A lease is a contractually binding agreement a property owner and a tenant, someone who rents the property. The lessee (tenant) agrees to pay the lessor (landlord) to use the property for an amount of time as per the agreement.

A leasing calculator will tell you the monthly payment you are required to pay or the actual interest for a lease. It will show you the payment amount pertaining to a lease amount, lease balance, total payment amount, and the total interest.