A mortgage calculator is like a magic box that helps you figure out how much money you will have to pay for your house every month. When you want to buy a house, you usually don't have all the money to pay for it at once, so you borrow money from a bank or a lender. And then you have to pay back the money you borrowed little by little every month, for a long time, usually 15 or 30 years.
But you don't want to just blindly start paying money every month without knowing exactly how much you will have to pay every time. This is where the mortgage calculator comes in. It helps you figure out how much money you will have to pay based on three main things:
1. How much money you borrowed (also called the "principal")
2. How long you will be paying back the money (also called the "term" or "duration")
3. How much interest you will have to pay (also called the "interest rate")
The mortgage calculator takes these three things and calculates how much your monthly payment will be. It also tells you how much of your payment will go towards paying off the principal, how much will go towards paying off the interest, and how much you will have left to pay off in the future.
So, you don't have to do any math by yourself. All you have to do is enter the numbers into the calculator and it will tell you everything you need to know. And this is very helpful when you are trying to figure out how much house you can afford, or when you are comparing different loan options from different lenders.