Disclaimer for Mortgage Calculator Please read and agree with the following disclaimer before using this mortgage calculator: This calculator is for informational purposes only. The results and data provided do not constitute an offer to lend money or a guarantee of a particular interest rate or a particular amount of money that you will be able to borrow and the exact rate and monthly payment will be based on a variety of factors. The accuracy and applicability of the calculator to your own circumstances may vary. Therefore, you should always consult with a qualified professional before making a decision. Loan Amount: Years: Interest Rate: Monthly Payment: $ function calculate() { var principle = document.getElementById('principle').value; var years = document.getElementById('years').value; var rate = document.getElementById('rate').value; // calculate the monthly payment var monthlyRate = rate / 100 / 12; var monthlyPayment = principle * monthlyRate / (1 - (Math.pow(1 / (1 + monthlyRate), years * 12))); var completePayment = monthlyPayment * (years * 12); // set the monthly payment in the HTML document document.getElementById('payment').innerHTML = monthlyPayment.toFixed(2); document.getElementById('completePayment').innerHTML = completePayment.toFixed(2); } calculate(); Understanding a Disclaimer for Mortgage Calculators Mortgage calculators, available both online and as a downloadable app, can be a great way to get an estimate of the cost of a loan and make plans for repayment. Even though these mortgage calculators can be helpful, you should always read the associated disclaimer in order to understand the limitations and any other important information. Here we provide an overview of what a mortgage calculator disclaimer is and why it is important to read before using the calculator. What is a Disclaimer for a Mortgage Calculator? A mortgage calculator disclaimer is simply a statement that provides information about a particular calculator. While the exact details may vary from one calculator to the next, the basic idea is to provide sufficient information on the website or application so that the user knows the exact limitations and context of the mortgage calculator before using it. Some information you may find in a mortgage calculator disclaimer includes: A description of the calculator and what it does An explanation of the purpose of the calculator and what it cannot do A disclaimer on the accuracy of the estimates and that actual costs or loan amounts may be different Support information on who to contact for more details and help When using a mortgage calculator, it’s important to read the associated disclaimer. This will help you understand the limitations of the calculator and the purpose of the results. Without a full understanding of the calculator and the disclaimer, the results may not be accurately applied to your situation. Important Things to Look Out For When reviewing a mortgage calculator disclaimer, one of the most important things to look out for is the accuracy of the results. It’s never a bad idea to get a second opinion before making any house buying decisions, and by reading the disclaimer you can know what to expect from the calculator. Some disclaimers even state that the calculator should only be used for entertainment purposes, which can help you understand that you should look for other sources of information to use when making financial decisions. Another important thing to look out for in a mortgage calculator disclaimer is who is responsible for the errors. A reputable financial institution will always be clear on who is responsible for any errors or miscalculations that could occur. They should also provide you with a way to report any issues or questions you find while using the calculator. Real-World Examples Let's take a look at a couple of real-world examples of mortgage calculator disclaimers. The first example comes from Bank of the West. In the disclaimer, Bank of West explains that the calculator is used to collect information from the user and give general information on estimated loan amounts. They also clearly indicate that the estimated loan amounts may not be the same amount that an individual is able to borrow, and that they should contact a qualified loan officer for actual loan amounts. They also provide the contact information for their loan officers to assist with questions. The second example comes from NuMark Credit Union. NuMark states in the disclaimer that the calculator is provided for estimating purposes only, and that it should not be used as the sole factor in making financial decisions. The disclaimer also points out that the calculator may not reflect special offers or member discounts that may apply to certain loan amounts, and that it's always best to contact the credit union before committing to any loan. Final Thoughts on Disclaimers for Mortgage Calculators When using a mortgage calculator, it’s important to read the associated disclaimer in order to have a full understanding of the calculator and its limitations. Disclaimers will usually state who is responsible for any errors or inaccurate information, as well as provide more information on the calculator's purpose and estimated results. By reading a mortgage calculator disclaimer, you can make sure that you’re getting an accurate idea of the potential loan amount and understand the limitations of the calculator.