HRMs are not accurate for calculating calories burn - all methods are just estimates. The earlier Garmin models (like the 305) are notorious for overestimating, the newer ones are more realistic but still an estimate. I did 11 miles this morning at about 14mph, Sporttracks gives me 422 cal using some calculation based on trying to estimate the power, my Garmin 800 gives me 635, a calorie tracking website gives me 521. They're all reasonably close so I tend to think it's about right. My Garmin 705 estimated 954 when I did the same ride a couple of months ago.