In absence of clock synchronization, Two-Way Ranging (TWR) is the most commonly used technique for measuring the distance between two wireless transceivers. The existing time-of-flight (TOF) error estimation model, the IEEE 802.15.4-2011 standard, is specifically based on clock drift error. However, it is insufficient when an in-depth comparative analysis of different TWR methods is required. In this paper, we propose an extended TOF error estimation model for TWR methods, based on the IEEE 802.15.4 standard. Using the proposed model, we perform an analytical study of TOF error estimation among different TWR methods. The model is validated with numerical simulation results. Moreover, we demonstrate the pitfalls of the symmetric double-sided TWR (SDS-TWR) method, which is commonly used to reduce the TOF error due to clock drifts. Index Terms-time of flight (TOF), two way ranging (TWR), analytical model, TOF error model, time of arrival (TOA), time based ranging techniques, indoor positioning