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 can assist in budgeting and understanding what they can afford. These calculators can also provide insights into the total interest paid over the life of the loan and the impact of making extra payments. Many online financial websites offer free mortgage calculators, making it easy for anyone to access this valuable information before making a home purchase.