Are mortgage calculators accurate?

J

Joe Nonety

Registered User
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418
I've tried a few different mortgage calculators e.g. http://www.myhome.ie/calculators/mortgage where I enter the original mortgage principle, the term (in years) and my current interest rate and the figure I get is less than what I'm actually paying (I adjusted for house insurance and TRS).

I've also got a similar mortgage calculator in an excel sheet which is consistent with the above one.

Before I cry foul to my bank about being overcharged, I was wondering if these calculators give accurate figures for anyone else?
 
I enter the original mortgage principle, the term (in years) and my current interest rate
Click to expand...

That would only work for the first payment or if the interest rate had not changed. When the interest rate fluctuates, the amount you owe today would be different.

Use the current balance instead of the original amount.
Use the time left on the mortgage instead of the original term
And use the current interest rate.

Brendan
 
Ok thanks. That makes more sense!
Although my monthly payment has remained the exact same since the last interest rate fall, even though the balance and time left on the mortgage in months has changed, so you'd think that changing these 2 variables would cause the monthly payment figure to change slightly as well.
 
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