Smarter Savings Starts Here: A Guide to Alliant’s Financial Calculators

Recently, Alliant released several financial calculators to help you better understand your finances. With multiple categories, ranging from savings and retirement to how much you could afford for a mortgage, these calculators help provide valuable insight into your financial well-being and goals.

Here is a rundown of the calculators Alliant provides and a quick overview of how they can help you better understand your finances and prepare for the future.

What you’ll learn

• Auto Calculators
• Mortgage Calculators
• Savings Calculators
• Cash Flow Calculators
• Retirement Calculators

Auto Calculators

Buying or refinancing a car is not only a major purchase but can be confusing, especially if you are unsure how much you can afford. By using the following calculators, you can better understand what type of vehicle and loan would work best for your budget.

• Should I refinance my auto loan at a lower rate? This calculator uses your current loan balance, interest rate and monthly payment and compares them to your new potential interest rate. It then calculates the difference in monthly payments and how much you can save over your entire term in interest.
• How much vehicle can I afford? This calculator helps estimate how much you can afford on a new or used vehicle by considering your downpayment, desired monthly payment, annual interest rate and the loan term.
• What would my auto loan payments be? If you are thinking of getting a new or used vehicle, this calculator helps estimate your loan payments by looking at the price of the vehicle, cash rebates (if there are any), the value of your trade-in, the amount owed on your previous vehicle and the down payment of the new vehicle.

Mortgage Calculators

If you are shopping around for a mortgage, considering refinancing your current mortgage or utilizing a HELOC, Alliant’s mortgage calculators may provide you with more insight on how to approach the process. Depending on where you are in the home buying or refinancing process, here are the calculators available for you:

• Which is better: Fixed or adjustable-rate mortgage? If you are unsure what type of mortgage will be best for you, this calculator will help you compare the total cost of each option for your specific situation.
• How much can I borrow from Home Equity (HELOC)? If you are thinking of utilizing a HELOC for a home project or another reason, this calculator can help estimate how much you can borrow by looking at the market value of your home, outstanding mortgage, credit history and more.
• Estimate my monthly mortgage payment: Knowing approximately how much your mortgage will be is critical when buying a home. This calculator will show you an estimate of what you will pay based on the loan information and property information.
• How much house can I afford? When starting the home-buying process, you may be stuck on how much you can afford. This calculator will provide insights into what you can afford based on your liabilities and obligations, including auto loans, credit card debt, child support, potential property taxes, insurance and more.

Savings Calculators

Whether you are new to saving or well into your savings journey, these calculators can provide valuable insights into your finances and goals. Here are the three savings calculators Alliant provides and how they may help you reach your saving goals.

• Save now vs. save later: If you have a savings goal you wish to reach at a specific age, this calculator shows how much more you could save if you start now versus later.
• How long until my savings reach my goal? If you are curious about how you are currently doing on your financial goal, this calculator can help show you how long it will be until you reach your goal by considering your current savings balance, desired savings goal and other assumptions.
• Income generated by a savings plan: When saving, you can sometimes earn more on your existing balance or through your regular savings plan. Use this calculator to estimate how much your accounts could grow based on your savings plan, goals and assumptions. .

Cash Flow Calculators

A great indicator of your financial health is comparing your income to your spending. While many variables could affect these numbers, here are some calculators that can help provide insight into your financial wellness.

• Cost of living comparison: Expenses vary across state lines and in different cities. If you are in the process of or thinking about moving, this calculator can help provide an estimate of how your expenses may go up or down based on the move.
• How much am I spending? If you want to get a better idea of how you are spending your money, this calculator can help you itemize your expenses so you can have a clearer view of where your money is going.
• How much do I need for emergencies? Setting up an emergency fund is a great way to help prepare you for the unexpected. If you are unsure where to start or how much you should save in an emergency fund, this calculator can help provide you with key insights.

Retirement Calculators

It is never too early to start planning for retirement, but it is easy to put it off. Here are a few calculators that help you better understand how to save, when to start saving and how much you should aspire to save to reach your goals.

• Compare a Roth 401(k) to a Traditional 401(k): These two types of accounts can cause confusion, especially if you are new to retirement savings. This calculator compares employee contributions to each account so you can choose the one best aligned with your goals.
• When should I begin saving for retirement? Saving for retirement may seem like a later problem, but should it be? Use this calculator to see how much more you could potentially save if you start now versus later. .
• Am I saving enough for my retirement? Another big question, aside from when you should start saving for retirement, is whether you are saving enough. Use this calculator to see if you are on the right track to reach your goals by retirement age or if you could adjust your plan.

Utilizing tools such as financial calculators can help you discover valuable insights into your current finances, goals and plans. However, all these results are estimates and should be treated as such. If you wish to learn more about Alliant outside of the calculators, such as auto loans, mortgages, savings and checking accounts, navigate our website to check out all the exciting offerings.