Tools and Calculators to Help You Plan Your Finances

Should I refinance my mortgage? How much do I need to save for my child's college education? As accounting professionals, these are some of the questions that are posed to us on a daily basis. Cohen, Kaufman, & Associates LLC provides these interactive financial calculators and other tools to assist you with some of the day-to-day questions and concerns that may arise. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in the decision-making process.

Find out how much interest you can save by increasing your monthly auto loan payment.

Determine your car loan payment based on your purchase price or find out how much you can buy based on your monthly.

Use this calculator to determine if a home equity loan makes sense for your next automobile purchase.

Should you lease your next automobile or finance it? Find out with this calculator!

Find out how many and what price you must sell your product at to make a profit.

Should your business consolidate its debt? Use this calculator to find out.

This tool calculates a business valuation based on the discounted cash flow methodology - illustrating how changes in projected growth rates and capital assumptions impact the business Net Present Value.

Having adequate cash flow is essential to keep your business running. Use this calculator to help you determine the cash flow generated by your business.

Should you lease your equipment or finance it? Find out with this calculator!

This calculator helps you to zero in on areas of your business that may need attention. Areas such as solvency, liquidity, operational efficiency, and profitability.

Use this calculator to determine how much inventory you should hold, and efficient timing of your inventory orders. 

Working capital essential to running your business. This calculator assists you in determining your working capital needs for the next year.

Consolidating your debt is only half of the battle. You still need a plan to get your debt paid in full. This calculator can show you how to accelerate your debt payoff.

Getting a consolidation loan can do more than pay off your debt. You can create a sizable nest egg by investing all or a portion of your monthly payment savings. After a few years, the results may surprise you! Use this calculator to see the results of paying off your debt and investing your payment savings. Click the "View Report" button for a detailed look at your results. 

Helps you determine the best distribution of your credit card debt. By entering your credit card balances, rates and credit limits this calculator determines which balance transfers will produce the greatest savings. 

Use this calculator to see what it will take to pay off your credit card balance, and what you can change to meet your repayment goals.

Should you consolidate your debt? This calculator is designed to help determine whether debt consolidation is right for you. Enter your credit cards, auto loans and other installment loans balances by clicking on the "Enter Data" button for each category. Then change the consolidated loan amount, term or rate to create a loan that will work within your budget. Click the "View Report" button for detailed results.

The credit card roll down applies to simple principles to paying off your credit card debt.

To see how this can be applied to your credit card debt, enter your credit card balances and an additional roll-down amount. The calculator will then apply your additional monthly payment to the credit card with the highest rate. When that credit card is paid in full, the card with the next highest rate will be paid down. This continues until you have rolled through all of your credit cards and your debt is paid in full. Click the "View Report" button for a detailed look at the results.

One of the most common causes of income loss is through a disability. While most disabilities cause only temporary loss of income, any income loss can be devastating if you are not financially prepared. This calculator helps you determine how much disability insurance you may need to cover expenses during such a disability.

How much life insurance do you need? Enter your current assets, expense, and income. You can also adjust the inflation rate and your expected rate of return to see how these variables can impact your insurance needs. Press the "View Report" button to see a year by year breakdown of your family's future income and expenses.

Long-term care is needed by those who can't perform the basic tasks required to take care of themselves. This can include people suffering from a debilitating illness or chronic injury. The need for long-term care can arise unexpectedly, often creating a large financial burden. This calculator can help you determine if you are financially prepared for this impending expense.

Contributing to a variable annuity creates long-term tax-deferred growth. Use this calculator to see how a variable annuity might fit into your retirement plan.

Many companies issue annual stock option grants to their employees. Receiving a stream of stock options over a period of years can be an incredible benefit. Use this calculator to project how much a series of annual stock option grants could be worth to you.

The asset allocation is designed to help you create a balanced portfolio of investments. Your age, ability to tolerate risk and several other factors are used to calculate a desirable mix of stocks, bonds, and cash. The calculated asset allocation is a great place to start your analysis in building a balanced portfolio. Click on the "View Report" button for a detailed look at your results.

Use this calculator to determine the number of futures contracts you may wish to purchase based on your account equity and trading plan. All investment plans should be reviewed by a financial professional before you execute them. Purchasing futures contracts is a risky investment and should only be done by experienced investors with professional advice. This calculator is only designed to help illustrate the percentage of your equity investment that is at risk with a specific future contract purchase.

This calculator helps illustrate the effect of using a loan to purchase an investment or appreciable asset. Using debt as leverage to purchase investments can magnify your return. The downside is that you also increase your risk. For example, if your investment were to lose all of its value you would not only have lost your investment but you would still owe the balance on the loan.

Meeting your long-term investment goal is dependent on a number of factors. This not only includes your investment capital and rate of return, but inflation, taxes, and your time horizon. This calculator helps you sort through these factors and determine your bottom line. Click the "View Report" button for a detailed look at the results.

Receiving options for your company's stock can be an incredible benefit. Even after a few years of moderate growth, stock options can produce a handsome return. Use this calculator to determine the value of your stock options for the next one to twenty-five years.

Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you. Fill in your loan amounts, credit card balances, and other outstanding debt. You can then see what your monthly payment would be with a consolidated loan. Try adjusting your terms, loan types or rate until you find a consolidation plan that fits your needs - and most importantly your budget! 

Use this calculator to look at a variety of possible loans. Change your monthly payment, loan amount, interest rate or term. Press the "View Report" button to see a complete amortization schedule, either by month or by year. 

For a 10-year draw period, this calculator helps determine both your interest-only payments and the impact of choosing to make additional principal payments.

Use this calculator to analyze one of your existing loans. Calculate your remaining balance based on the number of monthly payments you have remaining. You can then click on the "View Report" button for a complete, payment by payment, amortization schedule of your loan. 

Use this calculator to determine the home equity line of credit amount you may qualify to receive. The line of credit is based on a percentage of the value of your home. The more your home is worth, the larger the line of credit. Of course, the final line of credit you receive will take into account any outstanding mortgages you might have. This includes first mortgages, second mortgages and any other debt you have secured by your home.

When will your line of credit be paid off? Use this calculator to see what it will take to pay off your line of credit, and what you can change to meet your repayment goals. 

This calculator helps determine your loan or line payment. For a loan payment, select fixed-term loan. For a credit line payment, you can choose 2%, 1.5%, or 1.0% of the outstanding balance or interest only.

This calculator helps determine your tax savings on loans or credit lines with tax deductible interest payments. For a loan payment, select fixed term loan. For a line payment, you can choose 2%, 1.5%, 1.0% of the outstanding balance or interest only. 

Determining which loan provides you with the best value and involves more than simply comparing monthly payments. Use this calculator to sort through the monthly payments, fees and other costs associated with getting a new loan. By comparing these important variables side by side, this calculator can help you pick the loan that works best for you. Click on the "View Report" button to see the results in detail.

Use this calculator as your first step in determining your ability to qualify for a loan. While this calculator can't guarantee you will qualify for your new loan, it is a good checkpoint to see if it is within your means.

How much interest can you save by increasing your mortgage payment? This financial calculator helps you find out. Click the "View Report" button to see a complete amortization payment schedule and how much you can save on your mortgage.

Should you buy points? Buying points when you close your mortgage can reduce its interest rate, which in turn reduces your monthly payment. But each 'point' will cost you 1% of your mortgage balance. This calculator helps you determine if you should pay for points, or use the money to increase your down payment. Click on the "View Report" button to review your information. 

First step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the "View Report" button to see a complete amortization schedule of your mortgage payments. 

How long will it take to break even on a mortgage refinance? That depends on a multitude of factors including your current interest rate, the new potential rate, closing costs and how long you plan to stay in your home. Use this calculator to sort through the confusion and determine if refinancing your mortgage is a sound financial decision. Click the "View Report" button for a detailed look at your records.

What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount. 

Interest paid on a mortgage is tax deductible if you itemize on your tax return. So are points that are paid to lower your interest rate. Use this calculator to determine how much you could save in income taxes. Click on the "View Report" button to view the results in detail.

How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs. This will determine how much interest refinancing can save you. In addition, it will calculate the number of months to break even on closing costs with your reduced monthly payment. Click the "View Report" button for a detailed look at the results.

Should you rent or should you buy your home? It takes more than looking at your mortgage payment to answer this question. This calculator helps you weed through the fees, taxes and monthly payments to help you make a decision between these two options. This report is based on the original purchase price, fees, and taxes payable at that time. Insurance and tax costs can fluctuate from year to year. Click the "View Report" button for a detailed look at the results.

A 401(k) can be one of your best tools for creating a secure retirement. Use this calculator to see why this is a retirement savings plan you cannot afford to pass up.

There are several ways to manage your 401(k) balance when you leave an employer. The most fundamental of which is should you spend it or save it? Depending on your age and tax bracket, making the wrong decision can cost you thousands of dollars both in taxes and lost earnings. This calculator helps illustrate the difference.

403(b) plans are only available for employees of certain non-profit tax-exempt organizations: 501c(3) Corps, including colleges, universities, schools, hospitals, etc. If you are an employee of one of these organizations, a 403(b) can be one of your best tools for creating a secure retirement. It provides you with two important advantages. First, all contributions and earnings to your 403(b) are tax-deferred. You only pay taxes on contributions and earnings when the money is withdrawn. Second, many employers provide additional contributions to your 403(b). The combined result is a retirement savings plan you cannot afford to pass up.

The Internal Revenue Code section 72(t) and 72(q) can allow for penalty free early withdrawals from retirement accounts under certain circumstances. These sections can allow you to begin receiving money from your retirement accounts before you turn age 59-1/2 generally without the normal 10% premature distribution penalty. Use this calculator to determine your allowable 72(t)/(q) Distribution and how it may be able to help fund your early retirement. The IRS rules regarding 72(t)/(q) Distributions are complex. Please consult a qualified professional when making decisions about your personal finances.

When you are the beneficiary of a retirement plan, specific IRS rules regulate the minimum withdrawals you must take. If you want to simply take your inherited money right now and pay taxes, you can. But if you want to defer taxes as long as possible, there are certain distribution requirements with which you must comply. Use this calculator to determine your Required Minimum Distributions (RMD) as a beneficiary of a retirement account.

How will losing your Social Security benefits affect your retirement? Use this calculator to determine how losing this important retirement asset could affect you. Click the report button to see your retirement savings with and without Social Security benefits. Choosing between pension options can be a difficult task. Choosing an option that guarantees your spouse pension benefits after your death means extra security but also lower monthly benefits. On the other hand, choosing a pension option that only pays through your lifetime can provide larger monthly payments, but requires a lump sum to protect your spouse if she outlives you. Use this calculator to help decide which pension option works best for your particular retirement needs.

Choosing between pension options can be a difficult task. Choosing an option that guarantees your spouse pension benefits after your death means extra security but also lower monthly benefits. On the other hand, choosing a pension option that only pays through your lifetime can provide larger monthly payments, but requires a lump sum to protect your spouse if she outlives you. Use this calculator to help decide which pension option works best for your particular retirement needs.

The IRS requires that you withdraw at least a minimum amount - known as a Required Minimum Distribution - from some types of retirement accounts annually, starting the year you turn age 70-1/2. Determining how much you are required to withdraw is an important issue in retirement planning. Use this calculator to determine your Required Minimum Distributions.

Use this calculator to determine how much monthly income your retirement savings may provide you in your retirement. Your annual savings, expected rate of return and your current age all have an impact on your retirement's monthly income. View the full report to see a year-by-year breakdown of your retirement savings.

Do you know what it takes to work towards a secure retirement? Use this calculator to help you create your retirement plan. View your retirement savings balance and your withdrawals for each year until the end of your retirement. Social Security is calculated on a sliding scale based on your income. Including a non-working spouse in your plan increases your Social Security benefits up to, but not over, the maximum.

Do you know what it takes to work towards a secure retirement? Use this calculator to help you create your retirement plan. View your retirement savings balance and your withdrawals for each year until the end of your retirement. Social Security is calculated on a sliding scale based on your income. Including a non-working spouse in your plan increases your Social Security benefits up to, but not over, the maximum.

One of the biggest risks to a comfortable retirement is running out of money too soon. This calculator helps you determine your projected shortfall or surplus at retirement. You can also see just how long your current retirement savings will last. If your results project a shortfall, you might need to save more, earn a better rate of return, or possibly delay your retirement.

Creating a Roth IRA can make a big difference in your retirement savings. There is no tax deduction for contributions made to a Roth IRA, however, all future earnings are sheltered from taxes, under current tax laws. The Roth IRA can provide truly tax-free growth.

In 1997, the Roth IRA was introduced. This new IRA allowed for contributions to be made on an after-tax basis and all gains (or growth) to be distributed completely tax-free. Since then, people with incomes under $100,000 have had the option to convert all or a portion of their existing Traditional IRAs to Roth IRAs. Beginning in 2008, participants with funds in eligible employer-sponsored plans could also roll those funds directly over to a Roth IRA in a qualified rollover if their income did not exceed the $100,000 threshold. Starting in 2010, all IRA owners and participants in eligible employer-sponsored plans, regardless of income level, are eligible to convert their Traditional IRA and pre-tax funds in an employer- sponsored plan [401(a)/(k), 403(b) and governmental 457(b)] to a Roth IRA. Is this a good option for you? A conversion has both advantages and disadvantages that should be carefully considered before you make a decision. This calculator compares two alternatives with equal out of pocket costs to estimate the change in total net-worth, at retirement, if you convert your Traditional IRA into a Roth IRA.

An IRA can be an effective retirement tool. There are two basic types of Individual Retirement Accounts (IRA): the Roth IRA and the Traditional IRA. Use this tool to determine which IRA may be right for you. Please note, that this calculator should not be used for Roth 401(k) comparisons.

Social Security Benefits 

Do you wonder how much you might receive in Social Security? Use this calculator to help you estimate your Social Security benefits. Remember, this is only an estimate. Your actual benefits may vary depending on your actual work history and income.

Contributing to a traditional IRA can create a current tax deduction, plus it provides for tax-deferred growth. While long term savings in a Roth IRA may produce better after-tax returns, a Traditional IRA may be an excellent alternative if you qualify for the tax deduction.

College Savings 

Having adequate emergency savings can make unforeseen unemployment, auto repairs, medical emergencies, property damage and even legal issues more manageable. With adequate emergency savings, you can focus on how to best meet your family's needs, rather than worrying about finding the money to handle these difficult situations. This calculator helps you determine how much emergency savings you may need, and how you can begin saving toward this important goal.