires. But a calculator can still be useful to give you a general idea of how much money you should be saving and how big your retirement nest egg could grow.
AARP’s online Retirement Calculator asks for information about your age, income, current savings and lifestyle expectations in retirement (i.e., will you need more, less, or the same amount of money as you now spend).
The calculator shows you how much wealth you’re likely to accumulate and changes you can make – like working longer or saving more – that can help improve your outcomes.
Many retirement calculators are quite similar to the AARP one, where you are able to see how much money you are likely to accumulate. But there are other tools available that can show you where you stand in terms of your retirement goals.
The SoFi retirement calculator, for instance, can help you figure out if you are on track to hit your target retirement. Calculators like these are great to use periodically to keep track of your progress.
Making a budget – and sticking to it – is one of the most important steps on the road to financial security.
The Home Budget Calculator from Bankrate allows you to enter a comprehensive list of your monthly expenditures, helping to give you a more complete picture of where your money is going.
Debt Payoff Calculator
You can use this Debt Payoff Calculator from CNNMoney to figure out how long it could take you to completely pay off your debt from loans or credit cards. This is a great tool to see how increasing your monthly payments or lowering your interest rate can impact your debt, which can help keep you motivated in your pay-off goals.
You can also use the calculator to see how long it would take you to pay off your credit card if you just make minimum payments. (Spoiler alert: it’s probably a long time.)
If you want to solely take a look at your student loan debt, you can try this Student Loan Payoff Calculator. Simply add your information and it can help you get an idea of when your payoff date will be. Plus, you can click through and discover additional information and tactics to potentially shorten that payoff period.
Additionally, to take a look at credit card debt, you can use this Credit Card Interest Calculator. Since credit card debt can be one of the most challenging debts to pay off, it is important to understand how much you are paying overall. This calculator will show you how much interest you could end up paying on your credit card debt.
Rent or Buy Calculator
This calculator allows you to enter the price of the home you’re considering, interest rates, property taxes, and other factors. After inputting your variables, it will tell you at what monthly cost renting might make more sense.
The calculator can also factor in the estimated maintenance costs of homeownership, something many may not think about when deciding whether to rent or buy.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.
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