Free Idaho HELOC Payment Calculator
Idaho HELOC Calculator
By SoFi Editors | Updated January 28, 2026
An Idaho HELOC calculator allows homeowners to explore various scenarios, seeing exactly how different draw amounts and repayment timelines affect their monthly cash flow. This clarity helps remove the guesswork from borrowing, ensuring that any decision to use a home as collateral is backed by data and a clear understanding of long-term costs.
Keep reading to learn more on home equity amounts in Idaho, how to use the Idaho home equity line of credit calculator, alternatives to home equity lines of credit, and more.
- Key Points
- • A home equity line of credit functions as a revolving credit resource, allowing homeowners to borrow, repay, and borrow again up to a set limit.
- • This financing option uses the home as collateral, which generally results in more favorable interest rates compared to unsecured options like credit cards.
- • There are two distinct phases to a HELOC: an initial draw period where funds are accessed and a subsequent repayment period.
- • A HELOC calculator helps borrowers estimate monthly payments during both the draw period and repayment period prior to speaking with a lender.
- • Interest rates for this type of product are typically variable, meaning they can rise or fall based on fluctuations in broader economic benchmarks.
Calculator Definitions
• HELOC Balance: HELOC balance is the current amount used from the credit line or the amount you plan to use.
• Current Interest Rate: The current interest rate is the variable factor that determines the cost of using the funds. This rate fluctuates over time based on market indexes and directly impacts the size of the monthly payment.
• Draw Period: The draw period is the initial time frame, typically lasting up to 10 years, during which a homeowner can actively withdraw funds. During this phase, the credit line remains revolving as payments replenish the available balance.
• Repayment Period: The repayment period is the second phase of the product where no additional funds can be accessed. During this time, the borrower is required to pay back the full amount used plus interest over a set term, often 10 to 20 years.
• Monthly Interest Payment: This is the amount due each month during the draw period when only the interest on used funds is required. This payment does not reduce the principal balance unless the homeowner chooses to pay extra.
• Monthly Principal and Interest Payment: This is the combined payment required once the repayment phase begins. This amount is designed to pay off the entire outstanding balance by the end of the term through structured installments.
How to Use the Idaho HELOC Calculator
The Idaho HELOC calculator helps you estimate payments based on your home equity, rate, and loan terms. Here’s a step-by-step guide on how to use it.
Step 1: Enter the Amount You Plan to Borrow
The first step in using the tool is to enter the total amount you plan to withdraw.
Step 2: Estimate Your Interest Rate
Because most of these products feature variable interest rates, the input you select will be based on current market conditions. This step shows how even small movements in the rate can change the size of your monthly payment. Using the calculator to test higher rates can help you prepare for potential market shifts that might increase your costs in the future.
Step 3: Choose the Length of Your Draw Period
Select the draw period length in the calculator, typically 10 years. This defines the period during which you can manage projects with flexibility and potentially lower, interest-only payments.
Step 4: Specify Your Repayment Period
This input dictates the longevity of your monthly obligation once you can no longer withdraw cash. Repayment terms often range from 10 to 20 years. A longer term may lower the monthly payment but will increase the amount of interest paid over time, while a shorter term does the opposite.
Step 5: Review Your Results
The final step is to analyze the output. The calculator will provide a breakdown of your projected payments during both the draw and repayment phases. Use this data to assess whether the higher payments during the repayment period fit into your long-term budget.
What Is a Home Equity Line of Credit?
A home equity line of credit is a revolving credit line that lets homeowners borrow against the equity in their home, similar to how a credit card works but typically with lower interest rates. The home serves as collateral, and borrowers can access funds as needed up to an approved limit. HELOCs have two distinct phases: a draw period and a repayment period.
• Draw period: During this initial phase, which often lasts five to 10 years, you can borrow, repay, and borrow again up to your credit limit. Payments are usually interest-only, keeping monthly costs lower while funds remain flexible. A HELOC interest-only calculator can show you what payments would be based on your balance.
• Repayment period: Once the draw period ends, borrowing closes and you begin repaying both principal and interest over a set term, commonly 10 to 20 years. Monthly payments typically increase as the balance is fully amortized. A HELOC repayment calculator can show you what those payments might be.
When used thoughtfully, a HELOC can be a versatile financing tool for homeowners. Understanding how each phase works helps you plan for payment changes and manage the line of credit responsibly.
Recommended: What Is a Home Equity Line of Credit?
Home Equity Trends in Idaho
Equity is the difference between the current market value of a home and the remaining balance on any existing home loan. Home equity levels have surged in recent years as rising home values and steady homeowner demand reshaped the housing market.
From 2020 to 2025, average home equity increased 142% nationwide, accounting for about $11.5 trillion in value. In Idaho, equity growth has also been substantial, though more moderate than the national average. From 2020 to 2025, home equity in Idaho has increased 75%, with the average homeowner holding $217,332 in equity as of 2025.
Here’s a look at how equity has risen nationwide between 2020 and 2025.
Current HELOC rates by state.
Compare current home interest rates by state and find a HELOC rate that suits your financial goals.
Select a state to view current rates:
How to Use the HELOC Calculator Data to Your Advantage
The data from a HELOC calculator can do more than estimate payments — it can help you make smarter borrowing and budgeting decisions before you tap your home equity. Here’s how to use the data to your advantage:
• Budgeting and affordability: HELOC calculator results help you see how potential monthly payments fit into your household budget before you borrow. By reviewing estimated payments during both the draw and repayment periods, you can determine whether a planned expense — such as a renovation or debt consolidation — is truly affordable without straining your cash flow.
• Scenario planning: Because HELOCs usually have variable interest rates, the calculator is a valuable tool for running “what-if” scenarios. Testing higher interest rates or different balances allows you to understand how changes in the market could affect your payments, helping you decide how much to borrow and when to draw funds.
Recommended: How to Get Equity Out of Your Home
Tips on HELOCs
Managing a second mortgage is a significant responsibility because your home serves as the underlying security for the credit line. If financial challenges arise and payments are missed, the property could be at risk. Below are some tips so help you manage your home equity line of credit:
• Consider making principal payments even during the draw period. This reduces the total amount you will owe when the repayment phase begins and can save you a substantial amount in interest charges.
• Shop around. Compare options from multiple lenders to find your best offer. Look for a competitive interest rate and low fees, as well as a repayment term and monthly payments that fit your budget.
• Always have a specific purpose for the funds. Because a line of credit is easy to access — often via a dedicated credit card or checks — there is a risk of using it for small, everyday expenses that don’t add value to your financial situation. Treating the credit line like a business investment and focusing on projects that improve your home’s value or your overall financial stability is a wise approach.
• Prepare for variable interest rate changes. Because most HELOCs have variable rates, your monthly payment can increase if market rates rise. Build flexibility into your budget and consider stress-testing your payments so you’re not caught off guard by higher costs later.
• Monitor your balance and credit utilization. Regularly review your HELOC statements to track how much you’ve borrowed and how quickly the balance is growing. Keeping utilization in check can help protect your credit score and prevent the line of credit from becoming unmanageable over time.
Recommended: HELOC vs. Home Equity Loan
Alternatives to HELOCs
While a revolving line of credit offers great flexibility, it is not the only way to access funds. Every homeowner should evaluate all available financing products before committing to a second mortgage. Here are four other alternatives to consider:
Home Equity Loan
A home equity loan is a second mortgage that provides a lump sum of cash all at once. It usually features a fixed interest rate, which means your monthly payments stay the same for the entire life of the product. This predictability makes it a popular choice for homeowners who have a one-time, specific expense — like a new roof or a single debt consolidation — and want the stability of a set repayment schedule without the variability of market rate shifts. A home equity loan calculator can help you compare the cost of this product to that of a HELOC.
Recommended: What Is a Home Equity Loan?
Home Improvement Loan
A home improvement loan is typically an unsecured financing option. This means it does not use your home as collateral. While the interest rates may be higher than a secured product, there is no risk of foreclosure if you default. This is often a good choice for homeowners who have not yet built up significant equity or who prefer not to put their property at risk for a smaller project. These often provide a lump sum and have fixed repayment terms.
Personal Line of Credit
A personal line of credit is another revolving option, but like the home improvement loan, it is generally unsecured. Your ability to qualify and the interest rate you receive are based primarily on your creditworthiness and income rather than your home’s value. These typically have lower credit limits than home-secured products but offer similar flexibility for ongoing expenses. Because it is not tied to your home, it offers a layer of protection for your primary asset, albeit usually at a higher cost.
Cash-Out Refinance
A cash-out mortgage refinance replaces your primary mortgage entirely with a new, larger one. You receive the difference between the two in cash. This can be an attractive option if current market rates are lower than the rate on your existing mortgage. When comparing a cash-out refinance vs. home equity line of credit, a cash-out refinance leaves you with one payment. A home equity line of credit, on the other hand, gives you a second payment on top of your original mortgage payment.
The Takeaway
Using our Idaho HELOC calculator can help homeowners make informed decisions about borrowing against their home equity. By estimating monthly payments during both the draw period and repayment period, you can plan for renovations, debt consolidation, or other financial projects with confidence.
SoFi now partners with Spring EQ to offer flexible HELOCs. Our HELOC options allow you to access up to 90% of your home’s value, or $500,000, at competitively lower rates. And the application process is quick and convenient.
Unlock your home’s value with a home equity line of credit from SoFi, brokered through Spring EQ.
FAQ
What is the difference between a HELOC and a home equity loan?
A home equity line of credit is a revolving credit line with a variable interest rate, allowing you to borrow and repay funds as needed. In contrast, a home equity loan provides a one-time lump sum with a fixed interest rate and a set monthly payment. While both use your home as collateral, the line of credit offers more flexibility for ongoing projects, whereas the loan provides more predictability for budgeting.
How much can I borrow with a HELOC?
Lenders typically allow you to borrow up to 90% of your home’s equity. To qualify for a HELOC, though, you’ll need to have at least 15% equity in your home.
What can I use the money for from a HELOC?
The funds from this product are highly flexible and can be used for virtually any purpose. Many homeowners choose to fund significant home improvements, such as kitchen remodels or additions, which can increase the property’s value. Other common uses include paying for higher education, covering major medical expenses, or consolidating high-interest debt into a single, lower-interest obligation.
What happens when the draw period ends?
When the draw period concludes, you can no longer withdraw any additional money from the credit line. The product then enters the repayment period, which typically lasts between 10 and 20 years. During this time, your monthly payments will increase because they now include both the interest charges and a portion of the principal balance. You must pay off the entire amount you borrowed by the end of this term.
Learn more about home equity line of credits:
SoFi Loan Products Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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Free Illinois HELOC Payment Calculator
Illinois HELOC Calculator
By SoFi Editors | Updated January 28, 2026
As home prices in Illinois have risen in recent years, homeowners in the state have built up substantial equity. A home equity line of credit (HELOC) allows borrowers to obtain funds for any purpose by using their home as collateral for a credit line. And a HELOC calculator can provide solid estimates of the future payment structure on this type of home equity borrowing. This guide will help you learn to use the calculator to stress-test your budget and explore HELOC scenarios. We’ll also make sure you come away understanding how this type of revolving credit line works and how to use it responsibly.
- Key Points
- • A home equity line of credit serves as a revolving source of funds, allowing you to draw capital, repay it, and draw again during a specified window.
- • Most HELOC agreements are structured with a 5-to-10-year draw period followed by a 10-to-20-year repayment phase.
- • Monthly obligations during the initial phase are frequently limited to interest-only payments, providing temporary cash flow flexibility.
- • Variable interest rates are the standard, meaning your monthly costs will fluctuate based on movements in the U.S. Prime Rate.
- • A HELOC payment calculator can help you understand how much to budget for payments at each phase of the HELOC.
Calculator Definitions
• HELOC Balance: Your HELOC balance is whatever amount you think you are likely to need to borrow using the line of credit. If you already have a HELOC, this figure is the amount you have currently withdrawn from your revolving credit line.
• Current Interest Rate: The interest rate is the percentage charged for the use of the funds. HELOCs usually have a variable rate, meaning it can change over the course of the draw and repayment periods.
• Draw Period: The draw period is the initial timeframe, often lasting 10 years, during which you can withdraw funds from your credit line. You may have the option to make interest-only payments during this window, although you could opt to pay down the balance owed as well.
• Repayment Period: Once the draw period concludes, you enter the repayment period, where further withdrawals are prohibited and the balance must be repaid, with interest. This phase can last up to 20 years.
• Monthly Interest Payment: This is the minimum amount due each month during the draw period for homeowners who select to make interest-only payments.
• Monthly Principal and Interest Payment: This is the monthly payment amount required during the repayment phase to fully satisfy the balance by the end of the term. At this point, you would be paying down the principal and paying interest.
How to Use the Illinois HELOC Calculator
With a few data points you’ll provide, the calculator translates the financial terms above into concrete monthly payment estimates. Follow these steps to use it properly:
Step 1: Enter Your Planned or Actual HELOC Balance
Type in your actual outstanding HELOC balance — rather than your total credit limit — or enter the amount of a credit line that you think you would use.
Step 2: Estimate Your Interest Rate
The interest rate dictates ongoing costs of borrowing. Type in the rate you have or a rate you have been offered by a lender (or seen advertised online). You might also experiment with inputting rates 1% or 2% higher than your current rate to see what costs would be if the HELOC’s variable rate adjusted upward. It’s a way to “stress-test” your budget.
Step 3: Choose the Length of the Draw Period
The duration of your draw period determines how long you’ll have to pay only interest before your repayment phase hits. Most lenders offer a 10-year window.
Step 4: Select Your Repayment Period
The repayment period determines how aggressively you must pay back the balance once the draw window closes. A 20-year repayment term offers lower monthly payments but typically results in higher overall interest costs. Conversely, a 10-year term increases your monthly principal and interest obligations but clears the debt faster and usually helps save on financing costs over the life of the HELOC.
Step 5: Review Your Results
Interpreting the final results requires looking beyond the payment during the draw period to the larger payment you’ll need to make room for when you are in the repayment phase. Below we’ll share some ideas for how to use the calculator’s output to make smart financial decisions.
What Is a Home Equity Line of Credit?
With the free HELOC calculator’s help, you’ve seen the estimated payments you would have with a HELOC. But before you dive in and apply for a credit line to get equity out of your home, let’s make sure you understand exactly how this borrowing method works. Your home equity is the difference between the current market value of your home and the remaining balance on your primary mortgage. When you open a HELOC, you are borrowing against that equity. That’s why obtaining a HELOC usually involves getting an appraisal of your home. It also means that if you fail to repay what you owe, you could be at risk of foreclosure.
A HELOC is a revolving credit line, much like a credit card, but with interest rates that are typically much lower because the home serves as collateral. It has two phases: During the draw phase, you can borrow against your credit line whenever you need funds, up to the credit limit. You can repay what you borrow, but many people prefer to only pay interest on the balance. (A HELOC interest-only calculator can show you what interest-only payments might be based on your balance.) This makes HELOCs an extremely flexible way to borrow. The funds can be used for any purpose. You’ll just want to make sure you have a plan to repay what you owe, with interest, when the time comes. After the draw phase comes the repayment phase. After the 10-year draw period ends you can no longer borrow. You’ll begin to make monthly payments that include both a payment against the principal and an interest payment. See what these might be like by using a HELOC payment calculator or this HELOC repayment calculator. When you sign on to a HELOC, you’ll choose a shorter (5 or 10 years) or longer (20 years) repayment phase. The shorter the repayment period, the higher the monthly payments will be, but the less interest you will pay on your debt overall. To qualify you for a HELOC, most lenders will want to see a credit score of at least 640 and often 680. You’ll also need at least 15% equity in your home. Your debt-to-income ratio, which is the sum of your monthly debt payments divided by your gross monthly income, will need to be below 50% (and many lenders prefer 45% or less).
Recommended: Different Types of Home Equity Loans
Home Equity Trends in Illinois
After diligently paying down their home loan, the average homeowner in Illinois has seen their home equity increase by more than 200% over the last five years, due not only to the payments but also to home value increase in the Illinois market. The average owner in the state is now enjoying more than $80,000 of home equity — more than enough to make borrowing with a HELOC feasible under the right conditions. Most lenders will allow HELOC borrowers a credit line that extends to up to 90% of their equity, which for the average homeowner in Illinois would be just over $72,000. Take a look at how equity levels have increased nationwide over the past five years.
Current HELOC rates by state.
Compare current home interest rates by state and find a HELOC rate that suits your financial goals.
Select a state to view current rates:
How to Use HELOC Calculator Data to Your Advantage
Using a HELOC payment calculator to generate estimates can help you determine if your budget can handle a HELOC. But there are additional uses for the free HELOC calculator.
Creating “what-if” scenarios: Homeowners who think they would like a HELOC can input different HELOC balances, interest rates, or repayment terms to see how each of these things affect their monthly payment. You can quickly see what a high or low monthly payment would be based on different interest rates. This is useful given that HELOC interest rates can shift over time.
Evaluating a debt-consolidation plan: If you have balances on high-interest credit cards, you can add up the monthly payment amounts on those cards and compare that to the monthly payment you would have if you used a HELOC to pay off all that you owe at once. There’s a good chance your monthly HELOC tab would be less than the sum of what you’re currently paying on the cards. And you would simplify your finances because you’d have one payment instead of several.
Avoiding “payment shock”: Looking carefully at the monthly principal and interest payment during the repayment phase will prepare you for how payments climb after the draw phase ends. By seeing these future figures today, a borrower can choose to limit their draws to what is truly necessary, maintaining a healthy debt-to-income ratio and avoiding what’s known as “payment shock.”
Recommended: Different Types of Home Equity Loans
Tips on HELOCs
When your home is guaranteeing a credit line, proactive management of how you use the HELOC is very important.
• Get estimates from multiple lenders: Shop around before you commit to a HELOC lender. Compare interest rates, fees, draw periods, and repayment terms. Use the HELOC calculator to see how the rates you’re being offered would affect your payments.
• Manage your HELOC responsibly: Before you borrow, you’ll sign a HELOC agreement with a lender. But you should also have an understanding with yourself (and your partner, if you share the account) on what is and isn’t a suitable use of your credit line. Your credit limit might be quite large, but use the calculator to help you set a limit on how much of the credit line you can use to ensure you can make your payments.
• Plan for repayment: The transition from the draw period (with interest-only payments) to the repayment period (with principal and interest payments) can cause a significant jump in your monthly obligation. Budget for this increase from the very beginning.
• Make principal payments: Even if your lender only requires you to make interest payments during the draw period, consider making additional payments toward the principal. This will lower the amount of interest you pay over the life of the loan and lead to a more manageable payment during the repayment period.
• Monitor interest rates: If you have a variable-rate HELOC, stay aware of market interest rate trends. Anticipating potential increases in your rate can help you adjust your budget accordingly or decide to pay down the principal to lower your payment amount.
Alternatives to HELOCs
A HELOC isn’t right for everyone, and if you’ve considered the calculator results and feel skittish about handling a HELOC or having a variable-rate interest payment, you might want to look at one of these other options. For starters, make sure you explore what is a home equity loan and how it differs from a HELOC.
Home Equity Loan
A home equity loan uses your home as collateral, like a HELOC, but that’s where the similarity ends. A home equity loan provides a one-time lump sum of cash. You start making payments on that loan immediately, and usually have a fixed interest rate — meaning the payment amount doesn’t change during the repayment term. You can see what payments might be by using a home equity loan calculator. This type of borrowing is ideal for homeowners who have a specific, one-time expense and prefer the predictability of the same monthly payment for the life of the agreement, which can be from 10 to 30 years. A home equity loan removes the uncertainty of variable rates but lacks the borrowing flexibility of a HELOC.
Recommended: What Is a Home Equity Loan?
Home Improvement Loan
This type of lump-sum loan is typically unsecured, so your home is not at risk if you can’t make your loan payments. While home improvement loans protect your property from that risk, they often carry higher interest rates and have shorter repayment terms than equity-based options. They are best suited for smaller, defined projects where you want to avoid the fees and appraisal requirements of home-equity-based borrowing.
Personal Line of Credit
A personal line of credit functions similarly to a HELOC in its revolving nature, but it is typically unsecured. Because there is no collateral, credit limits are usually much lower and interest rates can be significantly higher. This is a lower-risk, higher-cost HELOC alternative that provides cash without putting your home on the line.
Cash-Out Refinance
This special type of mortgage refinance replaces your existing primary mortgage with a completely new, larger mortgage. You take the difference in cash. This is a powerful tool if you can secure a lower interest rate for your new mortgage than you had on your original loan. However, it requires paying full closing costs — typically 2% to 5% of the new mortgage. As borrowers choose between a cash-out refinance vs. a home equity line of credit, many like the simplicity of having one monthly payment with a refi instead of two (a mortgage plus a HELOC payment).
The Takeaway
The Illinois HELOC calculator can quickly help you see the costs of borrowing with a home equity line of credit, both during the draw period and the repayment phase. By comparing lenders’ rates and running scenarios with different interest rates and repayment terms, borrowers can understand what maximum balance and repayment plan work best for them.
SoFi now partners with Spring EQ to offer flexible HELOCs. Our HELOC options allow you to access up to 90% of your home’s value, or $500,000, at competitively lower rates. And the application process is quick and convenient.
Unlock your home’s value with a home equity line of credit from SoFi, brokered through Spring EQ.
FAQ
What is the difference between a HELOC and a home equity loan?
A HELOC provides a revolving credit line that you can draw from as needed, typically with a variable interest rate. A home equity loan provides a lump sum of cash all at once with a fixed interest rate. While both are secured by your home, the HELOC offers more flexibility for ongoing projects, while the home equity loan offers the predictability of stable monthly payments.
How much can I borrow with a HELOC?
Lenders may allow you to access up to 90% of your home equity (your home’s appraised value minus your mortgage balance). Your specific limit will also depend on your credit score, income history, and debt-to-income ratio.
What can I use the money for from a HELOC?
Funds from a secured credit line can be used for virtually anything, but they are most commonly used for home renovations, debt consolidation, or other large expenses. Using the funds for property improvements that increase your home’s value is a particularly smart choice.
Is a HELOC interest rate fixed or variable?
Most HELOCs feature a variable interest rate that fluctuates based on the prime rate. This means your monthly payments can change as economic conditions shift. Your HELOC agreement will spell out how often the rate adjusts and the maximum amount that it can change, so although variable rates can be somewhat unpredictable, there are some controls built in.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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Free Georgia HELOC Payment Calculator
Georgia HELOC Calculator
By SoFi Editors | Updated January 28, 2026
A Georgia HELOC calculator can help homeowners estimate monthly payments and understand the potential cost of borrowing against their home equity. By adjusting factors like interest rate, loan balance, and repayment term, you can see how different scenarios affect your budget.
Keep reading for more on home equity lines of credit in Georgia, how to use the Georgia HELOC calculator, alternatives to HELOCs, and more.
- Key Points
- • A home equity line of credit provides a revolving credit limit that allows homeowners to withdraw funds as needed rather than receiving a single lump sum.
- • This credit vehicle is secured by the residential property itself, meaning the home serves as collateral for the outstanding balance.
- • The lifecycle of a HELOC is divided into two distinct phases: a draw period for accessing funds and a subsequent repayment period for settling the debt.
- • A HELOC calculator helps estimate monthly payments during both the draw period and repayment period.
- • Failure to meet payment obligations carries the risk of foreclosure, as the lender maintains a legal interest in the home.
Calculator Definitions
• HELOC Balance: This figure represents the total amount of money currently withdrawn from the credit line that has not yet been repaid. It reflects the outstanding debt that will eventually need to be settled during the repayment phase.
• Current Interest Rate: This is the annual percentage charged on the borrowed funds, which is typically tied to a benchmark like the prime rate. Because most of these accounts have variable rates, this number will change over time based on market conditions.
• Draw Period: The draw period is the initial time frame, often lasting 10 years, during which a homeowner can actively withdraw funds from the credit line. During this window, payments are frequently limited to the interest accrued on the borrowed amount.
• Repayment Period: This phase begins once the draw period concludes, lasting between 10 and 20 years depending on the specific agreement. Homeowners can no longer withdraw money and must begin paying back both the principal balance and the interest.
• Monthly Interest Payment: This is the amount due each month to cover the cost of borrowing without reducing the actual principal balance. This type of payment is common during the draw phase to maintain a manageable short-term budget.
• Monthly Principal and Interest Payment: This figure represents the total amount required each month to pay down the debt and cover interest during the repayment phase. This payment is typically higher than interest-only payments because it works toward fully eliminating the balance.
How to Use the Georgia HELOC Calculator
A Georgia HELOC calculator helps you estimate monthly payments based on your home equity, loan terms, and interest rate. By entering a few basic details, you can quickly see how different borrowing scenarios may affect your budget before applying for a line of credit.
Step 1: Enter Your Planned or Actual HELOC Balance
Start by entering the total amount you have drawn or intend to withdraw from your revolving credit line. This input serves as the baseline for calculating interest charges, as costs are only applied to the funds actively in use rather than the entire approved limit.
Step 2: Estimate Your Interest Rate
The interest rate is the primary driver of the cost of borrowing. Because HELOCs typically utilize variable rates, selecting the current rate allows for an accurate snapshot of immediate monthly costs. This variable is sensitive to economic shifts, and testing different rate scenarios within the calculator can help a homeowner prepare for potential increases in the future.
Step 3: Choose the Length of Your Draw Period
The draw period defines the window of time during which capital is accessible — typically 10 years. Specifying this length helps the calculator map out the timeline for when withdrawals must cease and when the transition to the next phase will occur.
Step 4: Specify Your Repayment Period
The repayment period, often spanning 10 to 20 years, is when the full cost of the credit line is realized. During this phase, you will pay back both the principal and interest. A shorter repayment period leads to higher monthly payments but results in significantly lower total interest costs over the life of the agreement. Conversely, a longer period reduces the immediate monthly burden but increases the total cost of the debt.
Step 5: Review Your Results
By reviewing the projected monthly payments, homeowners can determine if their current spending and withdrawal habits are sustainable. These results should be used to inform a strategy that prioritizes the full retirement of the debt before the end of the term.
Recommended: Different Types of Home Equity Loans
What Is a Home Equity Line of Credit?
It’s a good idea to make sure you understand what a home equity line of credit is. A home equity line of credit (HELOC) is a revolving credit line that lets homeowners borrow against the equity in their home.
Home equity is the difference between your home’s current market value and the outstanding balance on your home loan and any other loans you might have where your home is used as collateral. A home equity line of credit works like a credit card, allowing you to draw funds as needed and repay them over time, typically with a variable interest rate.
It operates through two distinct lifecycles: the draw period and the repayment period.
• During the draw period, which typically lasts 10 years, the homeowner has the freedom to withdraw funds up to a predetermined limit, repay them, and withdraw them again. This revolving nature is what distinguishes it from installment-based financing. A HELOC interest-only calculator can show you what payments would be based on your balance during this period.
• Following this phase, a 20-year repayment period begins. At this point, the ability to take out more money is terminated, and the homeowner must begin a structured plan to pay back the borrowed principal plus the interest that has accrued over time. A HELOC repayment calculator can show you what those payments might be.
Since a HELOC is backed by your home, careful borrowing and planning for potential payment fluctuations are essential. When managed responsibly, it can offer homeowners a flexible and relatively affordable way to access funds.
Recommended:HELOC vs. Home Equity Loan
Home Equity Trends in Georgia
Regional market trends are the primary engine behind the amount of equity available to a homeowner. Property values do not exist in a vacuum; they are subject to the ebbs and flows of local demand, state-level economic health, and national interest rate environments. In Georgia, these trends have been particularly dynamic over recent years, directly impacting the borrowing limits and financial flexibility of local residents.
Recent data insights reveal that equity levels have shifted significantly across the Southeast. In Georgia, home equity has increased a whopping 189% over the last five years. The average homeowner in Georgia has $107,666 in equity as of 2025.
Nationwide, average home equity has increased 142% from 2020 to 2025, accounting for about $11.5 trillion in value. Here’s a look at how equity has risen nationwide.
Current HELOC rates by state.
Compare current home interest rates by state and find a HELOC rate that suits your financial goals.
Select a state to view current rates:
How to Use the HELOC Calculator Data to Your Advantage
A HELOC calculator does more than estimate monthly payments — it helps you make smarter borrowing decisions before you tap into your home’s equity. By testing different scenarios, you can see how changes in rates, balances, and timelines affect your finances and use that insight to plan more confidently.
• Stress-test your budget: Run the calculator with higher interest rates to understand how potential market increases could impact your monthly payment and avoid surprises later.
• Plan withdrawals strategically: Use payment estimates to decide how much to borrow and when, helping you avoid drawing more than you can comfortably repay.
• Compare financing options: Evaluate HELOC costs against alternatives like home equity loans or personal loans to determine which option best fits your goals.
• Prepare for lender discussions: Enter conversations with lenders informed about your expected payments and borrowing limits, giving you more control when reviewing terms and offers.
Recommended: How to Get Equity Out of Your Home
Tips on HELOCs
A home equity line of credit (HELOC) can be a powerful financial tool when used wisely, but understanding how to manage it effectively is key. Using a HELOC calculator and following practical strategies can help you plan your borrowing, control costs, and make the most of the funds while protecting your home. Below are five tips on how to use HELOCs effectively:
• Plan for major projects: Estimate monthly payments for planned renovations or large purchases. This helps ensure your budget can handle the costs without overextending.
• Evaluate debt consolidation: Compare the HELOC’s potential payments and interest with existing high-interest debt. Consolidating can simplify payments and lower overall interest.
• Prepare for variable rates: HELOCs often have variable interest rates. Running multiple scenarios with higher rates helps you anticipate payment changes and plan accordingly.
• Monitor your borrowing: Keep track of how much you withdraw during the draw period. Staying aware of your balance prevents overspending and ensures you can manage future repayments.
• Understand long-term costs: Review the total payments over the life of the HELOC. This helps you assess the full financial impact and make responsible borrowing decisions.
Alternatives to HELOCs
While a revolving credit line is a powerful tool, it is not the only way to access the equity built up in a home. Homeowners should compare different financial instruments to find the best fit for their specific needs, as the structure of the debt can have a major impact on total costs and repayment stability. Below are four options to consider:
Home Equity Loan
A home equity loan is often confused with a HELOC, but the mechanics are quite different. This is a “closed-end” second mortgage where the funds are disbursed as a single lump sum at the start of the agreement. It typically features a fixed interest rate and a set repayment term, often ranging from five to 30 years. This is an ideal choice for someone who knows exactly how much they need for a one-time expense and prefers the stability of equal monthly payments from day one.
A home equity loan calculator can help you compare the cost of this product to that of a HELOC.
Recommended: What Is a Home Equity Loan?
Home Improvement Loan
For homeowners who have a very specific project in mind with a fixed cost, a home improvement loan can be an effective alternative. These are typically personal loans that are often unsecured, meaning no collateral is required. The primary advantage is the fixed nature of the financing; the borrower receives a set amount of money and pays it back with a fixed interest rate over a predetermined term, usually between three and seven years. This provides maximum predictability for a household budget, but rates are typically higher than with HELOCs or home equity loans.
Personal Line of Credit
A personal line of credit offers much of the same revolving flexibility as a HELOC but without using the home as collateral. Because these accounts are unsecured, they are based entirely on the borrower’s credit score and income history. They do not carry the risk of foreclosure, which can be an attractive feature for those who are naturally risk-averse. However, this lack of collateral means that lenders will charge significantly higher interest rates to compensate for the increased risk they are assuming.
Cash-Out Refinance
A cash-out mortgage refinance involves replacing the primary mortgage entirely with a new, larger one. The homeowner takes the difference between the old debt and the new debt in cash. This is a popular choice when current market interest rates are significantly lower than the rate on the original mortgage.
When comparing a cash-out refinance vs. home equity line of credit, a cash-out refinance leaves you with one payment. A home equity line of credit, on the other hand, gives you a second payment on top of your original mortgage payment.
The Takeaway
Using the Georgia HELOC calculator can help homeowners make informed decisions about borrowing against their home equity. By estimating monthly payments and comparing different loan terms, you can plan projects or debt consolidation with confidence.
SoFi now partners with Spring EQ to offer flexible HELOCs. Our HELOC options allow you to access up to 90% of your home’s value, or $500,000, at competitively lower rates. And the application process is quick and convenient.
Unlock your home’s value with a home equity line of credit from SoFi, brokered through Spring EQ.
FAQ
What is the difference between a HELOC and a home equity loan?
A HELOC is a revolving line of credit that lets you withdraw and repay funds as needed, typically with a variable interest rate. A home equity loan is an installment-based financing option that provides a lump sum upfront with a fixed interest rate and set monthly payments.
What can I use the money for from a HELOC?
The funds from this credit vehicle are extremely flexible and can be used for virtually any purpose. Common uses include funding home renovations, paying for college tuition, settling medical bills, or consolidating high-interest debt into a single account.
What happens when the draw period ends?
When the draw period concludes, usually after 10 years, you can no longer withdraw any more money from the credit line. The account then enters the repayment period, which typically lasts between 10 and 20 years. During this time, you must make regular monthly payments that cover both the principal balance you borrowed and the interest, which often results in a significantly higher monthly bill than the interest-only payments made earlier.
Are there closing costs or fees for a HELOC?
Yes, these accounts can come with various costs, including appraisal fees, application fees, and annual maintenance charges. Closing costs typically range from 2% to 5% of the credit limit, though some lenders may waive these fees if you meet certain criteria or keep the account open for several years.
Learn more about home equity line of credits:
SoFi Loan Products Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
SOHE-Q425-060
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LCM | ACAT 1% IRA ENG
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SoFi Invest®
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Get a 1% ACAT Match.
For a limited time only, get a 1% match when you transfer your IRA to SoFi. Offer ends 3/31/26. Terms apply.*
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SoFi Self-directed IRA ACAT 1% Match Terms & Conditions
The SoFi Self-directed IRA ACAT 1% Match is governed by the following Terms & Conditions:
Offer: SoFi will match 1% of a customer's ACAT transfers, subject to a maximum match of $10,000 (equivalent to 1% of up to $1,000,000 in ACAT transfers), into their existing or newly opened SoFi self-directed individual retirement account (IRA) during the Offer Period. Transfers must be maintained in the IRA account for five (5) years from the settlement date. Matches will be paid in cash within 5 business days from the date which the funds settle in your SoFi self-directed IRA account.
Offer Period: The Offer Period is from February 17, 2026 - March 31, 2026, though SoFi may modify, suspend, or terminate the Offer at any time without advance notice.
Eligibility: The Match is available to customers who have an existing or newly opened SoFi self-directed IRA (Traditional IRA or Roth IRA) in good standing during the Offer Period through SoFi Securities LLC. Only asset transfers via ACAT are eligible. The transferred assets must be settled before the end of the Offer Period to be eligible for the match.
Calculations and Payments: Matches will be paid out in cash into the account the ACAT was transferred into within 5 business days of the settlement date. The 1% Match is calculated based on the total assets transferred (via ACAT). The customer's SoFi Invest IRA account must be in good standing to receive the payout.
Example: If you complete an ACAT of $20,000 into a SoFi Self-directed Traditional IRA during the Offer Period, you will be matched 1%, equaling $200.
Limitations: This Offer may not be combined with any other offers. The Match will not exceed $10,000 (equivalent to 1% of up to $1,000,000 in ACAT transfers). Qualifying deposits must remain in the SoFi IRA account that earned the Match for five (5) years to keep the entire match amount. If a member makes a withdrawal before the five (5) year Holding Period is complete, they will be subject to an early withdrawal fee and SoFi will remove a proportional amount of the Match from the member's account. The proportional amount is based on the breach in retention value, not retention period.
To avoid this fee, the total equity of the member's account ("total equity") must remain at the original pre-promotion total equity in the account, plus the qualifying deposit and match amount. If a withdrawal causes the total equity to fall below this combined amount, the fee will be applied. The fee will also apply if the member initiates a withdrawal and the total equity has decreased, for any reason including investment losses. Distributions required by law (e.g., required minimum distributions in IRAS) can also trigger the fee. However, the fee will not apply if the member's total equity has risen by an amount greater than the withdrawal amount, either by investment gains or additional deposits.
The proportional early withdrawal fee is deducted from the requested withdrawal amount. In the event of an ACAT transfer out, there will be an early withdrawal fee for the entire match amount. If insufficient cash is available in this account, the fee will be debited from an outgoing financial institution or added to a margin balance. SoFi reserves the right to liquidate securities to pay for this early withdrawal fee. SoFi will also bill an ACAT out fee separate from an early withdrawal fee. For additional details on the SoFi fee schedule click here.
Examples:
| Asset Transfer (ACAT) | 1% Match | Total Equity Balance | Withdrawal Date | Withdrawal Amount | Remaining Equity Balance | Early Withdrawal Fee |
|---|---|---|---|---|---|---|
| $20,000 | $200 | $20,200 | 5+ years from deposit date | -$2,000 | $18,200 | $0 (earned full match amount) |
| $20,000 | $200 | $20,200 | Less than 5 years from deposit date | -$2,000 | $18,200 | $19.80 |
| $20,000 | $200 | $25,000 Account balance increases due to investments | Less than 5 years from deposit date | -$2,000 | $23,200 | $0 |
| $20,000 | $200 | $15,000 Account balance decreases due to investments | Less than 5 years from deposit date | -$2,000 | $13,000 | $71.29 |
Fraud and Violations: SoFi reserves the right to decline, rescind, or delay granting the 1% Match if fraudulent activity or violations of these Terms are suspected. SoFi will liquidate any security to recover the match amount if required.
Not a Recommendation: This Match is not a recommendation to buy, sell, or hold any security, nor is the Offer a recommendation or endorsement of any investment strategy. The Match is not a recommendation that a customer rollover or transfer assets into a SoFi IRA, nor a recommendation for any specific account type. There are many factors that an investor should consider before initiating a rollover as it is one of a few options. An investor should consult with a qualified advisor prior to initiating a transfer or rollover. Customers that wish to participate in the Match are acknowledging the offer is not investment advice and are participating in the Match voluntarily.
Taxes: The Match is treated as taxable income as determined by applicable tax guidance and does not impact contribution limits. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the offer; consult with your tax advisor to determine applicable tax consequences. Each investor's tax situation is unique, and SoFi does not provide tax advice.
Disclosures: SoFi reserves the right to change or terminate the Match at any time without notice. The Match is not transferable, saleable, or valid in conjunction with other offers and is available to U.S. residents for personal, non-commercial use only. Participation in this Match constitutes acceptance of these Terms.
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LCM | ACAT 1% IRA ACQ
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SoFi Invest®
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Get a 1% ACAT Match.
For a limited time only, get a 1% match when you transfer your IRA to SoFi. Offer ends 3/31/26. Terms apply.*
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SoFi Self-directed IRA ACAT 1% Match Terms & Conditions
The SoFi Self-directed IRA ACAT 1% Match is governed by the following Terms & Conditions:
Offer: SoFi will match 1% of a customer's ACAT transfers, subject to a maximum match of $10,000 (equivalent to 1% of up to $1,000,000 in ACAT transfers), into their existing or newly opened SoFi self-directed individual retirement account (IRA) during the Offer Period. Transfers must be maintained in the IRA account for five (5) years from the settlement date. Matches will be paid in cash within 5 business days from the date which the funds settle in your SoFi self-directed IRA account.
Offer Period: The Offer Period is from February 17, 2026 - March 31, 2026, though SoFi may modify, suspend, or terminate the Offer at any time without advance notice.
Eligibility: The Match is available to customers who have an existing or newly opened SoFi self-directed IRA (Traditional IRA or Roth IRA) in good standing during the Offer Period through SoFi Securities LLC. Only asset transfers via ACAT are eligible. The transferred assets must be settled before the end of the Offer Period to be eligible for the match.
Calculations and Payments: Matches will be paid out in cash into the account the ACAT was transferred into within 5 business days of the settlement date. The 1% Match is calculated based on the total assets transferred (via ACAT). The customer's SoFi Invest IRA account must be in good standing to receive the payout.
Example: If you complete an ACAT of $20,000 into a SoFi Self-directed Traditional IRA during the Offer Period, you will be matched 1%, equaling $200.
Limitations: This Offer may not be combined with any other offers. The Match will not exceed $10,000 (equivalent to 1% of up to $1,000,000 in ACAT transfers). Qualifying deposits must remain in the SoFi IRA account that earned the Match for five (5) years to keep the entire match amount. If a member makes a withdrawal before the five (5) year Holding Period is complete, they will be subject to an early withdrawal fee and SoFi will remove a proportional amount of the Match from the member's account. The proportional amount is based on the breach in retention value, not retention period.
To avoid this fee, the total equity of the member's account ("total equity") must remain at the original pre-promotion total equity in the account, plus the qualifying deposit and match amount. If a withdrawal causes the total equity to fall below this combined amount, the fee will be applied. The fee will also apply if the member initiates a withdrawal and the total equity has decreased, for any reason including investment losses. Distributions required by law (e.g., required minimum distributions in IRAS) can also trigger the fee. However, the fee will not apply if the member's total equity has risen by an amount greater than the withdrawal amount, either by investment gains or additional deposits.
The proportional early withdrawal fee is deducted from the requested withdrawal amount. In the event of an ACAT transfer out, there will be an early withdrawal fee for the entire match amount. If insufficient cash is available in this account, the fee will be debited from an outgoing financial institution or added to a margin balance. SoFi reserves the right to liquidate securities to pay for this early withdrawal fee. SoFi will also bill an ACAT out fee separate from an early withdrawal fee. For additional details on the SoFi fee schedule click here.
Examples:
| Asset Transfer (ACAT) | 1% Match | Total Equity Balance | Withdrawal Date | Withdrawal Amount | Remaining Equity Balance | Early Withdrawal Fee |
|---|---|---|---|---|---|---|
| $20,000 | $200 | $20,200 | 5+ years from deposit date | -$2,000 | $18,200 | $0 (earned full match amount) |
| $20,000 | $200 | $20,200 | Less than 5 years from deposit date | -$2,000 | $18,200 | $19.80 |
| $20,000 | $200 | $25,000 Account balance increases due to investments | Less than 5 years from deposit date | -$2,000 | $23,200 | $0 |
| $20,000 | $200 | $15,000 Account balance decreases due to investments | Less than 5 years from deposit date | -$2,000 | $13,000 | $71.29 |
Fraud and Violations: SoFi reserves the right to decline, rescind, or delay granting the 1% Match if fraudulent activity or violations of these Terms are suspected. SoFi will liquidate any security to recover the match amount if required.
Not a Recommendation: This Match is not a recommendation to buy, sell, or hold any security, nor is the Offer a recommendation or endorsement of any investment strategy. The Match is not a recommendation that a customer rollover or transfer assets into a SoFi IRA, nor a recommendation for any specific account type. There are many factors that an investor should consider before initiating a rollover as it is one of a few options. An investor should consult with a qualified advisor prior to initiating a transfer or rollover. Customers that wish to participate in the Match are acknowledging the offer is not investment advice and are participating in the Match voluntarily.
Taxes: The Match is treated as taxable income as determined by applicable tax guidance and does not impact contribution limits. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the offer; consult with your tax advisor to determine applicable tax consequences. Each investor's tax situation is unique, and SoFi does not provide tax advice.
Disclosures: SoFi reserves the right to change or terminate the Match at any time without notice. The Match is not transferable, saleable, or valid in conjunction with other offers and is available to U.S. residents for personal, non-commercial use only. Participation in this Match constitutes acceptance of these Terms.
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