In late summer Mid Oregon upgraded our website at www.midoregon.com to provide a better online experience for our members and the community. Starting with this post we would like to share some of the best improvements and point out ways these can benefit our members or those looking for information. Today’s post is featuring our new Financial Calculators.
Mid Oregon Credit Union members all benefit when more of our members make wise financial decisions. Central Oregon families, organizations and communities also benefit from overall better money management through increasing the tools available. The new financial calculators on midoregon.com are a great new resource!
Our calculators are available to aid in making decisions on loans and savings options. These provide estimates to empower you to make better choices, but you should always contact a Mid Oregon representative to get actual numbers for your situation. Here are the five and some information on their use:
Loan Calculator
This calculator will compute a loan’s monthly payment amount and the total interest paid. Examples for it’s use would be comparing different vehicle financing options of different loan terms, how a larger down payment might reduce your monthly payments and overall interest expense, or might help you decide if taking a zero percent interest auto maker financing option makes sense or should you take the alternative option of cash back with low interest Mid Oregon financing.
Mortgage Refinance Calculator
This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. The most common questions regarding refinancing a mortgage is how long does it take the reduced payments to break even on the closing costs added by refinancing, and will you remain in your home long enough to make it worthwhile. This calculator will tell you how long it would take and the savings you would incur. You can also compare different options such as higher closing costs vs. a larger interest rate reduction.
Debt Consolidation Calculator
This calculator will show you how much you could save if you consolidate your debt. In our free community workshops on credit one of the most common questions we hear is “Should I consolidate my debt?” The answer is rarely obvious. Some of the big factors are will it actually reduce your payments, will you pay it off faster and will you pay less interest. Our calculator allows you to project monthly payments, interest paid and payoff time using different interest rates and lengths of loan, along with other information.
Vehicle Affordability Calculator
This calculator will help you to compute how much car you can afford. Determining how much of a vehicle you can afford to purchase should be based on how much will your budget handle, and how does it fit into your financial goals. Figuring that out is much easier with our Vehicle Affordability Calculator, which allows you to test different scenarios based on your available down payment, the monthly payment you can afford, your trade in value, and different loan factors. Speaking to a Mid Oregon loan officer will help you decide what to expect in qualifying for a loan.
Savings Calculator
This calculator will determine how much you can save over time if you make monthly contributions to your savings account. A component of any good spending plan is to pay yourself first, meaning setting up periodic savings deposits which are taken from your account before you determine your monthly budget. This becomes even more important when you want to save for a future purchase, like a car or home down payment. This calculator allows you to see what different deposit contribution amounts, frequencies,interest rates and timetables do for your savings goals.
Using these calculators can be simple, but determining some of the information to use may not be as easy. Contact us to learn more about how best to apply the calculators and how to determine which factors to use: Through email beheard@midoregon.com, by phone (541) 382-1795 or by visiting one of our offices in Bend, Redmond, Prineville, Madras or La Pine.
