Calculators

This page lists my favourite financial calculators on the internet. If you have come across any others which you think should be included on the list feel free to share them by leaving a comment at the foot of the page.

Income tax

This neat calculator can be used to make sure you are paying the correct amount of tax under PAYE.

Click here to launch

Make sure you also read the following articles:

Reader’s Question: Personal income tax allowances

Money tip #4 – Check your tax code

14 ways to beat the 50% income tax rate

Capital Gains Tax

Use this calculator to work out whether you have a CGT liability, and if there is a liability, the amount of the liability.

Click here to launch

Make sure you also read the following articles:

Money tip #106 – Getting married could land you with an unexpected tax bill

Money tip #63 to # 66 – How to realise capital gains without paying tax

Money tip #55 – Use your annual CGT allowance

Tax Credits Calculator

Find out who can get Child Tax Credit and Working Tax Credit, check if you’re eligible and find out how to claim.

Click here to launch

Mortgages

I like this mortgage calculator as it can be used to:

work out your monthly repayments for a given mortgage both on a repayment and an interest only basis.
show the impact of a mortgage rate (or indeed an interest rate) change on the amount of your monthly payments.

This calculator can be used to show how much is still outstanding on your repayment mortgage at any given moment. Pretty useful when you are trying to work out the amount of equity you have in your home and whether you can afford to move.

Make sure you also read the following articles:

Latest interest rate predictions

Reader’s Question: Should I get an offset mortgage?

Mortgage brokers no longer find you the best deal

Investments

If you needed further proof of the benefits of saving via an ISA rather than a standard savings account, here it is.

This excellent and simple calculator will quickly work out how much your investment/savings will grow over time. It can take into account charges, inflation, interest rates, tax and regular contributions. Brilliant.

Make sure you also read the following articles:

12 things to look for when choosing an investment fund

Money tip #113 – Treat investment funds like used cars

Pensions

So you’ve built up your pension fund but how much income will it provide you in retirement?

This link will show you the best annuity rates out there for your circumstances.

But as an alternative to purchasing an annuity this calculator can work out the maximum level of income you can draw from your pension fund via income drawdown.

Make sure you also read the following article:

Latest pension changes explained

Inflation

The inflation figures you read about in the papers are general inflation measures. The actual level of inflation you personally feel depends on how you spend your money. This handy calculator works out your personal rate of inflation.

Click here to launch

Make sure you also read the following article:

How savers can beat the increase in inflation

Motoring

This calculator allows you to calculate the impact of petrol price rises on your wallet. It also can be used to calculate the cost of a given car journey and the real miles per gallon figure for your car.

Click here to launch

Make sure you also read the following articles:

Money tip #31 – Save money on your car breakdown insurance

Lunchtime Money Makeover #2 – Cut the cost of motoring

Currency Converter