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• If you plan to buy a house and would like an estimate on your monthly mortgage payments, a mortgage calculator can be a great starting point. Although it's not a substitute for consulting a financial adviser, it can give you guidance before doing so. A mortgage calculator can also allow you to play around with numbers by changing different factors and see how it impacts the mortgage. This allows you to compare different mortgages or can also give you some guidance on how much you can afford to pay for a house.

• The purpose of a mortgage calculator is to estimate the monthly payments based on a variety of factors. The main factor is the balance or principal (the prize of the house minus the down payment), the interest rate and the years during which the loan will be amortized. A mortgage calculator allows you to easily change these to see what the effect will be on your payments. If you do not know all of the factors, you can estimate them.

• Mortgage calculator can be purchased and used like a regular calculator. Most mortgage calculators, however, are found online. Major newspapers, financial institutions and other companies provide online mortgage calculators.

1. Mortgage calculators will differ in the variables they allow you to change. The best mortgage calculators allow you to change a variety of variables.

• Enter the balance or principal, the interest rate of the loan and the years during which the loan will be amortized.

1. Some calculators allow you to enter several other factors as well, such as mortgage insurance payments or property taxes.
2. If you don't yet know the term of the mortgage, enter 30 years, since that is the most common type. There are also longer loans (typically 40 years) and shorter ones.
3. Be aware that the mortgage calculator is an estimate and your monthly mortgage payments can differ from the amount given by the calculator.
4. Verify the result with at least one more mortgage calculator.