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Credit Union Calculators FAQ
- What can a member calculate?
- What can the "What If?" feature answer?
- Can you create multiple links?
- How does installation work?
- Is it easy to use?
- How does the "What If" option save re-keying?
- Do the Credit Union Calculators include payment schedules?
- How do the Calculators stay current?
- Are Credit Union Calculators affordable?
- How can my staff use the Calculators?
What can a member calculate?
Mortgages -clarify early mortgage decisions with calculators that check budgets and compare costs:
- How much house do I qualify for?
- How much house does a given monthly payment buy?
- What's the monthly payment?
- Will refinancing save money?
- Compare monthly and biweekly payments?
Auto -make sure members know what they can afford, and help them pick the best financing option.
- How much car can I afford?
- What would my monthly payments be?
- Which loan costs more?
- Should I lease or purchase?
- Take the rebate or the special financing?
Savings -make sure members are saving enough to reach their goals:
- What would my savings be worth?
- When will my savings goal be met?
- How long to become a millionaire?
Loans -help members manage their debts:
- Paying off a charge account
- Paying off a loan
- Simple monthly payment calculator
What can the "What If?" feature answer?
The Credit Union Calculators "What If" feature makes these calculators more useful to members by giving them scenario options. Members don't need to create several different options on their own. They're given several "What If" options after they input their desired option. Members will save time and appreciate the ease of use of your calculators.
Can you create multiple links?
Link to the entire suite of Credit Union Calculators or any sub-section from as many places on your site as you like.
How does installation work?
We create a calculator page to match your site. We test the page and make adjustments until you're satisfied. Then, your credit union (or Web site host) links to this page from news, navigation bars, graphics, or basic hypertext throughout your site. Once installed, we maintain and update the calculators.
Is it easy to use?
These calculators are simple to complete. If a member hits "Calculate" before entering the required information, a message pops up to offer direction. For detailed calculations, members have the option of entering a rough estimate or completing an online worksheet to find a precise amount.
How does the "What If" option save re-keying?
Most of our calculators offer a "What If" tab, which displays tables of results based on variables such as loan term, rate, and down payment, saving your members from clearing out the calculator and entering new values.
Do the Credit Union Calculators include payment schedules?
These calculators offer more than just an answer; for loans, they generate payment schedules showing such details as payment amount, remaining amount owed, principal paid, interest paid, and cumulative interest paid.
How do the Calculators stay current?
Savings calculators invite members to use the current consumer or producer price index to compute the effects of inflation. We load current rates each weekday for you.
Are Credit Union Calculators affordable?
A suite of online calculators from other vendors can run as high as $13,000 annually. If you have a programmer on-staff, you know that creating, maintaining and updating default data daily would involve hundreds of hours. Since CUNA can share the cost of creating and maintaining calculators across all our subscribers, you save. This suite of 16 Credit Union Calculators is only $850 annually, including installation.
How can my staff use the Calculators?
Credit Union Calculators are not just for members. After you introduce these calculators to your staff, they'll find many uses in their one-on-one contact with members.
To get your staff interested in using calculators, demonstrate them at a staff meeting. Then hold a contest-invite staff to complete the "What would my monthly auto payments be?" calculator using the defaults, but entering your credit union's current new car rate. Draw a winner from the correct entries.
Here are just a few ways your staff can use online calculators:
- Alert all members inquiring about mortgages to the online calculators
- Walk first-time home buyers through "How much house do I qualify for?" and print off results and "What If" options
- In your auto lending promotions, steer members to the "Take the rebate or the special financing?" calculator to demonstrate how your loan can beat low-rate dealer financing
- Introduce the savings calculators at retirement and college planning seminars
- Use in one-on-one meetings with members to illustrate options by selecting the "What If" tab
