It is soooo important to know that when shopping for a mortgage using a mortgage calculator, that the calculations are accurate. I recently had a borrower coming up with different payment options that never seemed to coincide with the figures that I used, even if we used the same rate. The reason being is that when he was punching in the numbers, the online mortgage calculator wasn’t properly calculating the taxes or the PMI properly which could make a HUGE difference in the payments.
In the case mentioned above, we were off by nearly $250/mo each equation. So let that be a reminder to you, that the best, most efficient way to get payment options is through your mortgage professional. That’s what they are there for. No need to let some flimsy calculation on the internet lead you to a house payment that in the end may be too high for you to pay, when all you have to do is ask your trusted advisor. That’s what they’re there for! I’m happy to help!