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moonlithaze
LIF Adolescent
Member since 5/06 667 total posts
Name:
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Mortgage Calculators
Are they accurate?
I've tried figuring out the mortgage on a house I like by myself and it came up $461 more than what the mortgage calculator is telling me.
I am using this one Mortgage Calculator
Thanks for your help.
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Posted 2/19/14 2:38 PM  |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Mortgage Calculators
I think you have to adjust the variables. Like the default had 1.2% taxes. I had to change that to 3% to come close to what my mortgage payment actually is.
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| Posted 2/19/14 2:56 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Mortgage Calculators
Posted by ElizaRags35
I think you have to adjust the variables. Like the default had 1.2% taxes. I had to change that to 3% to come close to what my mortgage payment actually is.
Exactly this - I used 3% and it calculated my mortgage payment almost to the dollar
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| Posted 2/19/14 3:00 PM |
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moonlithaze
LIF Adolescent
Member since 5/06 667 total posts
Name:
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Re: Mortgage Calculators
Posted by ElizaRags35
I think you have to adjust the variables. Like the default had 1.2% taxes. I had to change that to 3% to come close to what my mortgage payment actually is.
I changed the variables but I put in what they would be after the Star Program. Should I use the original tax amount?
Thanks for your help 
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| Posted 2/19/14 3:01 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: Mortgage Calculators
I use this and it's pretty close. mortgage calculator
just take out the PMI and taxes. I add those in myself.
To get the PMI (if you're putting down less than 20%) take the total loan amount (minus down payment), multiple that by .013, then divide that number by 12.
taxes...just divide by 12.
homeowners insurance averages about $100.
so those 3 things need to be added to the mortgage amount.
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| Posted 2/19/14 3:02 PM |
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moonlithaze
LIF Adolescent
Member since 5/06 667 total posts
Name:
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Re: Mortgage Calculators
Thanks everyone, this is very helpful info. Just one question about the property taxes. If the house is $350,000 and taxes are $7,878 would the taxes be 2.3%?
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| Posted 2/19/14 3:10 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: Mortgage Calculators
Posted by moonlithaze
Thanks everyone, this is very helpful info. Just one question about the property taxes. If the house is $350,000 and taxes are $7,878 would the taxes be 2.3%?
i'd say 2.25% to be exact.
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| Posted 2/19/14 3:20 PM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: Mortgage Calculators
Look for a PITI calculator. (Principal, Interest, Taxes, and Insurance). You can input dollar amounts instead of percentages. I like the ones on www.bankrate.com
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| Posted 2/19/14 8:47 PM |
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