Learn more about the cost of a loan by calculating the monthly payment amount and total interest cost.
The Upstart Loan Calculator takes 3 inputs to determine the cost of a loan: the amount you wish to borrow (i.e., the principal), the APR (which includes the interest rate and any other fees, including origination fees), and the length of the loan. Using these factors that are generally provided when applying for a loan, we calculate the expected monthly payment and total interest cost you would pay over the life of the loan (assuming no prepayments or other exceptions). The Upstart Loan Calculator is for informational purposes only.
Online Loans 101
What can I use online loans for?
What can I use online loans for?
Online loans can be used for a number of purposes. Here are a few of the most common:
1. Refinancing: update your existing loan terms
If you want to refinance, or update your loan terms, online loans are a great place to start.
People explore refinancing when either their personal or broader economic situation has changed and their loan terms aren’t working for them anymore. You can refinance to change your monthly payment, interest rate, or total life of the loan.
For example, let’s say that the monthly payment has become too much for you to pay. You might refinance to make the loan term longer or try to get a lower interest rate so that you can afford your payments.
Or maybe your credit score has gone up because you were making so many great payments on all of your bills! If you’re now eligible for a lower interest rate, you might consider refinancing to save money.
#protip: Make sure you’re really weighing the tradeoffs here. You might benefit from a lower monthly payment, but if refinancing comes at a higher cost either upfront or in greater interest payments over the life of the loan, then it’s probably not worth it.
2. Debt consolidation: make one easy payment
Having to keep track of numerous payment cycles, bills, and creditors is a nightmare. You don’t get paid until the 15th, but your credit card payment is due the 12th. Your checks always take a few days to fully deposit into your account, but your car payment is due tomorrow. Wait, but what about that utilities bill? When is rent due again?
If your finances are tight, a few days can make a painful impact on your accounts in fees and interest – not to mention your credit score if you have to make late payments. You already have so many things to juggle in your head – make it easier with debt consolidation. Debt consolidation allows you to compress several debts into one loan with one interest rate and set of terms. It makes repayments simple. If you graduated college with a bunch of debts, it might be a great time to consolidate so you can focus on getting your career started.
3. Important life purchases or self-investment
Aside from handling debt, online loans are a hassle-free way to finance other large life purchases. This could be anything from an apartment broker fee to car repair or online classes. The loan goes out to you and you get to decide how to spend it. Spend wisely!
Refinance with Online Loans
Won't affect your credit score1
1 When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus.
2 To evaluate savings on a loan you are considering, it is important to compare your actual APR from your existing debt to the APR offered on the Upstart Platform. The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35.13 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.