Is this mortgage calculator accurate???

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I found this mortgage calculator provided by a home builder. This one not only includes Principle and Interest, it also appears to include Taxes and Insurance (although, not sure how accurate).

In the link, click up top on “How much can I afford” and select “Find out how much my monthly payment would be.” And select your state.

http://www.mihomes.com/

Please tell me if this is pretty accurate. It doesn’t add in PMI, instead it breaks it out to two mortgages, 80/20 maybe? But it doesnt tell you what the rate is on the second mortgage.

I’m just trying to figure some things out before I have my credit checked and speak to a loan officer.

Thanks

5 Comments
  1. Reply
    V Theriault
    February 9, 2011 at 6:36 pm

    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!

    Regards,
    FinanceYourWay.com

  2. Reply
    iceman
    February 9, 2011 at 6:52 pm

    It seems about right. Always remember that those are just estimates, in the real world not everything is black and white. Sometimes you can get approved for alot more, sometimes alot less. It will vary from bank to bank and person to person.

  3. Reply
    pokerface00
    February 9, 2011 at 7:20 pm

    That seems ballpark. Here is a more detailed one.

    http://www.freemortgagepro.com/tools/paymentcalculator.htm

  4. Reply
    Yanswersmonitorsarenazis
    February 9, 2011 at 8:03 pm

    I just ran one, it added PMI. I just plugged in $ 200K in for purchase price, no down payment.

    It estimated 1% of purchase price for property taxes. That’s a fair benchmark. Possibly 1.25% in some areas. Their estimating .25% of your purchase price for homeowner’s insurance. I’d go with .35%. Not a huge difference, but some.

    I’m a little suspect of the rates shown though. I don’t believe it’s possible to get 100% in a single loan at 5.875% today, at least not without paying at least 2% origination/discount fees.

    Overall though, it’s not bad. Perhaps slightly on the low side, but it’s in range.

  5. Reply
    RealEsatePro
    February 9, 2011 at 9:00 pm

    Seems a bit overkill, heres a basic one:
    http://www.bestnodocloans.com/calc_payment.asp

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