Auto Lease VS. Buy
Please keep in mind that this calculator does not consider the cost of repairs and maintenance on an owned vehicle nor does it consider the costs of exceeding the mileage limits on a lease. Both of these factors must be carefully considered. Factors such as the length of a warranty and the items covered, the mileage limit on a lease and the overage rate per mile, and any incentives offered such as cash back should also be carefully considered when making the buy vs. lease decision.
Credit Card Payoff
Please note that this calculator simply reports the amount and number of payments necessary to pay-off a credit card. Factors such as alternative credit card options that may offer an introductory 0% rate, annual fees, balance transfer fees, any rewards that may be offered with a credit card should be carefully considered when determining which card(s) to pay off first and whether or not to apply for new credit lines.
Remember that this calculator reports results pertaining to the loan only and does not factor in any amounts of primary mortgage insurance (PMI), real estate taxes, or homeowners insurance which may or may not be escrowed and included in your monthly payment. When determining, “how much house you can afford” don’t forget to include those costs into your planned for monthly payment.
Roth vs. Traditional IRA
These calculations are “ballpark” and do not factor in fluctuations in the rates of return over time. Additionally, this calculator does not factor in the tax savings on your state income tax return when taking distributions. Any state exclusion of traditional IRA distributions (such as the $20,000 per spouse exclusion from taxable income of qualified distributions from a Traditional IRA which is offered in NYS) should be factored in.
401(k) Savings Calculator
This is a good “ballpark” calculator which gives you a good idea of what your 401(k) contributions could be worth at retirement. However, don’t forget that you may be able to supplement your 401(k) contributions with Roth IRA and/or Traditional IRA contributions as well. If you are able to swing it, it is advisable to contribute the maximum amount that your employer will match to your 401(k) and also contribute to a Roth IRA. This strategy “spreads” your tax benefits, meaning that you get a tax benefit now for your 401(k) contributions and a tax benefit later for your Roth IRA contributions.