The payment uses the standard amortisation formula: equal monthly instalments where early payments are mostly interest and later ones mostly principal. Compare offers on APR rather than headline rate — fees can hide in the difference — and note that a longer term lowers the payment but raises total interest.
APR folds mandatory fees into the cost, making offers comparable; the nominal rate does not.
It lowers the monthly payment but increases the total interest paid.
No — it is a neutral calculation to help you compare offers.
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