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Field Descriptions & Guidelines
Complete Financial Planning Guide
Master your finances with our comprehensive guide covering loans, taxes, and salary planning.
Home Loans
Mortgage Payment Formula
M = P [r(1+r)^n] / [(1+r)^n - 1]
Where M = Monthly payment, P = Principal, r = Monthly rate, n = Number of payments
Key Factors:
- • Down payment (typically 20% recommended)
- • Interest rate and loan term
- • Property taxes and insurance
- • PMI for loans under 20% down
- • HOA fees if applicable
Car Loans
Auto Loan Considerations
Similar formula to mortgages but with shorter terms
Typically 3-7 years with higher interest rates
Important Factors:
- • Vehicle depreciation (cars lose value quickly)
- • Down payment reduces monthly payments
- • Credit score affects interest rates
- • Sales tax and registration fees
- • Insurance costs (required for loans)
Tax Planning
2024 Tax Brackets
Progressive tax system
10% to 37% based on income
Tax Strategies:
- • Maximize deductions and credits
- • Contribute to retirement accounts
- • Itemize vs. standard deduction
- • Tax-loss harvesting
- • Charitable contributions
Mathematical Formulas & Calculations
Loan Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]
M = Monthly payment
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Total number of payments (years × 12)
Tax Calculation
Tax = (Income - Deductions) × Rate -
Credits
Income = Gross annual income
Deductions = Standard or itemized deductions
Rate = Progressive tax brackets
Credits = Direct tax reductions
Salary Calculation
Net = Gross - (Federal + SS + Medicare)
Gross = Annual salary before deductions
Federal = Income tax withholding
SS = Social Security (6.2% up to $160,200)
Medicare = Medicare tax (1.45% + 0.9% for high earners)
Loan-to-Value Ratio
LTV = (Loan Amount ÷ Property Value) ×
100
LTV = Loan-to-value percentage
Lower LTV = Better loan terms
20% down = 80% LTV (no PMI)
Higher LTV = May require PMI
Financial Tips & Strategies
Expert advice to help you make smarter financial decisions.
Smart Budgeting
50/30/20 Rule
50% needs, 30% wants, 20% savings and debt repayment
Emergency Fund
Save 3-6 months of expenses for unexpected situations
Investment Planning
Dollar-Cost Averaging
Invest fixed amounts regularly regardless of market conditions
Diversification
Spread investments across different asset classes