You are right at this point. However, if we consider only chances of a given candidate being admitted to a given school, the calculations are useful for not the particular applicant but the admission committee. I mean, if I want to know my chance, the calculation does not give me special considerations, which loses its point...
That is what makes it unlikely to give you a perfect result--the unavailability and variation of those numbers (while # of admitted students may remain relatively stable in the near future, fundings open for students vary greatly ...)