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A mortgage calculator is an online tool that helps individuals estimate their monthly mortgage payment based on the loan amount, interest rate, and term of the loan.
It's important to use a mortgage calculator because it can help potential homebuyers determine if they can afford a particular property and what their monthly payments will be. By inputting different loan amounts and interest rates, individuals can see how different scenarios will affect their monthly payments and overall affordability.
Additionally, a mortgage calculator can help individuals compare different loan options and determine which one is the most financially feasible for their situation.
