# Calculators

## Finance Tools and Calculators

CC of Minnesota is pleased to provide you access to **free financial tools** and **finance calculators** to help you take control of your debt. Please review the calculator descriptions below and select the desired calculator from the left.

## Auto Payment

**Auto Payment Comparison Calculator**

This calculator compares the monthly payments for a car loan at six different common finance lengths based on amount financed and annual interest rate. Input an APR and amount to be financed, and the calculator computes how much monthly payments will be at six different loan lengths. Multiplying that payment by the life of the loan will give you the total cost of the vehicle.

## Automotive

**Automobile Affordability Calculator**

This calculator helps you figure out how much you can afford when financing a car. Input a down payment, affordable monthly payment, anticipated APR of the loan, and term of the loan. The calculator then lets you know the maximum price of a car you can afford to finance, as well as how much you would need to borrow.

**Automobile Loan Payment Calculator**

This calculator computes the monthly payment of a car loan. Enter the loan amount, the APR, and the life of the loan in months, then the calculator will tell you the monthly payment that you will need to make.

## Credit Card

**Credit Card Minimum Payment Interest Calculator**

This calculator will show you the amount you will end up paying in interest on a credit card if you only make the minimum payment. It also shows you how long, in payments and in years, it will take you to pay off your balance. Enter information about the debt and the calculator tells you how much interest will be charged and the life of the debt.

**Credit Card Principal/Interest Calculator**

This calculator illustrates how much of each payment made on a credit card applies to the interest versus the principal debt. Input the balance, APR, and monthly payment, and the calculator breaks down the payments going towards accruing interest and balance.

## Debt

**Debt Calculator**

This calculator estimates the amount of time it will take you to pay off a given debt, as well as calculating an approximate amount paid in interest every month. Enter your monthly payment, APR, and remaining balance, and the calculator will tell you the interest paid on the debt every month and how long it will take you to pay off the debt.

**Debt Ratio Calculator**

This calculator illustrates the ratio of your debt versus your income, showing you what percentage of your monthly income goes towards paying your already established debt. Input your monthly gross income and payments, and the calculator computes your debt ratio.

**Debt Payoff Goal Calculator**

This calculator tells you a dollar amount you would need to pay per month in order to pay off a debt by a chosen goal date. Enter a debt amount, APR, and choose a date by which you would like to have the debt paid in full. The calculator will let you know how much you would have to pay per month to achieve that goal.

**Accelerated Debt Payoff Calculator**

This calculator calculates how much time and money you can save by paying off small debts first, then adding that payment to your next highest debt and continuing on in this fashion. Order your debts from smallest balance to largest, then input them along with their interest rate and payment amount. The calculator will show you the savings using the accelerated debt payment method.

## Savings

**Budget Percentage Calculator**

This calculator takes your net income and recommends an ideal dollar amount to be spent on different expense categories. Input your net income and the calculator will compute a low-end and high-end amounts.

**Brown Bag Savings Calculator**

This calculator shows you the potential savings of "brown bagging," or bringing your lunch with you from home instead of going out to eat. Enter the cost per lunch if brought from home, cost of going out for lunch, number of lunches eaten out per week, and number of years. The result is your savings. You can also enter the yield percentage of your savings account to see how much you would earn if you invested the difference in your savings account.

**Fixed Vs. Minimum Payment Calculator**

This calculator figures out how much money you could be saving if you make a fixed payment on a debt rather than the minimum payment. Input the amount of the debt, the APR, the minimum payment as a percentage of the balance (usually 2 or 3 percent), and a monthly payment you could afford to make. The result is a breakdown of how much you would be paying with a fixed payment versus paying the minimum.