A mortgage calculator is an essential tool for prospective homeowners, enabling them to estimate their monthly mortgage payments by inputting variables such as loan amount, interest rate, loan term, property taxes, and insurance. By adjusting these parameters, users can assess how different factors influence their payments and overall loan affordability. Utilizing a mortgage calculator aids in financial planning, helping individuals determine a suitable budget for their home purchase and ensuring they are well-prepared for the financial responsibilities of homeownership.