Loan Calculator

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

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    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!

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    What do I need to know when shopping for online loans?


    Here are the key factors you should keep in mind when shopping for an online loan:

    • The interest rate of the loan (how much is borrowing this money costing you?)
    • The time you have to pay it off (how long will you have the loan for?)
    • How quickly you get the money (will the process be completed within the timeline you need?)
    • Any additional fees or restrictions

    Before choosing a loan, always do your homework. You don’t want to end up with a payment you can’t actually afford. Not being able to make the payments could worsen your credit score, which will further disadvantage you in the future.

    #protip: some lenders pull a hard inquiry on your credit report when you apply, which can dock your credit score by a few points. If you’re just shopping around or comparing rates, try to limit your search to those who will only conduct a soft pull at application (which does not affect your credit score). FYI when you do finalize the loan, most lenders perform a hard check before sending the funds.

Refinance with Online Loans

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    What is refinancing?


    Refinancing is the process of taking out a new loan to pay off one or more outstanding debts. Typical debts that are refinanced are credit card debt, student loans or auto loans.

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    How do I save money by
    refinancing?**


    When you refinance debt, you replace your existing debt with a new loan that has a lower APR, saving you money. The greater the difference in APR between your existing debt and the new loan, the greater the savings.

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    What are my refinancing options?


    There are several ways to secure a loan for purposes of refinancing existing debts. Existing debts could include things such as credit card debt, existing auto loans, etc. Here are a few popular options:

    Credit card balance transfer

    A balance transfer is the process of transferring your current credit card’s balance(s) to a new card which offers a no interest promotional period. This can be an effective way to reduce the cost of your debt due to the low interest rate during the promotional period. Keep in mind that any unpaid balance at the end of the promotional period will begin accruing interest at the APR stipulated in the credit card terms.

    Pros

    • Potential savings when credit card balance is paid off during the promotion period

    Cons

    • Typically require good to excellent credit scores to qualify
    • A balance transfer fee of 3% to 5% is common
    • An annual fee might be charged by the credit card where the balance is being transferred

    Personal Loan

    A personal loan is a form of an installment loan where the use of funds is flexible and can be used for expected or unexpected expenses such as medical expenses, car repairs, moving or refinancing debt.

    An installment loan provides the borrower funds upfront and in exchange the borrower agrees to pay a fixed amount each month over a period of typically 3, 5 or 7 years. A portion of the monthly payment goes toward repaying the funds provided upfront, the remainder goes toward interest charged at the agreed upon APR and/or fees.

    Pros

    • Fixed monthly payments and interest rate
    • Typically lower APR compared to credit card APR1
    • With Upstart, your APR will vary based on a combination of factors including education, employment and credit history.

    Cons

    • Among traditional lenders, your APR will vary based primarily on your credit score
    • Some lenders charge an origination fee

    1 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 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. 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.

Check Your Rate

Won't affect your credit score††

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†† 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.

** 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 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. 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.