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Are online mortgage calculators helpful?

April 26, 2017calculators helpful mortgage online

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Are online mortgage calculators helpful?

2 Answers

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Although online mortgage calculators can be helpful to show you how increased interest rates and/or down payments can affect your monthly payment, there are many closing costs and points that are not included in those calculations. In addition, online calculators that we have seen do not calculate APR which is the only way for you to truly compare the cost of one loan with another, nor do they show taxes and insurance costs.

0

Posted

Although online mortgage calculators can be helpful to show you how increased interest rates and/or down payments can affect your monthly payment, there are many closing costs and points that are not included in those calculations. In addition, online calculators that we have seen do not calculate APR which is the only way for you to truly compare the cost of one loan with another, nor do they show taxes and insurance costs or mortgage insurance (if applicable.