I ask because i have just used a mortgage calculator online and they have worked out this:

To borrow £100,000.00 over a term of 15 years at a monthly calculated interest rate of 4.89% gives:

Repayment Mortgage Monthly Repayment £785.08

and

Interest Only Monthly Repayment £407.50

Thanks for any help.

You will probably be not too surprised to learn, that in that feather-bedded, backward industry called banking, they are using different formulas to calculate the same things and percentages mean different things to different people.

I have put in 3 equations in my calculator and usually one of them agrees with the figures quoted by lenders.

The chaos is due to the fact that in the days before the introduction of electronic calculators, it was only practical to use approximate formulas which were easier to calculate. Some banks still use them while others have changed to the mathematically correct formulas.

The incorrect formulas survive because the Americans (who as you know are the most backward people on Earth, except in war machines) use them. Also Excel. As you know the Americans still use bushels and gallons and barrels etc.

(I suppose I had better get ready now for a flood of insults from the country of free speech, if it is not an oxymoron)

Here’s some more information on Super Jumbo Mortgage Rates:

https://www.wellsfargo.com/mortgage/rates

and if you don’t mind submitting some of your own info, this is a good rate calculator:
http://www.bankrate.com/funnel/mortgages/

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I’m looking to buy a house and the realty agency that I am looking at has a mortgage calculator on their website. Here are the numbers.
home price: $100,000
down payment: 5,000
Loan term: 30 years
annual interest rate: 5%
the monthly payment is: $510…how accurate does this sound. Is this what I will pay monthly?

Those are accurate numbers for financing 95,000 for 30 years at 5%. The calculators are only as accurate as the numbers you feed them. A lot of them don’t include things like PMI, homeowners insurance and other items that you will have to put in escrow.

Don’t forget you will likely have to pay for appraisals, inspections and closing costs.

http://businesscompassllc.com All the interest rate calculations in an easy to use app!

Interest Rate -

Simple Interest
Compound Interest
Effective Annual Rate (EAR)
Effective Annual Cost (EAC)
Nominal/Real Interest Rate
APR

To find more about this app, please visit http://businesscompassllc.com.

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I found this mortgage calculator provided by a home builder. This one not only includes Principle and Interest, it also appears to include Taxes and Insurance (although, not sure how accurate).

In the link, click up top on "How much can I afford" and select "Find out how much my monthly payment would be." And select your state.

http://www.mihomes.com/

Please tell me if this is pretty accurate. It doesn’t add in PMI, instead it breaks it out to two mortgages, 80/20 maybe? But it doesnt tell you what the rate is on the second mortgage.

I’m just trying to figure some things out before I have my credit checked and speak to a loan officer.

Thanks

Great question!
1. Defiantly take into account for Closing Costs.
(If Purchasing: A Home)
When making your contract with the seller or with a trusted Realtor; request a 6% seller concession,
and that will assistance a huge part of your closing costs, if not all.
Example:
Home cost: 250K
Seller pays 6% towards closing = $15,000 paid for by the seller at closing…
2. Yes, as far as the 80/20…Mortgage Calculators give you a somewhat fair idea of what the payment will be or an estimated average rate for a second mortgage. But it all depends on where you are with your credit rating, how much the second mortgage is, etc…
3. I would give the Mortgage Calculators a 6 out of a 10 on reliability…Definitely talk to a Loan Officer and get exact figures…
Most banks and lenders give a Free Application.

I hope this was helpful!

Regards,
FinanceYourWay.com