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A mortgage payment calculator is not your everyday calculator; it has a specific function which is to work out the monthly installment of a mortgage loan and hence you can find out the value of the property you can afford.  But overall it can give you other information as well, like how much will the whole purchase cost you, and that is by adding the property tax and the PMI to the calculations.  You can also find out how much the loan itself will cost you, in other words how much interest you are paying over the value of the property.  This is definitely helpful, because if you decide to sell the property will it generate enough money for you to make a profit, or at least break-even, or would you have paid so much interest that in no possible way would you be able to regain that money.  By using the mortgage calculators you can decide when would be the optimum time to sell, or at least to settle the loan and avoid a loss.