What is the best Mortgage Calculator?

Question

What's the most accurate Mortgage Calculator for analyzing deals?

Joe Funari · Answer

@William Strickland I recommend to my clients to use bankrate.com PITI calcluator. Its simple and easy to adjust the numbers. https://www.bankrate.com/mortgages/mortgage-calculator/

But as @Chris Seveney suggested garage in and garage out when it comes to any calculator you use. So make sure you have accurate date. Especially when it comes to annual property taxes and annual landlord insurance policies.

Chris Seveney · Answer

@William Strickland

Calculate deals you can use a simple calculator, the issue is typically never the calculator but the data that is input into the calculator

Garbage in = garbage out and this is where experience and knowledge come into play.

Kristine Ann · Answer

Hi @William Strickland

In my opinion, the best mortgage calculator is the one you create yourself in excel (or google sheets).  That way, you understand all the moving parts and can add the specific data you want to evaluate.

Bill B. · Answer

If you just want to calculate a mortgage payment that’s a free function of 10’s of not 100’s of free apps for your phone/tablet. If you’re looking for a deal analyzer look at BP’s version.

JD Martin · Answer

Also, the mortgage is virtually unimportant when analyzing a deal anyway. The only cost the deal needs to absorb that's relevant is the interest, and even that is really just the delta between the actual interest paid and the tax savings on that interest on your federal return.

In other words, the deal should pencil whether you finance it or pay cash for it.

What is the best Mortgage Calculator?

Most Popular Reply