Are Mortgage Calculators Accurate? A Guide to Understanding Their Use and Limitations
Introduction The first of many tools you will likely come across in buying a new home or refinancing your mortgage is the mortgage calculator. These basic, online calculators can quickly give an estimate of the monthly payments, allow you to budget for a new home, and give a big-picture look at your financial commitment. But just how accurate, really, are mortgage calculators? Can the numbers they give you be trusted, or should it be looked at as just a rough estimate? Don’t let opportunities slip through your fingers! Accuracy of the Mortgage Calculator In this article, we discuss how correct mortgage calculators are, how they work, and what one needs to know to get results that have maximum reliability. We'll also give actionable tips to make sure you use these tools correctly so you can be sure you are making informed decisions about your mortgage and real estate goals. What Is a Mortgage Calculator? But before looking at their accuracy, let's define what a mortgage calc...