Frequently Asked Questions
Find answers to common questions about our financial calculators and services.
General Questions
What is PlanMyWallet?
PlanMyWallet is a free financial planning platform that provides calculators and tools to help you make informed decisions about renting, buying, and managing your finances. Our tools are designed to be accessible to everyone, regardless of their financial knowledge level.
Are your calculators really free?
Yes! All our calculators and tools are completely free to use. We believe that financial planning tools should be accessible to everyone, so we don't charge any fees or require subscriptions.
Do you store my financial information?
No, we don't store any of your personal financial information. All calculations are performed locally in your browser, and we don't save any of the data you enter. Your privacy and security are our top priorities.
Calculator Questions
How accurate are your rent affordability calculations?
Our rent affordability calculator uses industry-standard formulas that consider your income, debt-to-income ratios, and typical rental market conditions. While it provides a good estimate, actual rental costs may vary based on location, market conditions, and landlord requirements.
What factors does the home buying calculator consider?
Our home buying affordability calculator considers your income, down payment, credit score, debt-to-income ratio, property taxes, insurance costs, and current mortgage rates. It provides a comprehensive estimate of how much house you can afford.
How does the rent vs buy comparison work?
The rent vs buy comparison analyzes the long-term financial implications of both options. It considers factors like rent increases, home appreciation, maintenance costs, property taxes, and the opportunity cost of your down payment. The calculator helps you understand which option might be more financially beneficial over time.
Can I use these calculators for any location?
Our basic calculators work for any location, but for the most accurate results, you should input local market data like property taxes, insurance rates, and rental costs specific to your area. The rent vs buy comparison includes data for major cities and states.
Technical Questions
What browsers are supported?
Our calculators work on all modern browsers including Chrome, Firefox, Safari, and Edge. We recommend using the latest version of your browser for the best experience.
Do I need to create an account?
No account is required to use our calculators. You can start using them immediately without any registration or login process.
Can I save my calculations?
Currently, we don't offer the ability to save calculations on our platform. However, you can bookmark the page or take screenshots of your results for future reference.
Financial Advice
Should I trust these calculations for major financial decisions?
While our calculators use industry-standard formulas and provide good estimates, they should be used as one tool in your financial decision-making process. We recommend consulting with a financial advisor, mortgage broker, or real estate professional for major decisions.
How often should I recalculate my affordability?
We recommend recalculating your affordability whenever your financial situation changes significantly, such as a new job, salary change, debt payoff, or changes in interest rates. For major purchases, it's good to recalculate every few months.
What's the best debt-to-income ratio for home buying?
Generally, lenders prefer a debt-to-income ratio of 43% or lower, though some may accept up to 50%. However, a lower ratio (36% or less) typically results in better loan terms and more financial flexibility.
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