Monday, November 22nd, 2010
How accurate are online mortgage calculators?
accuratepayment
How accurate are those online mortgage calculators like this one: http://www.mortgage-calc.com/mortgage/simple_results.html? I know this one is pretty basic, but can i expect to pay pretty close to what the calculator spits out?
You will pay exactly what the mortgage calculator pops out. However there are a couple things to look out for. Many mortgage calculators assume you are putting 20% down. So make sure you change the amount you are putting down.
Also keep in mind that the payment that is spit out is simply for the principle and interest of a mortgage payment. You also have to include property taxes, hazard insurance, and possibly Private Mortgage Insurance.
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Topics: Online Mortgages |
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It is only to be used to get a rough estimate. Your mileage may vary. LOL
References :
You will pay exactly what the mortgage calculator pops out. However there are a couple things to look out for. Many mortgage calculators assume you are putting 20% down. So make sure you change the amount you are putting down.
Also keep in mind that the payment that is spit out is simply for the principle and interest of a mortgage payment. You also have to include property taxes, hazard insurance, and possibly Private Mortgage Insurance.
References :
Loan Officer licenses in Ohio, Michigan, and Indiana.