What is the most accurate mortgage calculator?

 What is the most accurate mortgage calculator?

Basic calculators ask you to enter:

1. Estimated property value or purchase price
2. Loan amount
3. Interest rate
4. Loan duration

The calculator will then give you the monthly payments. The problem with these calculators is that you need to guess the interest rate and Max loan amount you can get.

The next level of calculators add two important factors: credit and location

1. Estimated property value or purchase price
2. Loan amount
3. Interest rate
4. Loan duration
5. Property location
6. Borrower Credit

Knowing the credit score and the property location could narrow down the results by predicting the interest rate or the max loan amount the Borrower can qualify for.  

But Those calculators assumed that the debt to income ratio and other factors are sufficient to get a loan. To overcome the debt ratio factors, the more advanced calculators have the user add income and expense to narrow down the eligibility factor.

The next level of calculators add two important factors:  Income and expenses and type of properties (SFR, Condo, 2 units, 3 or 4 units)

1. Estimated property value or purchase price
2. Loan amount
3. Interest rate
4. Loan duration
5. Property location
6. Borrower Credit
7. Borrower Income and expense.
8. Type of properties (5-7)

There are variations  of these type of calculators

Affordability Calculator, Refinance calculator, Downpayment calculators, etc.  The websites that purport to offer affordability calculators and other related calculators like refinancing-calculator, down-payment-calculator, etc., don't have a way to display and interact the data on one single calculator. Instead, those websites offer users a list of separate calculators, and the user must enter the data separately on each calculator to get results.

The most accurate affordability calculator is at https://californiamortgagecalculators.com/; it calculates precisely the loan amount and or the interest rate and the monthly payments based on A-Z factors, which are being integrated on one single calculator. Here are all the main factors that determine loan affordability:

1. Estimated property value or purchase price
2. Loan amount
3. Interest rate
4. Loan duration
5. Property location
6. Borrower Credit
7. Borrower Income and expense.
8. Property Condition
9. Cash Reserves
10. Credit Events (Bk, short sale, foreclosure)     
11. Type of Income (Self-employed, wage earner, Social security, mixed-income, etc.)  
12. Verifications   ( Full docs, partial verification, equity/ credit  only) 
13. Cash-out considerations
14. Pre-payment penalties and extensions
15. Extended loan program options ( Construction, Fix N Flip, Bridge loans, etc.) 
16. Subprime Options
17. Equity only Options
18. 2nd loan options
19. Type of properties (10)
20. Other real estates
21. Other Assets
22. Citizenship, green card, foreign borrowers
23. Vesting
24. Population density
25. Speed of funding required
26. Co-Borrowers (Same as A-Z and the effect of combinations among Co-borrowers)

Even the most advanced mortgage calculators  (before Lendersa) are inaccurate and misleading because they are all missing about 15 factors (I-Z above ). Each one of the missing elements could change the affordability and the results the users get.

A-Z's calculation would be limited and not comprehensive enough if done against one lender or a small group of lenders. The solution brought by Lendersa® was to calculate A-Z against hundreds and even thousands of lenders' loan programs.    

The advent of lendersa.com's most powerful mortgage calculator on the internet was possible only with the new technology of inclusive participation of hundreds of lenders. The accuracy of the results is expected to increase as time goes by and more lenders joining in.

Other benefits of Lendersa® Supper Loan Integrated  Qualifier to borrowers are:

1. Quickly change scenarios on one platform in seconds without the need to reenter data or switch to other calculators.
2. Give the option to obtain loan approval or better loan by using lendersa LoanImprove™ Optimization engine
3. Connect with the lenders who have the best loan programs based on the Borrower's loan scenario.
4. Save borrowers financial data and apply it to multiple other loans in the future
5. Save the property profile and use it in the future.
6. Easley combine borrowers and co-borrowers (Important on commercial properties)
7. Easley combine properties for blanket loans
8. Upload documents, spreadsheets, and pictures
9. Calculate commercial and vacant land in addition to residential loans.
10. Lendersa's results are detailed  

Mortgage calculators have not changed until Lendersa breakthrough. If more companies follow suit, it remains to be seen in the meantime, Lendersa® is the only Supper Loan Integrated  Qualifier on the internet.