Payment calculators can help simplify your life when budgeting for college tuition, housing and other college related expenses. A well made, well-calculated payment will help you budget for more than just your tuition, however. Properly integrated with a college planning software package, your payment calculator can help you estimate how much money you will need to borrow and for how long to repay that loan. You can find many free online payment calculators, but here are some of the features that I like best:

o Payment Calculator: The loan calculator will calculate how much you will need to borrow, as well as how long it will take you to pay it back. It breaks down your principle balance by monthly term and computes the annual interest rate your offer. Please note, if you want a more complex loan calculation be sure to use more robust financial software. Some of the less complicated calculators only break down amortization and do not give you enough information about amortizations.

o Monthly Car Loan Calculator: If you’re planning on buying a car soon, you may want to consider using a monthly car loan calculator to calculate how much monthly payments you will need to make. Just plug in the car model and make over the number of months you plan on owning the vehicle. Then, determine how much the total cost will be over this amount of time. This is a great way to budget for your car purchase, especially if you don’t know how much you can afford.

o Mortgage/ Equity Line of Credit Calculator: If you’re considering taking out a mortgage or an equity line of credit (EFL), you can quickly calculate your monthly payment amount, interest rate, and grace period using a mortgage/equity line of credit calculator. These calculators pull the information directly from reputable mortgage providers. You can also find a variety of these calculators online. Be aware that many are not as accurate as they should be.

o Fixed Term/Payoff calculator: If you’re looking for a loan, you can easily determine your monthly payback options using a fixed term/payoff calculator. This type of calculator takes the amount of your loan, including any fees, and deducts your payments each month until your loan is paid off. By calculating your monthly payment amount, you can determine whether or not you’ll be able to afford a short-term or long-term loan. Be sure to factor in loan fees into your calculations.

Don’t forget to add in taxes, insurance, and other miscellaneous fees when using a mortgage calculator. Be sure to provide accurate information so that you don’t get an inaccurate figure. You may also want to add in additional costs such as homeowners insurance because these costs can vary greatly from lender to lender.