I'm trying to learn to evaluate a deal by playing around with numbers with bunch of properties. I've noticed that the mortgage amount on BiggerPockets is always lower than number generated by https://www.mortgagecalculator.com . Do you know if one is more reliable than the other? (I've been using the same numbers, same interests, etc)
Anyone else did that compare and noticed the gap? I'm personally getting 208.64 difference for those numbers:
- Mortgage Calculator.com: 1496.64
- BiggerPocket report: 1288.30
Here is the BiggerPocket Rental report for the simulation:
@Sandro Tchikovani the principal and interest amount should be almost identical but some calculators add in insurance and taxes that can vary widely between different areas so the calculators rely on your input.
@Ken Naim, you seem to be correct. On the mortgage calculator, I've set to 0 the property taxes, insurance etc, and the mortgage amount actually now matches perfectly the amount generated by BiggerPocket report.