A mortgage calculator is an online tool that helps you estimate your monthly mortgage payments based on the principal amount borrowed, the annual interest rate, and the loan term (number of years). It can also provide you with an estimate of how much interest you will pay over the life of the loan.
To use the mortgage calculator, you input the home's purchase price (home price), your down payment, the loan term (typically 15 or 30 years), and the interest rate. The calculator then calculates your monthly payment based on these factors.
A mortgage calculator can be a helpful tool when you are trying to determine how much you can afford or when you are comparing different mortgage options. However, keep in mind that it is only an estimate and your actual mortgage payment may be different based on other factors, such as lender-specific requirements.