Mortgage life insurance calculator as its name suggests, can calculate the complete mortgage payment. It is needed in case something unexpected happens to the insurance policy holder. Mortgage calculators use the internal interest rates and combine other charges automatically, too. They can also tell you how much the mortgage life insurance you will need, and what should be your annual mortgage payment. Mortgage life insurance calculator requires several inputs from you in order to accurately calculate the mortgage payments. You will have to render details regarding your age, policy term, gender, and even personal habits like smoking and drinking. You will need to know your property value to the last details and you will also need to fill the loan amount. After filling your zip code and address details, you can calculate your amount. Your smoking and drinking habits can make a lot of difference.