Free Iowa HELOC Payment Calculator
Iowa HELOC Calculator
By SoFi Editors | Updated January 23, 2026
Iowa homeowners have, like many homeowners nationwide, seen their home equity increase significantly over the past five years. Now perhaps you’re among the Iowans wondering how to get equity out of your home. That’s where this free HELOC calculator comes into play. You can use the calculator to quickly determine the cost of borrowing with a home equity line of credit (HELOC). You’ll also see the total cost of borrowing over the HELOCs two phases, draw and repayment. Follow this guide to use the calculator effectively and you’ll learn everything you need to know to guide your HELOC decisionmaking.
- Key Points
- • A home equity line of credit provides a revolving credit limit that functions similarly to a credit card, allowing for repeated borrowing and repayment.
- • The credit line is secured by the equity in the home, which is the difference between the current market value and the outstanding mortgage balance.
- • Borrowers typically enter an initial draw period, often lasting 10 years, during which they can access funds as needed.
- • During the draw period, many lenders offer the option to make interest-only payments, which can keep initial monthly costs lower.
- • Once the draw period concludes, the credit line enters a repayment phase, typically spanning twenty years, where further borrowing is prohibited.
Calculator Definitions
• HELOC Balance: The HELOC balance represents the total amount of funds you plan to withdraw from your line of credit. If you already have a HELOC, use the amount that you have borrowed thus far (or the maximum amount you plan to borrow).
• Current Interest Rate: Different lenders have different interest rates for customers, based on the customer’s equity level and creditworthiness. Input the rate you’ve been offered, or an advertised rate you have seen. If you already have a HELOC, input your current rate.
• Draw Period: The draw period is the initial phase of the HELOC, usually lasting 10 years. During this time the homeowner can utilize funds and even pay down the balance and reuse the credit line. Many lenders only require interest payments during this phase.
• Repayment Period: The repayment period is the second phase of the credit line, typically lasting up to 20 years. During this phase, borrowing stops and the balance must be repaid, with interest. HELOCs have variable interest rates, so the exact amount you pay each month will vary month to month.
• Monthly Interest Payment: A monthly interest payment is the calculated amount due each month to cover only the cost of using the credit line during the draw period. This payment does not reduce the principal balance.
• Monthly Principal and Interest Payment: This is the total amount due monthly once the repayment phase begins. These payments are typically much higher than interest-only payments.
• Total Interest: Total interest is the cumulative cost of using the credit over the lifespan of the HELOC, from the first withdrawal to the final payment. The calculator gives an estimate, but as both your balance and interest rates may vary over the course of the HELOC, you can expect your real-world results to vary.
How to Use the Iowa HELOC Calculator
The calculator is easy to use if you follow these steps. Each variable you adjust in the tool provides a different perspective on your future cash flow and debt obligations.
Step 1: Enter Your Planned or Actual HELOC Balance
Type in the balance you intend to carry on the credit line (or your current balance if you are already using a HELOC). By adjusting this number up and down in the calculator, you can see how different spending levels impact your immediate budget and your long-term debt profile.
Step 2: Estimate Your Interest Rate
Because most HELOCs feature variable rates, the number you select here is likely to change with some regularity during your HELOC experience. But you can input a current rate you’ve seen or been offered by a lender to get an estimate of the cost of borrowing.
Step 3: Choose the Length of the Draw Period
The draw period duration, commonly 10 years, is when you can borrow from the credit line. You can choose a shorter or longer duration.
Step 4: Select Your Repayment Period
The repayment period is when you’ll start repaying what you owe with interest. When you choose the repayment term in the calculator, remember that longer terms usually have smaller monthly payments. A shorter term will cost you less in interest over the long haul, but the monthly payment amount will be greater.
Step 5: Review Your Results
The HELOC payment calculator will show you the potential monthly payments during both the draw and repayment periods, as well as the total interest you might pay over the life of the line of credit. Review this now so you can build a repayment roadmap that starts before the draw period ends, ensuring you are never surprised by a sudden jump in your monthly bill.
Recommended: Different Types of Home Equity Loans
What Is a Home Equity Line of Credit?
If you’ve played around with the calculator and think you might be interested in borrowing with a HELOC, it’s important to make sure you understand what a home equity line of credit is and how it works. A HELOC provides a revolving line of credit secured by the homeowner’s equity. (As noted above, your equity is your home’s appraised value minus whatever you still owe on your home loan.) Many lenders will allow you to borrow up to 90% of your equity.
A HELOC is often described as having a “credit card-like” nature because of its inherent flexibility; once approved for a specific limit, the homeowner can withdraw funds, repay them, and withdraw them again as needed. This revolving structure distinguishes it from other forms of equity-based borrowing. Because it is a form of secured credit, using your home as collateral, it typically offers interest rates that are much lower than those of unsecured options like personal lines of credit or traditional credit cards. Of course securing a HELOC with your home also means that if you fall behind on payments, you risk foreclosure.
A HELOC has two distinct phases. The first is the draw period, which as we’ve noted above typically spans ten years. During this decade, the homeowner has the freedom to access their available credit as needed and many lenders only require the homeowner to pay interest on what they have borrowed. A HELOC interest-only calculator can show you what those payments would be, although you can also see them in the free HELOC calculator.
Following the draw period is the repayment period, which lasts up to 20 years. At this point,the homeowner can no longer withdraw funds, and the outstanding balance must be repaid through regular monthly payments that include both principal and interest. This transition is a major milestone, as the monthly HELOC obligation often increases significantly at this point. You can see that in a HELOC repayment calculator.
Home Equity Trends in Iowa
Iowa homeowners have seen their equity increase by 105%, on average, over the past five years. The average Iowa owner now has more than $69,000 in equity. And in major cities, such as Des Moines, where greater home values are common, equity can be even more substantial. The graphic shows how this Iowa increase is part of a larger trend, and indeed equity has increased in most U.S. states in recent years. Higher home prices have made it difficult for new homebuyers to enter the market, but for current owners who wish to use a HELOC to make home improvements or pay down other debts, rising home prices are good news.
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 free HELOC payment calculator can help you decide whether or not a HELOC is a good idea, but it can be useful in other ways. Check out these ideas:
• Plan for big projects: Use estimated draw and repayment payment amounts revealed by the calculator to see how a renovation or large purchase fits into your monthly budget before committing. If you’re looking at a kitchen renovation bid of, say, $60,000, you can run that number as well as, say, $50,000 to see how cutting $10,000 from your renovation budget would affect your monthly bills.
• Compare debt-consolidation options: Weigh HELOC payments and total interest against existing credit card or loan balances to see if paying off your credit cards or personal loans with a HELOC will actually save money.
• Guide lender discussions: Knowing your estimated borrowing limit and payments helps you approach lenders with confidence and realistic expectations.
• See the long-term cost: Reviewing total interest over the life of the HELOC helps you judge whether an expense is worth the long-term financial impact.
Tips on HELOCs
Managing a revolving line of credit requires a disciplined approach. Because the funds are so accessible, it can be tempting to treat the credit line as a secondary bank account for daily expenses. However, it’s probably a better idea to clearly define what expenses are suitable for your HELOC before you start borrowing. Otherwise your monthly budget could take quite a hit come the repayment phase.
Financial discipline will help you get a HELOC in the first place. Lenders look for a credit score of 640 or better in order to approve a homeowner for the credit line. Some even draw the line at 680. But an even healthier credit score, 700 or better, will get you a better starting interest rate on your HELOC.
Another key recommendation is to shop around and compare options from multiple lenders to find competitive rates and low fees. Not all revolving credit products are created equal; lenders may offer different margins on the variable rate, varying lengths for draw and repayment periods, and a wide range of fees. Some lenders in Iowa may waive closing costs entirely if the line remains open for a certain number of years, while others might charge annual maintenance or inactivity fees. By comparing these details across lenders, a homeowner can save thousands of dollars over the life of the credit agreement. Pay close attention to the “lifetime cap” on the interest rate, as this represents the absolute maximum you could be charged if market rates skyrocket.
Recommended: HELOC vs. Home Equity Loan
Alternatives to HELOCs
While a HELOC is a powerful tool for many homeowners, it is only one of several options available if you’re looking to access cash. Before you dive into a HELOC, consider all your options. And make sure you understand what is a home equity loan and how it differs from a HELOC.
Choosing the right mechanism depends heavily on your specific financial goals, your comfort with variable interest rates, and the nature of the project you are funding. Some situations require a lump sum of cash with a fixed repayment schedule, while others benefit from the revolving nature of a credit line. Evaluating these alternatives side-by-side with your calculator results is the best way to ensure you select the most efficient financial tool.
Home Equity Loan
A home equity loan is often confused with a HELOC. Both use your home as collateral, but a home equity loan provides the entire amount you are borrowing as a lump-sum loan at the time of closing. You’ll immediately begin to repay the loan with interest. Most home equity loans feature a fixed interest rate. As with a HELOC, you’ll choose your repayment term, but with a home equity loan your monthly payments will be predictable from day one. This makes it a strong choice for homeowners who have a specific, one-time expense and prefer the stability of a fixed installment plan over the variable nature of a revolving credit line. A home equity loan calculator can help you see what your monthly payments might be based on how much you plan to borrow.
Home Improvement Loan
A home improvement loan is often unsecured, meaning it does not use your home as collateral. Like a home equity loan, a home improvement loan disburses a lump sum upfront. Because they are unsecured, they may carry higher interest rates than equity-based options, but they offer the advantage of not putting your home at risk if you default. They are best suited for smaller, one-time projects where the homeowner wants a quick approval process without a home appraisal or the extensive documentation required for a HELOC or home equity loan.
Personal Line of Credit
A personal line of credit is a revolving credit account that allows you to borrow as needed up to a set limit, similar to a HELOC. The primary difference is that it is typically unsecured. This means the interest rate will likely be significantly higher because the lender is taking on more risk without an asset to back the debt. The amount you can borrow with a personal line of credit is usually smaller than the credit line you would get from a HELOC. However, it provides the same flexibility for ongoing expenses and it doesn’t require you to use your property as collateral. This is often an attractive option for those with high credit scores who need a flexible safety net but do not wish to link their home to the debt or who lack sufficient home equity.
Cash-Out Refinance
A cash-out mortgage refinance involves replacing your existing primary mortgage with an entirely new mortgage for a higher amount than you currently owe. The difference between the two mortgages is paid to you in cash. This is not a second mortgage but a brand new first mortgage. It can be a wise move if current mortgage rates are lower than your existing rate, as it allows you to access equity while potentially improving the terms of your primary home debt. However, it involves significant closing costs — often 2% to 5% of the total loan amount.
The Takeaway
Smart borrowing based on your home equity can give you a great deal of financial latitude. Used responsibly, a HELOC can help you pay down lingering debts or finally accomplish home repairs you’ve been putting off, for example. And using a HELOC payment calculator can help you understand the costs involved in borrowing and aid you in deciding on a lending partner or a repayment term before you enter into a HELOC agreement. Equity is a powerful resource. A calculator will help you treat it with the respect it deserves and get the most from your HELOC at the lowest cost.
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 benefit of having a variable interest rate?
A variable interest rate often starts lower than the fixed rates offered on other types of debt. This can lead to lower initial monthly payment amounts during the draw period. A variable rate can also be a good decision at a time when rates are forecast to decline, as it will prevent you from getting stuck with a high rate when rates in the market decrease. Of course, if interest rates rise, a variable rate will rise as well.
Are there closing costs or fees for a HELOC?
There can be various costs involved in setting up and maintaining a revolving line of credit. These may include an application fee, a home appraisal fee, and an annual membership or maintenance fee. However, some lenders may waive closing costs entirely if you keep the credit line open for a specified period, such as three years. It is important to review the agreement for all fees and penalties before signing.
What is the minimum credit score I need to qualify for a HELOC?
While requirements vary by lender, most prefer a credit score of at least 640 or 680 for approval. Lenders also evaluate your debt-to-income (DTI) ratio, which is your monthly debts divided by your gross monthly income. Many lenders look for a DTI ratio below 45%, though some may allow up to 50%.
Is the interest on a HELOC tax deductible?
Interest paid on a revolving line of credit may be tax deductible, though you would need to itemize your deductions on your tax return in order to capture this benefit. Consult a professional tax advisor to understand current tax rules.
Learn more about mortgages:
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 Hawaii HELOC Payment Calculator
Hawaii HELOC Calculator
By SoFi Editors | Updated January 22, 2026
High home prices in Hawaii have one happy side effect: The average Hawaii homeowner has more than $430,000 equity built up in their home. If you’re thinking about harnessing this equity with a home equity line of credit (HELOC), this free Hawaii HELOC calculator can help you make important financial decisions.
Using a Hawaii HELOC calculator allows a homeowner to visualize how different withdrawal amounts and repayment strategies will influence their cash flow. It moves the conversation away from a vague “how do I get equity out of my home?” to “what is the smartest and most sustainable way to borrow based on my equity?” This guide will help you use the calculator to maximum advantage, and make sure you are fully versed in how HELOCs work.
- Key Points
- • A HELOC calculator allows would-be borrowers to see estimates of their monthly payments and total cost for a home equity line of credit.
- • This financing typically consists of two distinct stages: an initial draw period followed by a long-term repayment period.
- • Homeowners can often access up to 90% of their equity with a HELOC.
- • Borrowing costs for these credit lines are generally lower than those for unsecured options because the home serves as collateral.
- • During the HELOC draw period, many agreements allow for interest-only payments, which can keep short-term costs manageable.
Calculator Definitions
• HELOC Balance: For accurate estimates, the calculator requires you to type in your current HELOC balance or the amount you think you will borrow using the credit line, should you sign on for one.
• Current Interest Rate: HELOCs usually have a variable interest rate. The current rate for the purpose of the calculator is the rate you have on your existing HELOC at present, or the rate you’re seeing in the marketplace or being quoted by a lender.
• Draw Period: The draw period is the initial window of time, frequently 10 years, during which a HELOC user can draw against the credit line. You may only be required to pay interest on your HELOC balance during the draw phase, rather than repaying what you have borrowed.
• Repayment Period: The second phase of financing, which may last from 10 to 20 years, is the repayment phase. Further withdrawals are prohibited and the borrower must make monthly payments to pay back both principal and interest.
• Monthly Interest Payment: This is the monthly cost for borrowing during the draw period, assuming the borrower is only covering interest and not repaying the principal.
• Monthly Principal and Interest Payment: This is the total amount due each month once the repayment period begins, calculated to ensure the entire balance is retired by the end of the term the borrower has chosen.
How to Use the Hawaii HELOC Calculator
To ensure the most accurate estimates, follow these steps when using the free HELOC payment calculator.
Step 1: Enter Your Planned or Actual HELOC Balance
If you are already utilizing a HELOC, type in your current balance. If you are planning for future use, input the total amount you anticipate withdrawing to see how that level of debt will impact your monthly budget.
Step 2: Estimate Your Interest Rate
Type in your current HELOC interest rate or the rate you’re being quoted by a prospective lender. Because most HELOCs feature a variable rate, it is helpful to use the calculator to test payment amounts with the current rate as well as a slightly higher rate.
Step 3: Choose the Length of the Draw Period
This timeframe dictates how long you have the flexibility to access funds. In Hawaii, a common draw period is 10 years, though some agreements may specify five.
Step 4: Select Your Repayment Period
The duration of the repayment phase — typically 10 or 20 years — determines the pace at which the principal must be repaid. Choosing a longer period may lower your monthly payments but will likely increase the amount of interest paid over the life of the HELOC.
Step 5: Review Your Results
The final output provides a comprehensive look at your future obligations. Look closely at the jump in payments between the draw and repayment phases. Ask yourself if it aligns with your long-term income projections and financial goals.
What Is a Home Equity Line of Credit?
If a first look at a HELOC calculator has left you interested in exploring this borrowing option, it’s helpful to pause to make sure you understand what a home equity line of credit is, exactly. A HELOC allows homeowners to leverage the equity they have built up in their property for various financial needs. Unlike traditional lump-sum loans, this method provides a revolving line of credit that functions similarly to a credit card. Because the HELOC is secured by your home, it typically carries a lower borrowing cost than unsecured personal credit or credit cards, making it an attractive option for significant expenses.
A homeowner typically needs at least 15% equity in their property to be approved for a HELOC. A solid credit score (at least 640 and sometimes as high as 680) is another baseline requirement. If approved for a HELOC, you will be given a borrowing ceiling. Many lenders allow you to borrow up to 90% of your equity. Once your HELOC is active, you can withdraw as much or as little as you need, up to the ceiling. As the balance is repaid, the available credit replenishes, allowing for repeated use.This flexibility is particularly useful for projects with unpredictable costs, such as home renovations, or for ongoing needs like medical expenses.
There are two distinct phases to any HELOC agreement. The first is the draw period, which typically spans 10 years. During this time, the homeowner can access the funds and is often required to pay only the interest on the amount actually withdrawn. A HELOC interest-only calculator can show you what this cost would be. Once the draw period concludes, the financing enters the repayment period, which frequently lasts for 20 years. During this second phase, no further withdrawals can be made. The homeowner must begin making regular payments that cover both the principal balance and the ongoing interest. A HELOC repayment calculator is another way to view what your payments could be in this phase.
Most HELOCs feature variable borrowing costs, meaning the interest rate can fluctuate based on broader economic indicators like the prime rate. If market rates rise, your monthly obligations can increase, sometimes substantially. And when your home is used as collateral, failing to meet the repayment terms can result in the lender initiating foreclosure proceedings. This makes a clear repayment strategy essential for HELOC users.
Home Equity Trends in Hawaii
The financial landscape for Hawaii homeowners has been significantly shaped by property value trends over the last five years. Yes, you build equity in your home by paying down your home loan. But rising home prices also contribute to your equity gain. Hawaii has seen, on average, a more than 60% increase in home equity in the past five years. As noted above, the average owner now has more than $430,000 in equity. (See how equity levels have risen nationally in the graphic.)
If a lender allowed the owner to borrow 90% of equity, the credit ceiling on a HELOC could be more than $385,000. Using a HELOC payment calculator can show you what monthly payments on a HELOC balance would be if you used even a portion of that credit line.
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 results rendered by the calculator are helpful, but you can use the calculator results in several ways to “stress test” your household budget before committing to a HELOC.
Model a “worst-case scenario.” Since most credit lines are variable and often tied to the prime rate plus a margin, it is important to see how your budget would handle a two- or three-percentage-point increase in your HELOC interest rate. For a homeowner carrying a $100,000 balance, a two-point increase in the borrowing cost represents an additional $2,000 in interest per year. If trying different interest rates in the calculator reveals that such a shift would jeopardize your ability to make payments, it may be wiser to look for a fixed-rate borrowing option.
Experiment with different repayment terms. It can be tempting to focus on the interest-only payment amount and assessing whether that fits your budget. After all, the repayment phase could be a decade away! But don’t skip using the calculator to determine whether a shorter or longer repayment term is best for you before you lock in a plan with a lender.
Recommended: Different Types of Home Equity Loans
Tips on HELOCs
Managing equity-based financing requires a proactive approach. You want to keep your payment as low as possible and ensure that you never miss one. Here are practical strategies for success:
• Shop around: Lenders can offer different rates and HELOC terms. Before you lock in a lender, compare options from multiple institutions, including banks, credit unions, and online lenders. Use the HELOC payment calculator to run the numbers on each option.
• Make a repayment plan: It can be tempting to use home equity for short-term wants or lifestyle purchases, but this is a risky practice. Before you draw funds, have a clear plan for how you will repay the borrowed amount. Ideally, you would use a HELOC to improve your financial stability (by paying down high-interest debt, perhaps) or add value to your home.
• Understand the fees: Be aware of the full cost of the loan. Some HELOCs have closing costs or annual maintenance fees, inactivity fees might be triggered if you don’t use the line of credit, and there could be early termination penalties if you close the account within a certain timeframe.
• Prepare for the repayment period: One of the biggest financial shocks for HELOC borrowers is the transition from the draw period to the repayment period. If you have been making interest-only payments, your monthly debt will increase significantly when principal payments are added. Plan ahead.
Recommended: HELOC vs. Home Equity Loan
Alternatives to HELOCs
If a revolving line of credit does not align with your financial needs, there are several other paths available to access funds. For example, you’ll want to understand what is a home equity loan and how it differs from a HELOC, as the two are often confused with one another.
Home Equity Loan
A home equity loan, like a HELOC, uses your home as collateral. But a home equity loan provides a lump sum disbursement and has a fixed interest rate. It is repaid in equal monthly installments over a set period, anywhere from 5 to 30 years. It offers more predictability than a variable-rate HELOC but lacks the flexibility to re-borrow funds as you pay down your balance. And the principal-plus-interest payments begin as soon as you receive the funds.
A home equity loan calculator can give you a sense of what these payments could be based on your borrowed amount.
Home Improvement Loan
A home improvement loan is a lump-sum loan, but your home is not collateral for this loan. This option is specifically designed for property upgrades. You receive a set amount and pay it back over a fixed term. This can be fairly easy to budget for if you have a single, well-defined project with a fixed cost, as payments begin immediately and remain stable. Because there is no collateral, you may not be able to borrow as much with a home improvement loan as you can with a home equity loan or HELOC. And interest rates may be higher.
Personal Line of Credit
This is another unsecured borrowing option that functions similarly to a HELOC. While the risk of foreclosure is removed, you can typically expect higher borrowing costs and a lower credit limit compared to a HELOC. Lenders base your eligibility strictly on your creditworthiness and income.
Cash-Out Refinance
This special type of mortgage refinance involves replacing your existing primary mortgage with a completely new one for a higher amount than you currently owe. You receive the difference in cash to use as you wish. This is an attractive option for those who can secure a lower interest rate on the new mortgage debt.
As you consider a cash-out refinance vs. home equity line of credit, here are two things to think about: A refinance can involve significant closing costs, often 2% to 5% of the total financing amount. On the brighter side, it will simplify your finances because you’ll have one monthly payment instead of two.
The Takeaway
A Hawaii HELOC calculator is a useful tool for navigating home-equity-based financing. Users can quickly estimate monthly payments, see how costs change at different phases of the HELOC, and run scenarios to determine their ideal borrowed amount and repayment term. Use the free HELOC calculator to see how lenders’ different rate offers impact your payment amount. In no time, you’ll feel secure about your decisionmaking and be well equipped to manage a HELOC responsibly.
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
How much can I borrow with a HELOC?
Lenders may allow you to borrow as much as 90% of your home equity. Your equity is your home’s appraised value minus whatever you may still owe on your primary mortgage. Your precise credit ceiling will depend on your creditworthiness and debt levels, and every lender has its own formula for calculating credit lines.
Is a HELOC interest rate fixed or variable?
Most home equity credit lines feature a variable borrowing cost that fluctuates based on a benchmark index like the prime rate. Your HELOC agreement will spell out how often the rate will change and how much it can change. Occasionally, you’ll find a lender that offers a fixed-rate HELOC but this is much less common.
What happens when the draw period ends?
When the draw period on a HELOC concludes, you can no longer withdraw funds. The financing enters the repayment phase, where you must make regular monthly payments covering both the principal and the borrowing cost until the balance is zero, often over 20 years.
What is the benefit of having a variable interest rate?
A variable interest rate may start lower than the rate on a fixed-rate borrowing option. And if market conditions cause benchmark rates to decrease, your monthly carry cost for the balance may even go down, providing potential savings.
Learn more about mortgages:
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 Arizona HELOC Payment Calculator
Arizona HELOC Calculator
By SoFi Editors | Updated January 22, 2026
A home equity line of credit (HELOC) calculator is a strategic financial planning tool for homeowners. It provides a way to explore how HELOCs work and estimate monthly payments without submitting a formal application. By using a HELOC calculator, homeowners can model different scenarios to understand the structure of the payments and how they might fit into a budget.
Keep reading to learn more on the core features of a HELOC, how to use calculator results for effective planning, and alternative options to explore.
- Key Points
- • A HELOC is a revolving line of credit, similar in function to a credit card.
- • The financing is secured by the equity in the borrower’s home.
- • A HELOC is structured with two distinct phases: a draw period and a repayment period.
- • Interest is only charged on the amount of money that has been withdrawn.
- • A HELOC calculator can help you estimate monthly payments during both the draw period and repayment period.
Calculator Definitions
• HELOC Balance: The HELOC balance is the total amount of money that has been withdrawn from the available line of credit. This is the principal balance on which interest charges are calculated.
• Current Interest Rate: The current interest rate is the rate applied to the outstanding balance. For most HELOCs, this rate is variable, which means it can change over time in response to broader economic conditions.
• Draw Period: The draw period is the designated time frame during which a homeowner can access funds from the line of credit as needed. This period typically lasts for five to 10 years.
• Repayment Period: The repayment period is the phase that immediately follows the draw period. During this time, funds can no longer be withdrawn, and the borrower makes regular payments covering both principal and interest.
• Monthly Interest Payment: A monthly interest payment is a type of payment often made during the draw period. This payment covers only the interest that has accrued on the withdrawn balance.
• Monthly Principal and Interest Payment: A monthly principal and interest payment is the standard payment made during the repayment period. This payment is applied to both the outstanding principal balance and the interest that has accrued.
How to Use the Arizona HELOC Calculator
The following steps show how to use the Arizona HELOC calculator to generate an estimate, helping to demystify how different variables affect the outcome.
Step 1: Enter the Amount You Plan to Borrow
This field represents the HELOC balance that a user wishes to model. Entering a hypothetical borrowing amount allows homeowners to project how different balances would impact their potential monthly payments.
Step 2: Estimate Your Interest Rate
This input shows how the interest rate affects monthly payments. Since most HELOC rates are variable, this feature is useful for understanding how payments could change if rates were to rise or fall.
Step 3: Choose the Length of Your Draw Period
The draw period is the window during which funds can be accessed. Users should select a term length, which typically ranges from five to 10 years, to model this phase of the financing.
Step 4: Specify Your Repayment Period
The repayment period, which follows the draw period, is when the outstanding balance is paid down. This term usually lasts between 10 and 20 years.
Step 5: Review Your Results
The calculator will provide outputs such as estimated monthly payments for the draw period and the repayment period. It is important to remember that these figures are estimates designed for personal budgeting and educational exploration.
Recommended: How to Get Equity Out of Your Home
What Is a Home Equity Line of Credit?
A home equity line of credit (HELOC) is a revolving line of credit that is secured by the borrower’s home. It operates much like a credit card, providing access to a set amount of funds that can be drawn from, repaid, and drawn from again.
This financial product is structured into two distinct phases:
• \ The draw period: This is the initial phase, typically lasting five to 10 years, during which the homeowner can withdraw funds up to the credit limit. During this time, payments may be interest-only, which can result in lower monthly costs. A HELOC interest-only calculator can show you what payments would be based on your balance.
• \ The repayment period: Once the draw period ends, the repayment period begins. This phase usually lasts from 10 to 20 years. No additional funds can be withdrawn, and payments must cover both the principal balance and the accrued interest. This transition often leads to a significant increase in the monthly payment amount. A HELOC repayment calculator can show you what those payments might be.
The line of credit is secured by the homeowner’s equity, which is the home’s current market value minus the outstanding balance on the primary mortgage. This equity serves as the collateral for the financial institution. Most HELOCs come with a variable interest rate, meaning the rate can fluctuate over the life of the financing based on market conditions, though some lenders may offer a fixed-rate option.
Recommended: What Is a Home Equity Line of Credit?
Home Equity Trends in Arizona
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.
Arizona has experienced dramatic shifts in home equity over the past several years, driven by rapid home price appreciation and strong demand. From 2020 to 2025, average home equity increased 142% nationwide, accounting for about $11.5 trillion in value (see chart below). While Arizona’s growth during that same period was not quite as high, it still reflects how quickly property values rose across many parts of the state.
According to the data, home equity in Arizona increased a reported 106% between 2020 and 2025, with the average homeowner holding approximately $161,532 in equity as of 2025. This surge has given many Arizona homeowners greater borrowing power and financial flexibility, making tools like HELOCs and home equity loans more relevant for funding renovations, consolidating debt, or covering major expenses.
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:
Recommended: Different Types of Home Equity Loans
How to Use the HELOC Calculator Data to Your Advantage
Understanding how to use a HELOC calculator can help you make smarter borrowing and budgeting decisions before tapping into your home equity. Here’s how you can use it:
Budgeting: A homeowner can use the estimated payment information for effective budgeting. The calculator illustrates the potential monthly cost during both the interest-only draw period and the full repayment period. This allows for a clear-eyed assessment of affordability and helps a borrower plan for the payment increase that occurs when the repayment period begins.
Comparing scenarios: The tool is also effective for comparing different financial scenarios. A user can model the impact of borrowing a smaller amount to see how that reduces the monthly payment. Similarly, one could input a higher interest rate to stress-test their budget against potential market fluctuations, a valuable exercise for a product with a variable rate.
The primary advantage of using an Arizona HELOC calculator is gaining a clear understanding of the potential long-term financial commitment before ever speaking with a lender. It empowers homeowners to approach the application process with realistic expectations and a solid grasp of how the product works.
Tips on HELOCs
While a home equity line of credit offers considerable flexibility, it also requires responsible management to prevent financial strain. The funds are readily accessible, but the obligations must be handled with care to avoid falling behind on payments.
Here are several practical tips for managing a HELOC:
• Shop around for the best offer. Compare options from multiple lenders to find the most competitive terms. Look for a favorable interest rate, low fees, and a repayment structure that aligns with your financial situation.
• Plan for the end of the draw period. The transition from interest-only payments to principal and interest payments can cause a substantial jump in the required monthly amount. Budget for this increase well in advance to ensure a smooth transition.
• Understand all potential fees. In addition to the interest rate, be aware of other potential costs. These can include annual fees, inactivity fees for not using the credit line, or early closure penalties if the account is closed within a certain timeframe.
• Pay more than the minimum. If possible, make payments that cover both principal and interest during the draw period, even if only interest payments are required. This reduces the total balance that will need to be paid down during the more costly repayment period.
Before settling on this option, it is always wise to review alternative financial products.
Alternatives to HELOCs
Exploring different financing options is a key part of making a sound financial decision. While a HELOC is a flexible and powerful tool, other products might be better suited for different goals or personal risk tolerances.
Home Equity Loan
A home equity loan provides a one-time lump sum of cash that is paid back in fixed monthly installments over a set period, typically five to 30 years. It is often referred to as a second mortgage.
A home equity loan calculator can help you compare the cost of this product to that of a HELOC.
Home Improvement Loan
A home improvement loan is a type of personal loan intended for funding home renovations and repairs. It typically provides a fixed amount of money at a fixed interest rate. Because it is unsecured, though, interest rates tend to be higher than for home equity loans and HELOCs.
Personal Line of Credit
A personal line of credit is a revolving credit line that is not secured by an asset like a home. It functions like a credit card or HELOC, allowing you to draw on your credit limit, repay as you go, and draw again. Because it is unsecured, it often comes with a higher interest rate than a HELOC.
Cash-Out Refinance
A cash-out mortgage refinance involves replacing an existing primary mortgage with a new, larger one. The difference between the two mortgage balances is given to the homeowner in cash.
When comparing a cash-out refinance vs. home equity line of credit, a cash-out refinance allows the homeowner to maintain a single monthly payment rather than managing two separate debts.
Recommended: HELOC vs. Home Equity Loan
The Takeaway
A HELOC calculator is an essential first step for any homeowner considering using their home equity. By using an Arizona HELOC calculator to model various scenarios, homeowners can be better prepared to manage the responsibilities that come with leveraging one of their most valuable assets.
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 with a typically variable interest rate, allowing you to draw funds as needed. A home equity loan provides a single lump sum of money at a fixed interest rate, with repayment beginning immediately.
How much can I borrow with a HELOC?
Borrowers can typically access between up to 90% of their home equity. Home equity is calculated by taking the property’s current market value and subtracting the outstanding mortgage balance.
What can I use the money for from a HELOC?
The funds are flexible and can be used for a wide variety of purposes. Common uses include home renovations, funding education costs, covering medical bills, or consolidating higher-interest debt.
Is a HELOC interest rate fixed or variable?
Most home equity lines of credit have a variable interest rate that can change over time based on market conditions. However, some financial institutions may offer a fixed-rate option.
What happens when the draw period ends?
When the draw period ends, you can no longer withdraw funds from the line of credit. The repayment period begins, during which you are required to make regular payments on both the principal and the accrued interest.
Learn more about mortgages:
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-Q425-053
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Spouse Loan Consolidation Calculator
Spouse Loan Consolidation Calculator
By SoFi Editors | Updated December 29, 2025
When two partners are joined together in marriage, there’s a good chance these days that they are also joined together in debt. The culprit is often student loans, personal loans, or credit card debt (or all of the above). Nearly two-thirds of college graduates leave school with debt, which means many couples have two monthly payments to make on student loans after they get married. And 46% of Americans carry credit card debt, with the average household credit card balancing equaling more than $21,000.
It might sound appealing to consolidate these debts into one loan with a single monthly payment. But before you say “I do” to combining debts, it’s wise to run the numbers. That’s where the spouse loan consolidation calculator comes in. Use this calculator to quickly see how a combined loan balance with a new interest rate would affect your monthly payment amount. Let’s get started.
- Key Points
- • Consolidating debt involves combining two or more separate loans/balances (like credit cards or personal loans) into a single new loan.
- • The spouse loan consolidation calculator helps couples see how combining debt impacts their monthly payment and total interest paid.
- • The new loan term and interest rate will determine your new monthly payment and the total interest paid over time.
- • Potential benefits include a single monthly payment, possibly a lower interest rate, and a positive emotional impact on the relationship.
- • Before consolidating, couples should consider differences in money management styles, potential credit score impact, and the long-term commitment involved in shared debt.
What This Calculator Helps You Do
A spouse loan consolidation calculator allows you to see what your monthly payment and total interest costs would be if you were to consolidate debt with your spouse. You would go from having two loan or credit card balances and two payments each month to having a single new loan with a new interest rate and one monthly payment. Sounds pretty appealing, right? A calculator can help you determine exactly how much you might save by pursuing this strategy.
How to Enter Your Loan Balances and Interest Rates
Using the spouse loan consolidation calculator is easy. First you’ll record your own balance and the interest rate you’re paying. This might be the balance on a personal loan or credit card, for example. If you’re carrying a balance in more than one place (for example, on two credit cards), choose the one with the highest balance for the purposes of the calculator.
After you type in your own details, you’ll input your partner’s loan or credit card balance and interest rate.
The next step is to choose a new loan term. This could be anywhere from five to 30 years, depending on what type of loan you want to use for your debt consolidation. The shorter the loan term, the higher the monthly payment will be, but the less interest you’ll pay over the long haul. If you don’t own a home, type in a loan term of five, seven, or 10 years because you would likely consolidate debt with a personal loan. If you own a home and are thinking about using a home equity loan or home equity line of credit to consolidate your debt, a term of 15 or 30 years might be possible.
Finally, choose a new interest rate. The rate you obtain will be determined by the type of loan you choose, the combined loan amount, and your financial stats as a couple, including income and creditworthiness. Borrowers can obtain up to $100,000 with a debt consolidation loan, for example, at a significantly lower interest rate than could be obtained by rolling credit card balances over to a new credit card. Take some time to explore rates and lenders.
Comparing Your Current Monthly Payments to a Combined Loan
The combine-loans calculator will immediately show you the details of your new combined loan, including the total amount you will pay over the loan term, the amount of interest you’ll pay, and your monthly payment amount. You’ll be able to see how much you might save by combining balances, and you can adjust your rate or loan term to see the impact different approaches could have on your finances.
How Consolidating Loans With a Spouse Works
Once you’ve decided to consolidate your loans, the process is fairly simple. You’ll do your research to find a lender you trust that offers competitive rates on a personal loan or debt consolidation loan. These loans are unsecured, and the process of applying is pretty simple. You can often apply online and get a response quickly. You can consolidate many different types of debt this way.
If you own a home together and have at least 15% to 20% in your property, you have an additional debt-consolidation option, which is to obtain a home equity line of credit (HELOC) or home equity loan that you can use to pay off your other loans. This process is somewhat more time-consuming than obtaining a personal loan (a home appraisal will likely be needed). But if you qualify, the interest rate for a loan secured by your home is typically lower than the one for a personal loan. However, missed payments on a home equity loan or HELOC leave you at risk of foreclosure.
Understanding Your New Estimated Monthly Payment and Interest Costs
As we’ve noted, the right-hand side of the calculator shows you the details of what your new loan might look like. You’ll learn what your total payment and interest payments would be over the full term of the new loan. And you’ll see what your monthly payments would be and how much money, if any, you save each month by combining balances.
Remember that if you choose a fairly short term for your new loan — say, five years — you might pay more each month than you do currently, but you would be free of the debt sooner and would pay less interest over the long term if you accelerate the payment schedule. You and your partner will need to weigh the idea of paying down debt against other possible uses for your money, such as saving up an emergency fund or saving for a down payment on a house.
Having this conversation is an important step in talking about your finances more generally. “It’s important to remember that ‘money talks’ are as much about listening as talking. Understanding each other’s values, goals, fears — and just getting on the same page — can help couples literally build their future together,” says Brian Walsh, CFP® and Head of Advice & Planning at SoFi.
Potential Benefits of Consolidating Loans Together
There are several possible upsides when it comes to debt consolidation for couples. At the most basic level, it’s always nice to have fewer payments to keep track of each month.
But your combined new loan might also allow you to qualify for a lower interest rate than either of you is currently paying for your individual loan. This is particularly true if you consolidate loans with your spouse using a home equity loan or home equity line of credit (HELOC).
Finally, there is the emotional impact to consider. Combining loan balances is a step on the path toward linking your finances more firmly together, which seems to have some relationship benefits. A 2023 study from Indiana University found that married couples who have joint bank accounts not only have better relationships, but they fight less over money and feel better about how household finances are handled.
Things to Consider Before Combining Debt Into One Loan
Although consolidating your debt might reduce the amount you and your partner pay each month, there are pros and cons of consolidating debt as a couple, and it’s important to consider the potential drawbacks before moving forward.
Do you have different money management styles?
If you and your partner don’t see eye to eye on other money matters, such as how much to put into savings or how to handle new credit accounts, mixing debts might not be a good idea. The last thing you want to do is combine debts and pay off your credit cards, only for one partner to create new credit-card debt due to unfettered spending.
How might your credit score be affected?
If one member of the couple stands to take on substantial increased debt by combining loan or credit card balances into one loan, this could negatively impact that person’s credit score. If both you and your partner have strong scores, it might not matter. But if one of you has a pristine credit score and the other needs to do some polishing, you might think twice about mixing debts, particularly if you think you might be applying for a home loan in the near future.
Will combining mean losing benefits?
If you are thinking about combining student loan debts into a single private loan, you could also be forfeiting any possible federal benefits you might have in the future, such as income- or occupation-based loan benefits or federal loan forgiveness. If you and your spouse have both credit card and student loan debt, you might consider combining the credit accounts but leaving the student loan payments separate. Another option is to explore refinancing student loans.
Are you together forever?
If you and your partner separate while jointly holding a loan, and one of you decides to stop making payments, the other will be on the hook for the entire payment amount. No one wants to think this could happen, but it’s important to be clear on this risk before signing any borrowing agreement.
Debt consolidation is permanent, and once you combine your loans into a new loan, there’s no going back.
The Takeaway
A spouse loan consolidation calculator is a helpful tool if you and your partner have entered your marriage carrying debt and want to be strategic about simplifying your finances. The calculator quickly shows you how much you might save with a debt-consolidation strategy. Then it will be up to the two of you to talk it over and determine whether mixing debt is a smart move, both financially and emotionally.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.
FAQ
Can spouses combine their loans into one loan?
Married partners can combine loan balances into a single new loan, such as a personal debt-consolidation loan or a home equity loan or line of credit. Doing so can save money if the new combined loan has a lower interest rate. However, there are also drawbacks to consider, such as how hard it is to disentangle debts in the case of divorce. Use a spouse loan consolidation calculator to see what your new loan payment would be.
What are the benefits of consolidating loans together?
Consolidating loans or other debt, such as credit card debt, can streamline your monthly bills and possibly allow you to qualify for a lower interest rate, reducing the amount of interest you’ll pay over the life of the loan. A spouse loan consolidation calculator can help the two of you explore what your new loan payment might be.
Can consolidating loans lower monthly payments?
Consolidating loans or credit card debt can reduce the amount you and your partner will pay toward your debts each month. It’s also possible to consolidate loans into a new loan with a lower interest rate and to pay off your debts over a shorter period of time. The monthly payment could be the same amount that you previously paid, but the total interest paid will be substantially reduced and you’ll be debt-free sooner.
How is the new interest rate calculated when you consolidate two loans?
In a debt-consolidation process, a lender will base the interest rate it offers on several factors: the amount you want to borrow, your credit scores, and your other financial metrics such as income and other debts. You can seek out rates from multiple lenders to see what you might qualify for.
What happens if we consolidate debts and then our financial situation changes later?
If you merge your debts and later struggle to make payments on the new loan, you risk damaging your credit score and even falling into bankruptcy. Seek professional advice from a credit counselor, and consider making a debt repayment plan if you find yourself in this situation.
Is debt consolidation the same as refinancing?
Debt consolidation and refinancing are two different things, however some homeowners use a type of refinancing called a cash-out refinance to consolidate debts. In this scenario, you take out a new home loan that is larger than your current one. You then use the extra amount you have borrowed to pay off debt. Going forward, you have one monthly mortgage payment instead of a home loan plus debt payments. Because this loan is secured by your home, the interest rate is often more favorable than whatever rate you have on your other debt. However if you default on the new loan, you risk foreclosure.
Can we consolidate loans even if our credit scores are different?
A married couple can consolidate loans or credit card debt even if each member of the couple has a wildly different credit history. But it’s important to explore the interest rate you might qualify for to make sure consolidation saves you money.
Learn more about personal loans:
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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.
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.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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.
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.
SOPL-Q425-089
Options to Postpone Repayment | SLR
Return-to-School Deferment
If you’re heading back to school and are enrolled at least half-time in an approved program, you might be eligible for a Return-to-School Deferment. This can provide some financial relief while you’re focusing on your studies.
- • You will need to provide documentation of your acceptance and enrollment period into an eligible program at an eligible higher education institution.
- • During Return-to-School Deferment, interest payments during the enrollment period are required. You will not need to make full monthly installment payments.
- • Return-to-School Deferment will be approved up to six (6) months based on school certification eligibility.
- • If you maintain enrollment at the same school, you will not need to reapply every term. SoFi will automatically extend enrollment.
- • You’re eligible for up to 36 months of deferment in total.
Disability Rehabilitation Program Deferment
If you’re participating in a full-time Rehabilitation Training Program, you may be eligible for a Rehabilitation Program Deferment.
- • To qualify, the training program must be licensed, approved, certified, or recognized by the Department of Veterans Affairs or a state agency.
- • The deferment may only be requested in increments of three (3) months.
- • The deferment is offered for a cumulative maximum of thirty-six (36) months.
Active-Duty Military Deferment
You may be eligible for an Active-Duty Military Deferment if you are performing the following:
- • Serving on active duty during a war, another military operation, or national emergency.
- • Performing qualifying National Guard duty during a war, other military operations, or national emergencies.
Either you, a cosigner, or your spouse/dependant may apply for this deferment. Keep in mind:
- • If we’ve received the necessary notifications from the Department of Defense, you, a cosigner or spouse / dependent may be able to request a deferment over the phone.
- • Military orders can be sent in directly to receive the Active Military Duty Deferment.
- • Deferment will be applied in 12 month increments.
- • An approved Active-Duty Military Deferment is automatically extended for an additional 180-day period following the demobilization date for any of the aforementioned qualifying service.
- • There is no cumulative maximum for this type of deferment and this deferment extends the remaining repayment term of the applicable loan.
- • The maximum interest rate on applicable loans will be 6% for the period of the Military Deferment if you do not otherwise qualify for SCRA protection.
- • Interest will continue to accrue during an approved Military Deferment period.
In cases of no Department of Defense notification, you must provide:
- • Signed certification or a written statement from the commanding or personnel officer or a copy of the military orders as eligible documentation.
- • The written statement or copy must include all information needed to establish your eligibility for this deferment including the period of the qualifying service.
- • If you are/were serving in a different duty station, in support of a military operations while the U.S. has declared war in which service qualifies for special pay under section 310 of title 37, United States Code, the written statement or copy of the military orders must identify the hostile fire/imminent danger pay area in which you are/were on active duty.
Forbearance
Forbearance may be available in the following circumstances. Additional eligibility criteria and requirements may apply. To determine if you qualify, give us a call at (855)456-SOFI (7634).
- • Military Mobilization if you are involved in a Military Mobilization which is not covered under the Military Deferment option.
- • Disaster Deferral if you’re impacted by a disaster, SoFi may be able to help.
- • Skip-a-Pay if you are experiencing a short-term hardship situation (e.g., unexpected one-time expense) expected to be resolved within 1 month.
Reduced Repayment Options
If you’re facing financial hardship due to things like medical expenses, job loss, and/or increased expenses, you may be eligible for a Reduced Repayment Option. Additional eligibility criteria and requirements may apply. To determine if you qualify, give us a call at (855)456-SOFI (7634).
Loan Modification
A Maturity Extension Loan Modification may be available if you are experiencing financial hardship. Loan modifications are a one-time permanent restructuring of the debt to lower future payments. Additional eligibility criteria and requirements may apply. To determine if you qualify, give us a call at (855)456-SOFI (7634).
Important Information – Forbearance, Reduced Repayment Options, and Loan Modification may be approved at the discretion of SoFi, depending on permissions granted by SoFi. An approval or denial notification will be provided. For approved Repayment Options or Loan Modification, unpaid accrued interest may be capitalized at the end of any Repayment Option or prior to the Loan Modification start date.
SoFi members utilizing the following repayment options will not have interest capitalized at the end of the deferred period:
- • Military Deferment
- • Disaster Deferral Forbearance
- • Return-to-School Deferment for the following products:
- • In-School loans disbursed between 1/1/2013-6/30/2018
- • In-School loans disbursed after 5/1/2019 that elected Interest Only or Fixed Payment repayment options
Hardship Options
What if I’m having trouble making payments on my SoFi loan? If you’re facing financial troubles, a natural disaster, or other hardships, you may qualify to lower your monthly payments on your SoFi loan.
Call us today if you’re facing a hardship:
- • We’ll ask about your financial situation, how long you’ll likely need help, and your ability to make monthly payments.
- • We’ll talk through any program eligibility and enrollment options available to help: (855) 456-SOFI (7634)
Important Information: Hardship options may be approved at the discretion of SoFi. An approval or denial notification will be provided by SoFi. For approved hardship programs, unpaid accrued interest may be capitalized.
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