Should anyone be using internet mortgage calculators? Is it a scam? When i do it wit a pencil, and internet,?
February 12, 2007 · Print This Article
NewarkMyaAce asked:
two of them are wayyy offf. ve been doing ti over and over again. Is the mortgage calculator internet a scam?? Should i trust it? When i do it on paper, it’s pretty accurate. And on the internet, it’s at least DOUBLED and doesn’t make sense, and doesn’t show how.
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two of them are wayyy offf. ve been doing ti over and over again. Is the mortgage calculator internet a scam?? Should i trust it? When i do it on paper, it’s pretty accurate. And on the internet, it’s at least DOUBLED and doesn’t make sense, and doesn’t show how.
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
I’ve used the mortgage calculator at bankrate.com a number of times and it’s always been accurate. Most of the calculators I’ve seen can also generate an amortization table — if you look at the amortization table, you should be able to see if the payments are applied properly.
Try Bankrate.com. The mortgage calculator provide different scenarios depending on what you are trying to accomplish. You may be trying to do an Amortization schedule - which shows payments per month including interest for the number of years the note is financed for.
maybe you should look at a cheaper property. No… you can not just adjust to make the payment fit your budget
usually a scam is someone trying to get something for free out of you, not the other way around
you got a point there. the calculator does not tell you years amortized, compounded period (m1), payment period (m2). This all depends where you live, it can give you a wrong answer. if you live in united state m1=12. if you live in canada m1=2. and it happends that the mortgage payment is monthly so m2=12. if it is bi-weekly it will be m2=26 and then there is year amortized, i was told that it is commonly 25 years. but the local bank said their mortg is 30 years. if amortized year is 30. for monthly payment n=12*30. and therefore we will be asking what is the calculator used?
for $200,000 mortg. in canada we are paying $16 interest per month less. but this is compensated because mortg interest is not income tax deductible here like in united states. anyway. i’m using excel with m1,m2, amortize year input into the formula. i compared the calculated values with the bank calculations. i do not mind paying wrong principal amount but definitely not paying extra interest amount to the bank.