Loan Calculator

Use our loan calculator to help you get an estimate of what your monthly loan payments could be, and how much interest you’ll pay over the loan term. The three key numbers you’ll want to consider are:

- Loan amount. Also known as the principal amount, this is the total amount of money you would like to borrow from the lender. For example, enter the loan amount you’re looking to borrow for a wedding, move, home improvement project, or medical expense.
- Repayment term (aka loan term). The repayment term is the period of time you’ll have to repay the money you borrowed. This time period is typically expressed as a number of months. A longer repayment term will mean smaller monthly payments, but can increase the interest amount over the lifetime of the loan.
- APR. The annual percentage rate (APR), is typically represented as a percentage and includes the interest rate and any additional fees or charges to get the loan, including origination fees on the loan.

To help you understand what terms might work best for your financial needs, change one or more of the numbers. This way you can see how different loan offers will impact your monthly payment and how much interest you’ll pay overall.

A loan with a longer term will have a lower monthly payment, since it’ll take more time to repay what you owe. But you’ll also pay more interest long term because it’ll accrue, or add up, over time. Some lenders may also charge a higher interest rate if you choose a longer term.

Before you commit to any personal loan, make sure you understand the results of your personal loan estimate. Some basic terms you need to know include:
- Monthly payment: Once approved for a personal loan with a lender, you’ll need to pay them back each month over the course of the agreed upon repayment term. This monthly payment normally includes payments towards the principal balance, any accrued interest, and any fees that may be incurred. Monthly payments are typically lower when you have a longer repayment term, but it’ll cost more money in interest over the life of the loan.
- Total interest: As we mentioned earlier, interest represents the fee a lender charges you for borrowing money from them. A part of your personal loan estimate will include the total interest, which is the amount you'll pay a lender in interest over the life of your loan.

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.

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.

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 or 5 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
- Generally lower rates compared to credit cards
- Through Upstart, your rates will vary based on a combination of factors including non-traditional factors such as education³, employment and credit history.

Cons
- Among traditional lenders, your rates may be based primarily on just your credit score.