Difference between various cost estimation tools in AWS

Question

These topics are pretty confusing and different sites have different answers for them.

Can somebody please explain how these below options are used?

Which service should be used to estimate the costs of running a new project on AWS?

• AWS TCO Calculator
• AWS Simple Monthly Calculator
• AWS Cost Explorer API
• AWS Budgets

Answer 1

AWS Simple Monthly Calculator is an easy-to-use online tool that enables you to estimate the monthly cost of AWS services for your use case based on your expected usage. It helps you estimate your monthly AWS bill more efficiently.

AWS Cost Explorer is used to explore and analyze your historical spend and usage.

The AWS Total Cost of Ownership (TCO) Calculator, unlike the previous two tools, has a specific purpose: It is used to compare the cost of your on-premises environment to the cost of an AWS environment. Not only does it allow you to calculate the various cost savings you’ll experience when moving to the cloud, it also provides detailed reports that can be used for presentation purposes.

AWS Budgets allows you to monitor your cloud costs and usage, as well as utilization and coverage for your purchased Savings Plans and Reserved Instances. You can receive notifications when costs and usage exceed (or are forecasted to exceed) your budgeted thresholds, and/or when your utilization or coverage falls under your target thresholds.