A mortgage calculator is a tool that helps individuals estimate their monthly mortgage payments. By inputting details such as the loan amount, interest rate, and loan term, users can see how much they will need to pay each month. This can assist in budgeting and financial planning when considering a home purchase. In addition to monthly payments, a mortgage calculator can also provide insights into the total interest paid over the life of the loan and the overall cost of the mortgage. This information is valuable for making informed decisions about home financing options.