Are those mortgage calculators accurate?

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L

LS20

Banned
Jan 22, 2002
5,858
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calculators arent wrong. your friend probably included escrow payments (tax, insurance, etc)
 
FoBoT

FoBoT

No Lifer
Apr 30, 2001
63,084
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fobot.com
the mortgage is only the interest and principle

you also have to pay property taxes and insurance, so your actual payment will be higher than just the principle/interest that the mortgage calculator answer
 
F

FreshPrince

Diamond Member
Dec 6, 2001
8,361
1
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I use bankrate.com and they're giving me the same results.

looking at the amortization table, you would pay $255,088.98 in total interest at 6.5% for 30 years.

I would advise you to shop for better rates...

@ 5.5% 30-years, your monthly payment would be $1135.58 and you would pay only $208,808.08 in total interest. which is $46,280.90 less than what you would pay @ 6.5%

see if you can get some points off from your lendor...
 
D

DBL

Platinum Member
Mar 23, 2001
2,637
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0
Originally posted by: metalmania
http://finance.yahoo.com/loan/mortgage/...ly_payment/result?p=250000&i=5.76&y=30

Say the loan is $200,000, interest rate 6.5%, 30 years, the calculator gives the result of $1264.14 per month. I don't have a house. My friend said the monthly payment should be much higher than $1,264, close to $2,000 or something.

Please enlighten me.
Click to expand...

You should probably figure in property taxes as well as an upkeep % if this is a house. Of course, you can also likely change your exemptions due to mortgage interest and property taxes, meaning that you are likely to add some $$ to your take-home pay rather than waiting until April to receive a huge refund.
 
I

imported_weadjust

Golden Member
Apr 23, 2004
1,561
1
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Good guestimate for principle, intrest, taxes, and insurance monthly payment is $100 x #1,000's borroowed.

$100 x 200 = $2,000 payment
 
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