How accurate are online mortgage calculators?
June 2, 2010 by
Filed under mortgage calculator
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?
It is only to be used to get a rough estimate. Your mileage may vary. LOL
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.