Choosing the Best Financial Calculator

So you’ve decided to take control of your financial future and are ready to make that final leap to purchase your own financial calculator. Congratulations for taking a very important step along the path to financial freedom!

If you try to use a basic, ten-key calculator to figure out how your bank or credit card determines your interest, you’re in for a frustrating experience.  Even if you kept your cheat-sheets in a yearbook with that funky, compound interest equation from those foggy college days, you’ll have to assist your calculator with pen and paper, since basic calculators don’t have the features necessary to complete the complex formula.  (This is one area where even my trusty, TI engineering calculator failed me.)

You need a calculator which can easily calculate the time-value of money with ease: mortgages, investments, and loans.  There’s a fair number to choose from, so what’s the best choice?

The big question: “Which Calculator?”

Many calculators can handle financial functions and some are much easier to operate than others.  I’ve found an informative review of the top four financial calculators used in the Note (seller-financed mortgage) industry.

1. Hewlett Packard 12C –  (the first industry standard workhorse)
2. Hewlett Packard 10B-II –  (complex calculations made simple)
3. Texas Instruments BA-II Plus –  (a few new features, but more keystrokes)
4. Texas Instruments Financial Analyst  –  (oldie but goody, out of production)

HP10B-II

My personal favorite is the HP10B-II.  It is simple enough for the beginner to evaluate bank interest, loan balances and payoff, as well as play ‘what-if’ with retirement accounts.  It also has plenty of complexity for the professional.  In my Note business, I am able to evaluate complex mortgage and trust-deed amortization and balloon payments in a flash, even those with varying interest and payment schedules.

For the full article, go to Note Investor.com

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