A variety of mortgage calculators are available on the web. Anawise.com offers several useful calculators that can assist you in answering different kinds of mortgage questions.
Mortgage calculators have several advantages:
1. Provide quick answers to easy mortgage related calculations
2. Allow you to model multiple scenarios and loan combinations
Disadvantages:
Several mortgage calculators on the web are inaccurate. The underlying math in building the calculators is often faulty, leading to erroneous answers. Users should be especially cautious about following types of mortgage calculators:
1. Rent vs. Buy: Most rent vs. buy don't consider the time value of the difference between the monthly mortgage payments and rent payments. The tax advantage of owning a home is often erroneously calculated, and is often overstated.
2. Loan comparison calculators: Most loan comparison calculators don't consider the time value of investing the difference between the payments on different loan options.
3. Mortgage tax calculators: Several websites attempt to calculate the tax advantage of buying a home, and do so based on the marginal tax rate inputted by the users. In reality, most users don't know their marginal tax rate, which is the tax rate on their taxable income. These calculators don't assume the difference between the taxable income calculated using itemized deductions and taxable income calculated using standardized deductions, as the tax advantage of buying a home, and thus, overstate the benefit of buying a home. This is so because, even without the purchase of a home, all tax filers are entitled to standardized benefits, thus, the true tax benefit of buying a home is only determined by the difference between itemized and standardized deductions.
Our advice is to use mortgage calculators cautiously for a quick reference only. For a complete, thorough and accurate end to end analysis of your home purchase, we encourage you to create a report at www.anawise.com by logging in.
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