Benefits of the Zillow Mortgage Calculator

If you have used the Web to get answers to your real estate purchase and refinancing questions, you have encountered a number of online mortgage calculators. Most are quite helpful to estimate potential monthly payments, mortgage amounts for which you qualify and offer assistance get you prequalified by mortgage lenders.

You may have also noted that not all online mortgage calculators are created equal. Like all other products and services, some mortgage calculators are better than others. One excellent example is the Zillow mortgage calculator.



For those unfamiliar with Zillow, it is one of the most visited real estate data base websites on the Internet. Founded in 2005, by two former Microsoft executives, who are also the creators of the travel site, Expedia, it is somewhat different from other real estate valuation organizations. For example, they do not disclose the factors or algorithms they use to estimate real estate values. This decision to maintain some “mystery” has generated some criticism of their methods and techniques.

Yet, Zillow continues to attract homeowners, buyers, real estate professionals, and, of course, its critics, in large numbers. The Zillow mortgage calculator is one of the website’s most useful features. This tool is amazingly simple to use.

Its simplicity makes this online calculator fast, easy and relevant. For new home buyers and those wanting a lightning fast estimate of principal, interest, taxes, and insurance (PITI), the Zillow mortgage calculator is highly satisfying.

At first glance, this online tool may appear to be too simple to be relevant in some cases. Not true. For example, it calculates your PITI by making assumptions using the best fixed and adjustable rates in the market with monthly real estate tax and insurance estimates based on built-in factors, e.g., monthly tax allocation based on 1.1 percent of a home’s estimated value.

However, fear not. You need only click on the highlighted word “advanced.” If your projected real estate taxes are higher or lower than the built-in factor, you can quickly change the assumption. You will instantly receive an updated estimate of PITI for your new mortgage. Simple.

The Zillow mortgage calculator will blow away your pencil, paper and solar calculator for both speed and accuracy. Remember, however, that, while the math is fast and accurate, you are receiving only an estimate. Mortgage rates, taxes and other factors can change dramatically and quickly between the date you estimate your PITI and receive mortgage approval.

7 years ago by in Zillow | You can follow any responses to this entry through the RSS feed. You can leave a response, or trackback from your own site.
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