Buying a house is usually the biggest item in most people's budget, so it's necessary to calculate your estimated mortgage payment and how much you can afford. An online mortgage calculator makes it easy for you to predict your suitable monthly mortgage payment quickly with just a few pieces of information including home price, down payment, mortgage term, interest rate, taxes, and insurance.
The down payment is the money you give to the house's seller. Private mortgage insurance is typically required when the down payment is less than 20% of the property value.
Apart from estimating the mortgage payment, it can also be used for planning to pay off the mortgage early and to get rid of private mortgage insurance.