A mortgage is typically the largest financial commitment an individual or family will make, and understanding the monthly cost is the first step in the home-buying journey. The Mortgage Calculator is a specialized tool that helps prospective buyers estimate their monthly mortgage payment. This payment usually consists of two parts: the principal (repayment of the money you borrowed) and the interest (the cost of borrowing the money). This calculator focuses on these core components to give you a clear idea of your financial obligation. To use the tool, you need to provide three main inputs. First, enter the 'Home Price' you are considering. Note that this calculator assumes the home price is the loan amount; for more detailed calculations including a down payment, our 'Rent vs Buy' or 'EMI Calculator' might be more suitable. Second, input the 'Interest Rate' as an Annual Percentage Rate (APR) that you expect to get from a lender. Finally, specify the 'Loan Term' in years, which is the duration of the mortgage. The most common terms are 15 or 30 years. After you have entered these details, click the 'Calculate Mortgage' button. The calculator will then compute and display your estimated 'Monthly Payment'. To give you a more complete understanding of the long-term cost, it also shows the 'Total Interest' you will pay over the entire life of the loan and the 'Total Payment' you will have made by the time the mortgage is fully paid off. This helps you to see the true cost of your home and budget accordingly.