Balance Transfer Calculator
Should I transfer my credit card balances?
You might realize significant monthly interest savings by transferring your higher rate credit card balances to a lower rate credit card. Use this balance transfer calculator to help determine those potential savings. The use of the calculator and outcomes are not credit guarantees.
2024 Federal Taxable Income Brackets and Rates (for returns due in April 2025)
| Income - Single | Income - Head of Household | Income - Married Filing Jointly | Income - Married Filing Separately | Federal Tax Rate |
|---|---|---|---|---|
| $0 - $11,600 | $0 - $16,550 | $0 - $23,200 | $0 - $11,600 | 10% |
| $11,601 - $47,150 | $16,551 - $63,100 | $23,201 - $94,300 | $11,601 - $47,150 | 12% |
| $47,151 - $100,525 | $63,101 - $100,500 | $94,301 - $201,150 | $47,151 - $100,525 | 22% |
| $100,526 - $191,950 | $100,501 - $191,950 | $201,151 - $383,900 | $100,526 - $191,950 | 24% |
| $191,951 - $243,725 | $191,951 - $243,700 | $383,901 - $487,450 | $191,951 - $243,725 | 32% |
| $243,726 - $609,350 | $243,701 - $609,350 | $487,451 - $731,200 | $243,726 - $365,600 | 35% |
| $609,351+ | $609,351+ | $731,201 | $365,601 | 37% |
2023-2024 Average Cost of Colleges & Universities
| Type | Residence | Tuition & Fees | With Room & Board |
|---|---|---|---|
| Public 4yr | Residence: In-state |
Tuition & Fees: $11,260 |
With Room & Board: $24,030 |
| Public 4yr | Residence: Out-of-State |
Tuition & Fees: $29,150 |
With Room & Board: $41,920 |
| Public 2yr | Residence: In-State |
Tuition & Fees: $3,990 |
With Room & Board: $13,960 |
| Private 4yr | Residence: N/A |
Tuition & Fees: $41,540 |
With Room & Board: $56,190 |
Historic Rates of Return 1926-2023
| Inflation | 2.9% | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S. Treasury Bills | 3.3% | |||||||||||
| Long-Term Government Bonds | 5.1% | |||||||||||
| U.S. Large-Company Stocks | 10.3% | |||||||||||
| U.S. Small-Company Stocks | 11.8% |
Social Security Amount
This calculator will estimate your monthly Social Security amount based on the the income(s) and marital status provided. If you would like to override this estimated amount with a different amount, you may do so by entering that amount here.
72(t) Distribution Amounts
IRS Notice 2022-62 provides that taxpayers may use—beginning with payments starting in 2022 or later—the greater of 120% of the applicable Federal mid-term rate, or 5% to calculate 72(t) payments using the Amortization or Annuitization methods.
The RMD method does not use an interest rate.
10-Year U.S. Inflation: Average 1.9%
| Year | Inflation Rate | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2014 | 1.6% | |||||||||||||||
| 2015 | 0.1% | |||||||||||||||
| 2016 | 1.3% | |||||||||||||||
| 2017 | 2.1% | |||||||||||||||
| 2018 | 2.4% | |||||||||||||||
| 2019 | 1.8% | |||||||||||||||
| 2020 | 1.2% | |||||||||||||||
| 2021 | 4.7% | |||||||||||||||
| 2022 | 8.0% | |||||||||||||||
| 2023 | 4.1% | |||||||||||||||
Source: U.S. Department of Labor
Back End Ratio
Also known as the debt ratio, lenders use this ratio, along with the front-end ratio, to determine the maximum loan amount. Debt ratio equals your combined monthly mortgage payment plus any other monthly debt obligations, such as credit cards and alimony, divided by your gross monthly income. Use a back-end ratio of 33% for conservative results and as high as 42% for aggressive results (usually requires excellent credit and a higher down payment).
Front End Ratio
Also known as the housing ratio, lenders use this ratio along with the back-end ratio to determine the maximum loan amount. The housing ratio equals the combined (principal + interest + taxes + insurance) monthly mortgage payment divided by your gross monthly income. For example, a combined monthly mortgage payment of $1,200 divided by gross monthly income of $4,500 equals a housing ratio of 27%. Use a front-end ratio of 28% for conservative results and as high as 36% for aggressive results (usually requires excellent credit and a higher down payment).
RMD Calculations
Note: for the Current Year RMD calculations, the beneficiary's date of birth impacts the calculation only if the beneficiary is the spouse. In situations where there are multiple beneficiaries on the account, use the birthdate of th eldest beneficiary. This follows IRS rules that treat the oldest beneficiary's life expectancy as the basis for RMDs unless separate accounts have been established for each beneficiary by the end of the year following the owner's death.