How Accurate Is A HRM?

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I'm currently restarting my Jillian Michaels Ripped in 30 DVD, last time I completed the DVD i didn't have a heart rate monitor and had to guess the amount of calories i burnt in the 25 minute circuit training levels.

This time I have a HRM but how accurate would you say they are? For 25 minutes, its giving me an average of 250 calories burnt for level 1 and decreased to 220 for level 4 as the cardio is intense but its more strength in my opinion.

If you compare this is the Banish Fat Boost Metabolism workout, 50 minutes long, I apparently burn 450 calories - so this does seem about right.

Anyone else believe their HRM word for word? And also, do you record your heart rate after the cool down or immediately after you've finished your workout?

Thanks guys!