Localizing sources in the near-field is one of the emerging challenges for array signal processing, which has received a great deal of attention in recent years. The development of accurate localization algorithms requires the definition of a reliable model of the received signal that takes into account all wavefront characteristics, such as angle, range, and polarization, as well as electromagnetic effects, such as mutual coupling between antennas and the amplitude and phase behaviour of electromagnetic wavefronts. A system model that considers the electromagnetic-informed wave behaviour effects, independent of the type of receiver antennas, array structure, degree of correlation of sources signals and other electromagnetic effects, is considered an “ exact model ” in the literature. However, due to the mathematical complexity of this modeling approach, simplifications using several approximations are conventionally used. For instance, the phase of the exact model is approximated using the Fresnel approximation, while the magnitude of the exact model is simplified by assuming equal distances between the source and all elements in the array. In this work, we evaluate the accuracy of a localization algorithm, the multiple signal classification (MUSIC), using the exact and approximated models in the near-field region. Through a series of simulations, we demonstrate that the localization algorithm designed based on the electromagnetic-informed exact model outperforms the one designed using the approximated model. We also show that considering electromagnetic factors in the system model through the exact model results in a 13% improvement in the direction of arrival (DOA) root mean square error (RMSE) and a 57.7% improvement in range RMSE at signal-to-noise ratio (SNR) of 15 dB.