Understanding the loan calculator
Most consumer loans personal, auto, student, boat are amortized: you borrow a lump sum and repay it with equal monthly payments that cover that month's interest plus a slice of principal. The math is identical across loan types; only the amounts, rates, and terms differ, which is why this one calculator covers them all.
When comparing offers, the APR matters more than the advertised rate because it folds origination fees into the cost. And beware the payment-shopping trap: lenders can make almost any loan "affordable" by stretching the term, but each added year means more months of interest on a slowly-shrinking balance.
Results are estimates for education only and are not financial advice.