Tips for using loan calculators:

1. Change the loan term, interest rate, or loan amount to see how it impacts your monthly payment and total interest paid. This helps you understand the trade-offs. For example, a longer term usually means lower monthly payments but much higher total interest.

2. Use an interest rate you realistically expect to qualify for based on your credit score and current market rates.

3. Calculators provide estimates. Your actual loan payment and terms will be finalized by the lender and may include additional fees not factored into a basic calculator.

4. Use a mortgage calculator for home loans, an auto loan calculator for car loans, etc., as they often include fields relevant to that specific loan type (like taxes/insurance for mortgages).