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## Loan Calculators Are Helpful Financial Planning Tools

Without a financial plan, it’s easy to end up in a bad situation. We’d all love to be able to get through life without worrying about debt and debt, but the reality is that few Australians have that luxury. Dealing with finances is an essential part of life in modern society, and it’s best to be prepared. Part of being prepared is having a solid understanding of how credit works. You don’t need to have a degree in economics to do this, but you do need to take the time to understand the consequences of any decision you make before you set anything in stone. Taking advantage of financial planning tools is a useful way to do this.

**Loan repayment calculator**

These are some of the most useful tools to take advantage of, as it can be difficult to understand what a certain loan entails. Understanding the loan principle, term, and interest rate doesn’t tell you what you really want to know, how much money you’ll ultimately spend on interest, and what the size of the monthly payment will be. Using a calculator that can determine this information for you is extremely helpful, making it possible for you to determine whether it is wise to sign up for a loan. Just because you’re approved for a loan, doesn’t mean it’s the right decision for you.

**Additional payment**

One of the best things you can do to eliminate debt is to make extra payments on your debt. By doing this, you reduce the amount of the loan principle, which also reduces the amount of interest you have to pay on the loan. To understand the impact of these payments, there are calculators you can use to determine how regular extra payments will affect the loan. A good calculator will allow you to specify when the additional payments will begin to differ greatly from how early they start. A lump sum calculator is also worth looking at, to see how much a single extra payment can affect the cost and duration of the loan.

**Honeymoon Loan Calculators**

There are many types of loan calculators that can be used to understand the different types of loans, and how financial decisions can affect the loan. An example is the honeymoon loan calculator. A honeymoon loan is a loan that comes with an introductory rate and a variable rate. The introductory rate is usually lower than the variable rate you pay later on the loan. This type of calculator can be used to help you better understand how different introductory rates affect the loan. It requires information about the principle of the loan, and the total time to repay the loan. It also requires information about the length of the introductory period and the two different interest rates. Using this information, a honeymoon loan calculator can determine the monthly payments associated with the introductory rate and variable rate, as well as the total amount of interest that will be paid over the life of the loan. This can then be compared to the amount of interest that would have been paid if there had been no introductory period.

**Compare Loans**

One of the most effective tools for finding the best option for you is a loan comparison calculator. A loan calculator can be very useful, but without comparison it can be difficult to understand the relative benefits of one loan over another. A good loan comparison calculator takes into account any fees associated with both loans, as well as the interest rate, whether there is an introductory rate or not. This information can be used to compare monthly payments and overall interest to find the best option.

**Savings Plan**

Apart from loan calculators, there are calculators that can be used to understand the financial impact on your savings. A calculator like this can help you understand how compound interest can work in your favor. A good savings plan calculator will allow you to enter not only the initial deposit, but also the regular deposits you will make in the future. It will also ask the interest rate and duration of the plan. It will use this information to calculate your total savings.

**Tax Calculator**

This information is useful for everyone. Of course, taxes are inevitable, but without understanding that your money goes toward income taxes, it’s hard to make any kind of plan for your future. Your salary and your take home income are not the same. The income tax system in Australia is a very simple progressive income tax, so it is not too difficult to calculate your total tax and your net income based on this information. There are also stamp duty calculators available that can be used to determine the taxes associated with property purchases. These taxes are more complicated, and vary depending on your location in Australia, so a calculator like this is extremely useful. With this type of debt calculator Australia will make more sense in terms of property tax.

**Borrowing Power Calculator**

If you’re thinking about making a major purchase decision like a home, it’s a good idea to get some idea of how much you can borrow before you go to a financial institution. You won’t be able to know without actually applying, but you can get some idea by using the calculators available on the net. It’s good to get some idea of what you might qualify for. This way, you can start to get an idea of what range is reasonable. This information can be helpful when you start thinking about whether it makes sense for you to start thinking about a particular house, car, or other expensive purchase.

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