Although quantum computers are capable of solving problems like factoring exponentially faster than the best-known classical algorithms, determining the resources responsible for their computational power remains unclear. An important class of problems where quantum computers possess an advantage is phase estimation, which includes applications like factoring. We introduce a computational model based on a single squeezed state resource that can perform phase estimation, which we call the power of one qumode. This model is inspired by an interesting computational model known as deterministic quantum computing with one quantum bit (DQC1). Using the power of one qumode, we identify that the amount of squeezing is sufficient to quantify the resource requirements of different computational problems based on phase estimation. In particular, we can use the amount of squeezing to quantitatively relate the resource requirements of DQC1 and factoring. Furthermore, we can connect the squeezing to other known resources like precision, energy, qudit dimensionality, and qubit number. We show the circumstances under which they can likewise be considered good resources.