Realtor payment calculator12/30/2023 ![]() ![]() If you entered in a 20% or higher down payment, it simply ignored PMI. However, their calculator was much more intuitive with regard to PMI. So again, the numbers can get thrown off pretty quickly here as well. Their homeowners insurance estimate seemed fairly accurate for me, in California, but I know other states, like Texas, have much higher rates. While it seems like no big deal, it could easily make or break a borrower. One slight difference was that they calculated property taxes at a rather low 0.75%, as opposed to 1.25%. To me this one was already superior because it included the full PITI mortgage payment. Next up in the search results was Zillow’s mortgage calculator, which included property taxes and homeowners insurance by default. Make sure the calculator you use provides the complete picture to avoid any surprises.While the image on the right is the full housing payment including insurance, taxes, HOA dues, etc.The image on the left is simply the principal and interest payment (mortgage only).Look at the difference in monthly payments once everything is included.Zillow’s Mortgage Calculator Includes Everything It might give you a decent ballpark, depending on your loan and LTV, but people shouldn’t use calculators to get rough estimates. Homeowners insurance is also ignored here, which is mandatory for all mortgagors, so the chances of this calculator being accurate are slim to none. My guess is most users probably won’t see that, or take the time to add the two numbers up to see what their true monthly payment might be with PMI included. It simply displays the monthly cost of the PMI in the details below the total payment. Strangely, when I changed the PMI value, the monthly payment output from the calculator was the same because this calculator doesn’t actually add it to your payment. The PMI thing is a problem because borrowers may not actually have to pay it, so including it by default can throw the numbers off in a hurry. Many people don’t know the first thing about mortgages, and most certainly don’t know what PMI is. ![]() My issue with this calculator is that it assumes the user knows a thing or two about mortgages, which just isn’t the reality. It also assumed a 1.25% property tax rate and 0.5% for PMI. ![]() The first result, which was from a generic mortgage calculator website, asked for a home value, a loan amount, an interest rate, loan term, and start date. These items can potentially double the monthly housing payment in some cases.Such as homeowners insurance, property taxes, and mortgage insurance.In fact, many don’t include very important components of the overall payment.Not all mortgage calculators are created equal.To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs.Mortgage Calculator Results Definitely May Vary These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising. If you prefer that we do not use this information, you may opt out of online behavioral advertising. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. Relationship-based ads and online behavioral advertising help us do that. We strive to provide you with information about products and services you might find interesting and useful. ![]()
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