The homogeneous mixture method (HMM) is a popular class of models used in the computational prediction of cavitation. Several cavitation models have been developed for use with HMM to govern the development and destruction of vapor in a fluid system. Two models credited to Kunz and Schnerr–Sauer are studied in this paper. The goal of this work is to provide an assessment of the two cavitation submodels in their ability to predict cavitation in nozzle flow. Validation data were obtained via experiments which employ both passive cavitation detection, (PCD) via acoustic sensing and optical cavitation detection (OCD) via camera imaging. The experiments provide quantitative information on cavitation inception and qualitative information on the vapor in the nozzle. The results show that initial vapor formation is not predicted precisely but within reason. A sensitivity analysis of the models to input parameters shows that the Schnerr–Sauer method does not depend upon the estimation of nuclei size and number density. Small changes in the vapor formation rate but not the total vapor volume can be seen when weighting parameters are modified. In contrast, changes to the input parameters for the Kunz model greatly change the final total vapor volume prediction. The assessment also highlights the influence of vapor convection within the method. Finally, the analysis shows that if the fluid and nozzle walls do not support nuclei larger than 40 μm, the methods would still predict cavitation when indeed there would be none in practice.