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I use this calculator to determine how much interest I will owe on my mortgage and I also used it as a tool to see how much I would save if I refinanced by entering my current rate and new rate as well as my timeline for paying off my debt.
Great tool for new investors to see that generally, the money you invest does increase over a long period of time. Over any 10 year period, your money will have grown more than if you had left it in a bank earning almost no interest. This can also be used as a fun tool to see how much you would have made if you had invested a certain amount of money between a certain time period.
I use this tool very often to help me see the power of compounding interest work it’s magic on regular investments I am making.
If you know of any good calculators that you like, comment below and I’ll take a look.