A mortgage calculator is a tool that helps potential homebuyers estimate their monthly mortgage payments. By inputting details such as the loan amount, interest rate, and loan term, users can see how these factors affect their payments. This tool is useful for budgeting and understanding the financial commitment involved in purchasing a home. In addition to monthly payments, many mortgage calculators also provide information on total interest paid over the life of the loan and the overall cost of the mortgage. This allows users to compare different loan options and make informed decisions about their home financing.