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Top Ten Online Money Calculators

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The Web makes many of our daily tasks easier, from getting up-to-date news and weather information, to paying bills and doing taxes online.

One of the biggest online aids comes in the form of calculators that tell you everything, from whether you should save money or pay off debt, to whether you'll have enough money to retire. I've come across a lot of online calculators on my travels around the Net, and these are my personal top ten favorites:

Debt Planner Calculator
This is the most eye-opening calculator I've come across. Enter the balance on each of your credit cards, the interest rate, and the minimum payment, and the results will tell you how long it would take to pay off the balance if you make just the minimum payment each month, how much interest you'll end up paying, when you'll be debt free if you make a monthly payment which you specify, and how much you'd have to pay monthly to be debt free by a certain time. It will also generate a payment plan that will allow you to pay off your debt with the least amount of interest.

Save Money Or Pay Off Debt?
Many people struggle with the decision to put money in savings or pay off debt. This simple tool shows you which way you'll come out ahead.

Loan Payment Calculator
Quickly calculates what your monthly payments will be if you're borrowing money for a major purchase.

Net Worth Calculator
Everybody should know their financial status, and this easy-to-use calculator will figure out what you're worth by reconciling your debts and your assets. As the Money Machine says: "it's tough to get where you're going when you don't know where you are." This is never more true than when you're talking about your finances.

Spending vs Saving Calculator
What's it worth to reduce your spending? Enter how much you spend on any activity or item each month and this calculator will tell you how much you'll save and how much that amount would be worth by retirement if you invested it. For example, if you're 30-years old and you spend $50 a month eating out, you could save $600 each year. If you invested this amount, you'd accumulate $7,734 in 10 years after paying income taxes. If you invested it in a tax-deferred retirement account, you'd accumulate $107,818 by the time you retire. Impressive, isn't it?

Roth or Traditional IRA Calculator?
Tells you how much you can contribute to a Roth or Traditional IRA, which will provide the most retirement income, and more.

Retirement Calculator
Enter some basic information and this calculator will estimate how well your current savings program will prepare you for retirement. Are you saving enough? Can you retire early? If you're not on track, how can you catch up?

Fixed Rate versus Adjustable Rate Mortgage Calculator
This tool compares fixed rate mortgages and adjustable rate mortgages side-by-side to help you determine which is best for you.

The Cost of Borrowing From Your 401(k)
Before you borrow from your 401(k), find out the true cost to you. It's not as simple as using the interest rate at which you repay the loan. This calculator tells you the true cost of borrowing from your retirement account.

Credit Card Chooser
Choosing the credit card that's right for you can either save you money or cost you money. This tool lets you see how your decisions will affect interest charges and your credit card balance. Once you've chosen the type of card that's best for you, apply online if you wish.

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