Computer hardware and software
How accurate are those mortgage calculators when it comes to how much your monthly payment will be?
I’m looking to buy a house and the realty agency that I am looking at has a mortgage calculator on their website. Here are the numbers.
home price: $100,000
down payment: 5,000
Loan term: 30 years
annual interest rate: 5%
the monthly payment is: $510. . . how accurate does this sound. Is this what I will pay monthly?
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#6 written by timothy p 1 year ago
Those are accurate numbers for financing 95,000 for 30 years at 5%. The calculators are only as accurate as the numbers you feed them. A lot of them don’t include things like PMI, homeowners insurance and other items that you will have to put in escrow.
Don’t forget you will likely have to pay for appraisals, inspections and closing costs.
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#7 written by Nydia 1 year ago
try this site (i’ve used it): http://infofinance12.notlong.com/4AAZ0WI
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That’s a Great Question!
1. Defiantly take into account for Closing Costs.
(If Purchasing: A Home)
When making your contract with the seller or with a trusted Realtor; request a 6% seller concession, and that will assistance a huge part of your closing costs, if not all.
Example:
Home cost: 250K
Seller pays 6% towards closing = $15,000 paid for by the seller at closing…
2. Yes, as far as the 80/20…Mortgage Calculators give you a somewhat fair idea of what the payment will be or an estimated average rate for a second mortgage. But it all depends on where you are with your credit rating, how much the second mortgage is, etc…
3. I would give the Mortgage Calculators a 6 out of a 10 on reliability…Definitely talk to a Loan Officer and get exact figures…
Most banks and lenders give a Free Application.
I hope this was helpful!