The loan calculator is a simple tool to help show your payments, interest, balance and your payoff date. Use the loan calculator to estimate your cost for buying things such as a car, boat or anything with a fixed interest and fixed amount of months.
As you can see with a shorter time period, your payments will go up reducing the amount most lending places will let you borrow. However with a higher payment, your overall interest payments will be lower. Keep in mind also that the value of your asset may decline over time so unlike buying a home, you likely aren’t building equity.