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Regular Contributor
FicoPower
Posts: 106
Registered: ‎10-16-2008
0

Accurate Mortgage Calculator?

I have never owned a home and I like the mortgage calculator here, however when I view some home listings for $100,000 for example (since in Nashville a $100,000 home is like a $250,000 home anywhere else) and sometimes the realtor says "yours for only $700 per month!" when the calculator here says $534 per month based on my credit score.  So which is correct and how come the mortgage calculator isn't more accurate?  I assume that the calc is leaving out other important factors that are added into the final price?  That is like when I buy a new car they never include the tax, paper work, and  fees to release the car off of the lot.
Established Contributor
medicgrrl
Posts: 703
Registered: ‎03-23-2009
0

Re: Accurate Mortgage Calculator?

Your realtor is probably giving you an estimate of the total payment.  The calculators typically only give you principal and interest, sometimes PMI also, but the realtor is probably giving you an estimated PITI payment.
Goal: 700 by end of January!!! 7/20/09 EQ 605
6/03/09 EQ 587
5/15/09 Ex 686 TU 653
5/11/09 EQ 628/ TU 639/ EX 656 (81% util.)
5/9/09 EQ 628/TU ?/ Exp ?
3/23/09 EQ 491/ TU 565/ Ex 627
Regular Contributor
FicoPower
Posts: 106
Registered: ‎10-16-2008
0

Re: Accurate Mortgage Calculator?

So calcs are not reliable?
Established Contributor
medicgrrl
Posts: 703
Registered: ‎03-23-2009
0

Re: Accurate Mortgage Calculator?

I have not seen the calculator on this site.  The one I use only gives me the P&I payment.  I prefer that because I am looking at properties both inside and outside the city limit along with short sales.  The calculators can't take into consideration the tax variables.  I find it easiest to use the calcs for P&I and then look the properties tax value up on the county govts website.  This way I have the most accurate payment.  Insurance I just estimate based on my experience.  You could always call your local agent to get an estimate on how insurance runs in your area.

Goal: 700 by end of January!!! 7/20/09 EQ 605
6/03/09 EQ 587
5/15/09 Ex 686 TU 653
5/11/09 EQ 628/ TU 639/ EX 656 (81% util.)
5/9/09 EQ 628/TU ?/ Exp ?
3/23/09 EQ 491/ TU 565/ Ex 627
Regular Contributor
FicoPower
Posts: 106
Registered: ‎10-16-2008
0

Re: Accurate Mortgage Calculator?

Valued Contributor
1111mel
Posts: 1,060
Registered: ‎02-13-2008
0

Re: Accurate Mortgage Calculator?

This one is spot on.....If you know the loan amount, the taxes and the estimated annual insurance it will be spot on.


It matches my actual mortgage exactly once I add the monthly PMI amount to the payment.

 

http://www.realestateabc.com/calculators/PITI.htm

Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09

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