A home loan calculator is an essential tool for prospective homebuyers to understand the financial implications of their mortgage. By inputting key variables such as loan amount, interest rate, loan term, and down payment, users can instantly see their estimated monthly payments, total interest costs over the life of the loan, and amortization schedule. This interactive tool helps borrowers make informed decisions by allowing them to compare different scenarios, determine how much house they can afford, and visualize how extra payments might reduce their loan term or interest paid.
