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Thread: The reliability of online mortgage calculations

  1. #1
    Join Date
    Jun 2021

    The reliability of online mortgage calculations

    Hi everyone!

    I went to a new-build home orientation with my girlfriend last year. We didn't have enough savings to furnish the house and maybe have a buffer at the time, so this wasn't an option.

    We now have a lot of saving (despite the fact that we are still both living at home) and hope to buy a house that will be completed by the end of next year.

    The mortgage is 265k excluding additional work, which includes, among other things, an extension and a kitchen, among other things. We'll require a 285,000-dollar mortgage.

    We've been in touch with the same advisor as last year, and he says this mortgage shouldn't be a problem (based on our salaries from last year). We've scheduled an orientation meeting for next Friday.

    Now I've been doing some calculations on the internet and I've gotten a variety of findings ranging from 230k to 285k.
    We can now comfortably afford the mortgage because we both live at home and have a cushion of at least $15,000 in the bank after furnishing the house. My girlfriend works 4 to 5 days a week (next year) and we both earn a 2x raise before we get to sit at home.

    Now my question, what are your experiences with the online calculations? Are these just educated guesses, or are they now extremely near to reality? It's a bit of a contradiction, because the counselor sees no issues with securing the mortgage, while the internet calculators find it all to be a bit tight.


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  2. #2
    Join Date
    Jun 2012
    Largo, FL.
    1. You've posted WAYYYY too much information to ask the one simple question.

    2. Not sure why you picked a site for programmers.

    3. But the calculators were built and on the internet for a reason.... To give people a "close" guesstimate."

    Your friendly realtor is the person that you should be in touch with.

  3. #3
    Join Date
    Jan 2018
    Well as this is a c++ forum, here's a c++ program to calculate monthly repayments:

    #include <iostream>
    #include <limits>
    #include <iomanip>
    template<typename T = int>
    auto getNum(const char* prm)
    	const auto notsp {[&]() {while (std::isspace(static_cast<unsigned char>(std::cin.peek())) && std::cin.peek() != '\n') std::cin.ignore(); return std::cin.peek() != '\n'; }};
    	T n {};
    	while ((std::cout << prm) && (!(std::cin >> n) || notsp())) {
    		std::cout << "Not a number\n";
    		std::cin.ignore(std::numeric_limits<std::streamsize>::max(), '\n');
    	std::cin.ignore(std::numeric_limits<std::streamsize>::max(), '\n');
    	return n;
    int main()
    	const auto p {getNum<double>("Enter the principal amount: ")};
    	const auto t {getNum<double>("Enter the annual percentage interest rate: ")};
    	const auto y {getNum<unsigned>("How many years: ")};
    	const auto x {t / 1200.0};
    	double f {1};
    	for (auto s {1 + x}, i {1.0}, n {y * 12.0}; i <= n; ++i)
    		f *= s;
    	std::cout << "Monthly payment is " << std::setprecision(2) << std::fixed << (f * p * x) / (f - 1) << '\n';
    Last edited by 2kaud; 06-18-2021 at 04:36 AM.
    C++20 Compiler: Microsoft VS2022 (17.0.5)

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