Loan calculators

By Natasha A loan is something that is borrowed, usually a sum of money, that is expected to be paid back with interest. Loan calculators help determine the monthly payments on a loan that need to be paid. Loan calculators can also be used for mortgage, auto, or other types of loans. The two loan calculators that I compared are Scotia bank and TD Canada trust.

Scotia bank:

-Scotia bank pros: •easy to understand labels •vast amount of options •very interactive •there is a therefore statement (a final statement that clarifies results) •no pop up ads •disclaimer that lets you know that the loan calculator may not be necessarily accurate -Scotia bank cons: •small print •no step by step instructions •the calculations may not be accurate Overall a good calculator, easy to understand labels and a therefore statement that makes the answer clear but this loan calculator does have small print therefore making it a little harder to read the labels making it harder to use the calculator.

TD Canada trust:

-TD Canada trust pros: •step by step instructions •useful links •disclaimer that lets you know that the loan calculator may not be necessarily accurate -TD Canada trust cons: •not many options for payments •no therefore statement (a final statement that clarifies results) •more difficult to understand •pop up ads Overall a good calculator, step by step instructions but this loan calculator is hard to use and is confusing therefore not easy for beginners to use. Both calculators are good and bad in different ways but personally I think overall the Scotia bank calculator is a better loan calculator. https://www.tdcanadatrust.com/loanpaymentcalc.form

Mortgages (what will the house really cost)

By Lauren

If you’re at the point in time where you want to buy your first house then using the TD mortgage affordability calculator may help you out. When you first go onto this site it asks you where you’re currently living or where you want to live, after that it then asks you what kind of home you’d like to live in. The last few questions ask you about how much you make yearly, how much you spend on other expenses and then how much you spend on like cars, credit cards etc. After you have answered all of the questions it tells you that you may be able to buy a new home up to however much they think you can afford. At the bottom of that same page it tells you how much you would roughly spend on the mortgage payment per month, it shows you other housing costs, and how much remaining cash you will roughly have every month. This calculator really helps people who are just starting out, especially when buying their first home. I would definitely recommend this calculator to anyone buying their first house.

https://tools.td.com/mortgage-affordability-calculator/?cm_sp=:MICROSOFT:Affordability+Calculator+-+Generic+%2818_S_RL_RMO_AO_ACQ_EN_GEN%29:MORT:Mortgage+Calculator+-+Broad/

Net Worth

By Giana

Your net worth is the amount of money you have plus how much you stuff cost (assets) minus how much you owe (liabilities).

Calculation:

list assets with estimated value of each item

list liabilities and the outstanding balances

total assets - total liabilities= net worth

Net Worth Calculation Website

https://www.getsmarteraboutmoney.ca/calculators/net-worth-calculator/

Net Worth App

https://itunes.apple.com/ca/app/wealthplus-net-worth/id933534901?mt=8

Downloadable Net Worth Spreadsheet

https://templates.office.com/en-us/Net-worth-calculator-TM01018308

Your net worth is the money that you have. It is your pay cheque after all deductions are made. Deductions may include mortgage, taxes and debt. A person’s net worth is the amount of money they actually have after everything has been payed off. It is their available means.

http://www.schwabmoneywise.com/public/moneywise/essentials/goals_budgeting/personal_net_worth

Mortgages- what can you afford to buy?

by Madison

If you type the title of this into google you will get multiple calculators to help you calculate what house you can afford. These calculators will ask you things like, where you’re wanting to live, what kind of home you’re looking for (house or condo, on the TD calculator) your annual income, how much you have for a down payment, what monthly expenses you have (groceries, transportation, insurance, shopping or media), and any monthly payments for loans or any other monthly payments. With all of the calculations being made, be sure that you’re adding in the costs for another person if you’re buying a house with someone.

https://tools.td.com/mortgage-affordability-calculator/

Calculating Budgets

By Kristy

Budgeting is not easy. It’s hard to know where to start, how to start, and what to use. Spreadsheets are extremely beneficial in budgeting, because they help keep all of your cost, payments, and savings all in one place, where you can adjust it at any time.

1)

https://docs.google.com/spreadsheets/d/1RJBOzs78YE9NkTg2Q43eMnhV3T2tlNDIgN3la-ONneo/template/preview?usp=drive_web

          This spreadsheet looks complicated, but overall makes things much easier for you. After part of the template are filled, a graph is shown to give you an idea of where you are for budgeting, and how it can be improved or stay steady.  For anything you spend money on, there’s a category for it on this template. You’re able to add anything else you need to, in order to see exactly how you’re spending your money. Each month, you can start a fresh spreadsheet so you don’t need to work about deleting all that you had prior to that. All that you do is you fill in what you’ve spent money on in the spreadsheet, a graph is shown and you are able to see what could be improved or kept the same in your budgeting.

2)

https://docs.google.com/spreadsheets/d/1D4bmsJN_66DGfVFbaGcbhFGXoymhScTdIRSe6LZR3tM/edit#gid=0

          This spreadsheet is very simple to use. All you do is you fill in what you’ve spent on the given categories, and the math is almost all done for you. Your start balance, end balance, how much you saved this month and your increase in total savings are all included in this spreadsheet. Like the first spreadsheet, there are visuals as well for those who understand visuals more than numbers.

Budget Calculator

http://www.youcandealwithit.com/borrowers/calculators-and-resources/calculators/budget-calculator.shtml

          To use this budget calculator, you plug in estimated amounts, or specific amounts in all categories that apply to you. In the end you will be able to see if you are under budget or over budget.