Comments on: What is the best way to estimate a mortgage payment? http://MORTGAGEBASICS.INFO/what-is-the-best-way-to-estimate-a-mortgage-payment/ Tue, 22 May 2012 01:18:34 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Quicken Loans http://MORTGAGEBASICS.INFO/what-is-the-best-way-to-estimate-a-mortgage-payment/comment-page-1/#comment-6002 Quicken Loans Wed, 30 Mar 2011 15:08:07 +0000 http://MORTGAGEBASICS.INFO/what-is-the-best-way-to-estimate-a-mortgage-payment/#comment-6002 A lot of mortgage calculators could have assumptions in the fine print - which is why the two estimates are off. I doubt the mortgage company is trying to screw you, they use a pretty standard equation for every person. The taxes are something that's determined by the city you're in - they are property taxes the bank is collecting from you in an escrow to pay the city. Closing costs are paid upon closing, they have nothing to do with monthly payments anyways. If the numbers seem off to you, I would call the bank, and have them explain each cost, and then compare it against the assumptions on one of the mortgage calculators. It's normal for the mortgage calculators to be less accurate because it's not customized to your situation as much. A lot of mortgage calculators could have assumptions in the fine print – which is why the two estimates are off. I doubt the mortgage company is trying to screw you, they use a pretty standard equation for every person.

The taxes are something that’s determined by the city you’re in – they are property taxes the bank is collecting from you in an escrow to pay the city. Closing costs are paid upon closing, they have nothing to do with monthly payments anyways.

If the numbers seem off to you, I would call the bank, and have them explain each cost, and then compare it against the assumptions on one of the mortgage calculators. It’s normal for the mortgage calculators to be less accurate because it’s not customized to your situation as much.

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