A mortgage calculator is a financial tool used to estimate monthly mortgage payments based on various factors like loan amount, interest rate, and loan term. Users input these details, and the calculator computes the approximate monthly payment, including principal and interest. It helps prospective homebuyers or current homeowners assess affordability and plan their budgets. Additionally, some mortgage calculators provide insights into how different variables, such as down payment size or interest rate fluctuations, impact monthly payments and total loan costs. These tools are commonly available online through banks, financial institutions, and real estate websites, offering convenience and accessibility for users.
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