Calculators

Learn How Low Your Monthly Payment Could Be

Wondering how much you should commit to paying monthly for your next vehicle? You can calculate your monthly payment with three key factors:

• The net purchase price of the vehicle (plus sales tax)
• The loan term (how many months you have to pay)
• The interest rate for the loan

1. Start by entering the purchase price of the vehicle.
2. Enter any cash rebate or anticipated cash back.
3. Enter the sales tax rate for the state in which you’re purchasing the vehicle.
4. Enter the value of any vehicle you intend to trade in.
5. If you have an outstanding balance on the vehicle you want to trade in, also add that amount.
6. Adjust the interest rate and down payment amounts to reflect your situation and then compare the monthly payment amounts to see what works for you. 

Learn How Much Vehicle You Can Afford

Wondering how much you should borrow for your next auto loan? Let's break it down.

1. Start by considering your monthly budget, any down payment you can make, and the trade-in value of your current vehicle.
2. Enter your ideal monthly payment and the interest rate you think you might qualify for.
3. Enter any cash rebates or cash back. (While these offers from the dealership can help reduce your overall spending, it's crucial to base your loan amount on your actual budget for long-term financial success.)
4. Adjust the purchase details to see how much vehicle you can afford based on the loan term you choose.
5. Finally, review your results in the chart and table to get a clear picture of your options.

Find the Best Loan Term for You

Not sure how to decide on a loan term? The “term” of your vehicle loan is the duration of time, usually in months, you have to pay off the loan in full. The term can make an enormous difference in your monthly payment. It also can also have a significant impact on the amount of interest you will pay over the course of the loan.

• A shorter term means fewer months to pay off the loan. That translates to higher monthly payments, but you’ll pay less interest (and thus less money overall).
• A longer term means more months to pay off the loan. That translates to lower monthly payments, but you’ll pay more interest (and thus more money overall).

1. You want to strike a healthy balance between finding a monthly payment you can afford without paying too much interest over the life of the term. Start by entering the vehicle purchase price.
2. Enter how much you will pay for a down payment.
3. Enter any cash rebate or anticipated cash back.
4. Enter the sales tax rate for the state in which you’re purchasing the vehicle.
5. Enter the value of any vehicle you intend to trade in.
6. If you have an outstanding balance on the vehicle you want to trade in, also add that amount.
7. Adjust the loan term, interest rate, and down payment amount to reflect your situation and learn what the right auto loan term for you is.  

Find Your Ideal Monthly Mortgage Payment

Wondering how much you should commit to paying monthly for a new home? When you repay a mortgage, you make monthly payments to your lender. These payments cover both the loan principal and interest. Over time, the amount going toward the principal increases as your balance decreases, but your monthly payment stays the same. Your mortgage payments might also include property taxes, homeowner's insurance, and HOA dues, which often go into an escrow account managed by your lender.

You can calculate your monthly payment with these key factors:

• The price of the home
• Your down payment
• Annual property taxes
• HOA dues
• Insurance and Mortgage Insurance costs (Your down payment can affect how much mortgage insurance you pay.)

1. Start by entering the home purchase price.
2. Enter how much you will pay for a down payment.
3. Enter the estimated annual property taxes you will pay.
4. Enter estimates for HOA dues and home insurance costs.
5. Adjust the loan term and interest rate to reflect your situation and learn how much of a monthly payment you can afford. 

Calculate How Much You Can Afford to Put Down

Wondering how much you should spend on the down payment of a new home? It's simple math: the bigger your down payment, the smaller your mortgage loan and the less interest you'll pay over time. Your down payment can affect your loan eligibility too. Typically, you'll need at least 3% for a down payment, but many loans require 5% or more. If you put down less than 20%, most lenders will ask you to pay Private Mortgage Insurance (PMI) until your loan-to-value ratio hits 80%. It's smart to keep a cash cushion for unexpected expenses when buying a home. Talk to your lender to find the right down payment for you.

You can calculate a down payment that makes sense with these key factors:

• The price of the home
• The loan term
• The length of time you plan to live in the home
• Your down payment
• The interest rate
• The mortgage insurance rate

1. Start by entering the home purchase price.
2. Enter the loan term and the length of time you plan to live in the home.
3. Enter one amount pay for a down payment along with the interest rate and mortgage insurance rate.
4. Enter details for a second down payment for comparison purposes.
5. Adjust these factors to learn how much of a down payment you can afford. 

Learn How Long It Will Take to Pay Off Your Debt

Feeling overwhelmed by your credit card balance? You're not alone! Many cardholders find themselves in this situation. But don't worry, we've got a plan to help you tackle it.

A good rule of thumb is to try to pay off any card balance in 36 months, but you might want to see what it will take to pay off the balance in shorter or longer increments of time. How long it takes depends on these factors:

• Interest Rate: The higher the rate, the longer it might take to pay off your balance. /li>
• Card Usage: Continued spending can extend the payoff period.
• Monthly Payments: The more you pay each month, the faster you'll clear your debt.

Aiming to pay off your balance in 36 months is a solid goal, but you can adjust this timeframe to fit your needs. Here's how:

1. Enter your current balance.
2. Input the interest rate.
3. Estimate your monthly charges.
4. Decide on your monthly payment amount.

By tweaking these factors, you can see how long it will take to become debt-free. Ready to take control of your finances? Let's get started!