How to Calculate Better Personal Finance Decisions

Managing your personal finances can seem like a juggling act, as you're trying to keep all the balls in the air — debts, expenses, and figuring out how to save for the future. If you're ready to go house hunting, find your perfect car, or pay off a debt, figuring out what you can afford beforehand can keep you from dropping the balls.

These 11 personal financing calculators can help you understand your financial situation and do the math for you so you can make good financial decisions.

Answer your financial questions with these 11 calculators

• How much car can I afford?You're ready to buy a new car, but aren't sure where to set your budget. Figure out the highest monthly car payment you can afford (including taxes and documentation fees) to determine your affordable range.
• How long will it take to pay off my credit card?Credit card debt is considered "bad debt," and this calculator can tell you how quickly you'll be able to pay it off.
• How much do I need to save for college?Figure out how much money you'll need to save each month to pay for college so you'll know if you need to look into other avenues, like scholarships or loans.
• How much will I need to save for a major purchase? Got your eye on some new furniture or a vacation? Calculate how much you'll need to save and for how long to reach your goal.
• How much can I afford to borrow?Use this calculator to find out how much money you can afford and how much is too much.
• What's my loan rate? This calculator figures out the interest rate on a loan using the loan amount, payment amount and the number of payments.
• How long will it take to pay off my loan?See how many payments you'll need to make before your loan is paid off.
• How much will my loan payments be?Calculate the principal and interest payment for a fixed-rate loan to see how much you'll pay each month.
• Should I consolidate my loans? Consolidating your various loans and other debt could lead to lower interest rates or a better combined monthly payment. Enter up to 10 different loans and credit cards to see if consolidating will work to your advantage.
• Is an auto loan or home equity loan best for buying a car?Home equity loans often have lower interest rates than auto loans, and the interest may be tax deductible. This calculator can help you compare the two.
• How soon can I eliminate my debts? Figure out which debt repayment strategy is the best approach to paying off your debt the fastest.

These calculators can be helpful for evaluating your financial situation, but remember that the results are only estimates. Talk with a personal financial counselor before making any big financial decisions.