A mortgage calculator is one of the most commonly used online mortgage tools for home shoppers, and for good reason. It can give you a good idea of whether or not you can afford a home loan and help you see what a particular home might cost.  The interest rate you get for your home loan can have a major impact on your monthly mortgage payment. You can see this impact by entering different interest rates into a mortgage calculator.

You can also play with the down payment amounts to see the impact of putting more or less money down. For example, a higher down payment will lower your monthly payments by reducing the amount of money you borrow.