Current Home Equity Loan Rates in Charlotte, NC Today
CHARLOTTE HOME EQUITY LOAN RATES TODAY
Current home equity loan
rates in Charlotte, NC.
Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Compare home equity loan rates in Charlotte.
Key Points
• Your credit score and debt-to-income ratio play a part in determining the rates you’ll be offered in Charlotte.
• Fixed rates offer the peace of mind that comes with a predictable monthly payment.
• To obtain the lowest rates, a credit score of 680 or above and a debt-to-income ratio under 36% are typically needed.
• One key to securing a home equity loan is to have at least 20% equity in your home.
• The interest on home equity loans may be tax-deductible if funds are used for significant home improvements.
Introduction to Home Equity Loan Rates
A home equity loan is a popular way for homeowners to access cash using their home’s equity as collateral. This article will dive into the current home equity loan rates in Charlotte, NC, and explain how these rates are determined. We’ll cover the application process, how to best prepare for it, and the potential risks and benefits of taking out a home equity loan, which is technically a second mortgage. Whether you’re planning a home renovation or consolidating debt, this guide will help you understand how to secure the best rate and terms for your financial needs.
How Do Home Equity Loans Work?
A home equity loan is a lump-sum loan that’s based on the amount of equity you have in your home — the difference between your home’s value and your home loan balance. Many lenders will let you borrow up to 85% of your equity. (To understand what a home equity loan is and how much you might be able to borrow, use a home equity loan calculator.) You begin paying the loan back, with interest, right after you receive it. Home equity loans typically come with fixed interest rates, which can provide peace of mind because the monthly payments are predictable. The rates are generally lower than what you’d get with a personal loan, but keep in mind that your home is the collateral.
Where Do Home Equity Loan Interest Rates Come From?
The interest rates for home equity loans are influenced by both national and personal factors. The Federal Reserve’s policies play a significant role in how lending rates are determined, as lenders typically base their rates on the prime rate, which is influenced by the Fed. Your credit score and debt-to-income (DTI) ratio are also key factors in determining the interest rate you, personally, will be offered. In general, the better your credit score and the lower your DTI ratio, the lower your interest rate will be.
How Interest Rates Impact Affordability
Now, let’s talk about interest rates and how they can impact the costs of your home equity loan. Even a small change in rates can make a big difference in the long run. The chart below will give you a sense of how the amount you borrow, the term over which you repay the loan, and your interest rate all factor into your monthly payments. Generally speaking, the longer the term, the lower the monthly cost — but the more interest you will pay over the life of the loan.
| Loan Amount | Loan Term | Interest Rate | Monthly Payment |
|---|---|---|---|
| $100,000 | 20 years | 8.00% | $836 |
| 7.00% | $775 | ||
| 10 years | 8.00% | $1,213 | |
| 7.00% | $1,161 | ||
| $50,000 | 20 years | 8.00% | $418 |
| 7.00% | $388 | ||
| 10 years | 8.00% | $607 | |
| 7.00% | $581 | ||
| $25,000 | 20 years | 8.00% | $209 |
| 7.00% | $194 | ||
| 10 years | 8.00% | $303 | |
| 7.00% | $290 |
Home Equity Loan Rate Trends
The prime interest rate serves as a barometer for different types of home equity loans in North Carolina. As you can see from the graphic, that rate has seen quite a bit of fluctuation in recent years. For instance, it was as low as 3.25% in 2020 and as high as 8.50% in 2023. These changes can have a direct impact on the rates for home equity loans. While it’s impossible to predict the future with certainty, keeping an eye on the current trends can help you time your application (to the extent possible) to get the best rate possible.
Source: TradingView.com
| Date | Prime Rate |
|---|---|
| 9/19/2024 | 8.00% |
| 7/27/2023 | 8.50% |
| 5/4/2023 | 8.25% |
| 3/23/2023 | 8.00% |
| 2/2/2023 | 7.75% |
| 12/15/2022 | 7.50% |
| 11/3/2022 | 7.00% |
| 9/22/2022 | 6.25% |
| 7/28/2022 | 5.50% |
| 6/16/2022 | 4.75% |
| 5/5/2022 | 4.00% |
| 3/17/2022 | 3.50% |
| 3/16/2020 | 3.25% |
| 3/4/2020 | 4.25% |
| 10/31/2019 | 4.75% |
| 9/19/2019 | 5.00% |
| 8/1/2019 | 5.25% |
| 12/20/2018 | 5.50% |
| 9/27/2018 | 5.25% |
Source: St. Louis Fed
How to Qualify for the Lowest Rates
To secure the most competitive home equity loan rates, there are several things you can do before you ever file your first application. Consider this your to-do list:
Maintain Sufficient Home Equity
To be eligible for a home equity loan, it’s essential to have at least 20% equity. Calculating your equity is simple: Find your home’s estimated value on a real estate site. Subtract from the estimated value the amount you still owe on your mortgage. Then divide the result by the estimated value to arrive at a percentage. If the number is greater than 20%, you’re good to go.
Build a Strong Credit Score
To land the most sought-after home equity loan rates, a solid credit score is your golden ticket. Lenders are often looking for a score of 680 or higher, but the real sweet spot is 700 or more. A higher score is like a financial high-five, showing you’re a responsible borrower. Want to take good care of your score? Make sure you’re paying your bills on time, keeping those credit card balances in check, and steering clear of new debt. It’s also a good idea to give your credit report a once-over for any errors and dispute them pronto.
Manage Debt-to-Income Ratio
Your debt-to-income (DTI) ratio is a key player when it comes to home equity loan eligibility. Lenders typically look for a DTI ratio under 50%, with an even better chance if you’re under 36%. To calculate this, they divide your total monthly debt payments by your gross monthly income. The lower this ratio, the better your chances of securing a loan with competitive rates. To improve your DTI, consider paying down existing debts, boosting your income, or both. A well-managed DTI can be the ticket to a home equity loan with favorable terms and lower interest rates.
Obtain Adequate Property Insurance
Property insurance is a must-have for home equity loans, especially if you reside in areas prone to natural disasters. This insurance not only safeguards the lender’s investment but also your home. Be sure to have comprehensive coverage, including any additional protection mandated by your location. Don’t hesitate to touch base with a prospective lender to ensure your protection aligns with its needs.
Useful Tools & Calculators
Using calculators during your loan search process can help you determine your borrowing power and make decisions about which loan offer is right for you. Here are a few helpful tools:
Run the numbers on your home equity loan.
-
Home Equity Loan Calculator
Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.
-
HELOC Payment Calculator
Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.
-
HELOC Interest Only Calculator
Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay .
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Closing Costs and Fees
Closing costs for home equity loans typically fall between 2% to 5% of the loan amount. You can expect line items to include the appraisal, credit report, document preparation, origination, notary, title search, and title insurance fees. Some lenders offer loans with no closing costs, but these tend to have higher costs elsewhere.
Tax Deductibility of Home Equity Loan Interest
Good news: The interest on home equity loans can be tax-deductible if the funds are used to buy, build, or significantly improve your home. Thanks to current tax laws, which are in effect through 2025, couples filing jointly can deduct interest on home equity loans up to $750,000, while single filers can claim deductions on loans up to $375,000. To snag this deduction, you’ll need to itemize your deductions on your tax return, so talk with a tax advisor. This perk could make a home equity loan more appealing, helping to balance out costs.
Alternatives to Home Equity Loans
Homeowners have a few different options when it comes to how to get equity out of your home. Each of these choices has its own set of pros and cons:
Home Equity Line of Credit (HELOC)
A home equity loan and a HELOC are often confused, so let’s focus on what is a home equity line of credit, and how it’s different from a home equity loan. A HELOC is like having a credit card that’s secured by your home’s equity. You can borrow up to a certain limit, as you need it, and you’ll only pay interest on the amount of credit that you actually use. During an initial “draw” period of as long as 10 years, you only pay interest. A HELOC interest-only calculator comes in handy at this time. After that, the repayment period begins and your payments increase. The interest rate on a HELOC is usually variable, which means it can change based on the market. A HELOC repayment calculator can help you see what payments might be at this time, based on various interest rates.
To get a HELOC, you’re typically looking at a minimum credit score of 680, but many lenders prefer to see 700. Your debt-to-income ratio should be below 50%, and ideally, below 36%. HELOCs are great for ongoing expenses and can give you access to up to 90% of your home’s equity. Here’s a quick look at a HELOC vs. a home equity loan.
| HELOC | Home Equity Loan | |
|---|---|---|
| Type | Revolving line of credit | Installment loan |
| Interest Rate | Usually variable-rate | Usually fixed-rate |
| Repayment | Repay only what you borrow plus interest; you may have the option to make interest-only payments during the draw period. | Starts immediately at a set monthly payment |
| Disbursement | Charge only the amount you need | Lump sum |
Cash-Out Refinance
A cash-out refinance is a special kind of mortgage refinance that can simplify your finances by consolidating debt into one payment. It also might give you a lower interest rate than a home equity loan or HELOC. To qualify for a cash-out refinance, you typically need to have a credit score of 620 or higher and a DTI ratio of 43% or lower. Most lenders will let you borrow up to 80% of your home’s value, although some may go higher. Variable rates may allow you to access more equity. As you think about a cash-out refinance vs. a home equity line of credit, one important difference is that the refinance leaves you with an entirely new home loan, and one payment instead of two.
The Takeaway
If you’re considering a home equity loan in Charlotte, it’s crucial to keep your credit score robust, your DTI ratio in check, and your property insurance up to par. These elements will play a significant role in the rates you’re offered. Online calculators can be your best friend, helping you gauge your borrowing potential and make well-informed choices. And don’t forget to look into the tax benefits of home equity loan interest, and explore alternatives like a HELOC and cash-out refinance that might better suit your needs. Always remember to shop around and compare offers from multiple lenders to secure the best rates and terms for your unique financial situation.
SoFi now offers home equity loans. Access up to 85%, or $350,000, of your home’s equity. Enjoy lower interest rates than most other types of loans. Cover big purchases, fund home renovations, or consolidate high-interest debt. You can complete an application in minutes.
Unlock your home’s value with a home equity loan from SoFi.
FAQ
What can I use a home equity loan for?
A home equity loan can be a smart way to finance a large purchase, fund a home improvement project, or cover a debt consolidation. The flexibility of these loans makes them a popular choice for homeowners. However, it’s important to use the funds responsibly and ensure the loan aligns with your long-term financial goals. Before applying, consider how the loan will impact your monthly budget and overall financial health.
What’s the monthly payment on a $100,000 HELOC?
The beauty of a home equity line of credit (HELOC) is its flexibility. During the draw period, which can last 5, 10, or even 20 years, you may only need to pay interest on the amount you’ve borrowed, which isn’t necessarily going to be the full $100,000. If you did use the entire credit line of $100,000, your interest rate for repayment would likely be a variable one. But at an average of 8.00% and a repayment term of 20 years, you would pay $836 per month.
What would the payment be on a $30,000 home equity loan?
The payment on a $30,000 home equity loan is determined by the interest rate and loan term. For a 20-year fixed-rate loan at 8.00%, for example, the monthly payment would be approximately $251.
What might prevent you from securing a home equity loan?
There are a few things that might prevent you from getting a home equity loan, such as not having enough equity in your home, having a low credit score, or having a high debt-to-income (DTI) ratio. Lenders usually require at least 20% equity in your home and a credit score of 680 or greater. A DTI ratio of 50% — and ideally as low as 36% — is generally preferred. Failing to provide adequate property insurance or a history of missed payments can also impact your eligibility.
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.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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.
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.
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 .
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.
SOHL-Q324-264
More home equity resources.
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What is a Home Equity Line of Credit
-
Different Types of Home Equity Loans
-
HELOC vs Home Equity Loan: How They Compare
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Current Home Equity Loan Rates in Orlando, FL Today
ORLANDO HOME EQUITY LOAN RATES TODAY
Current home equity loan
rates in Orlando, FL.
Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Compare home equity loan rates in Orlando.
Key Points
• Home equity loans provide a lump sum with fixed monthly payments, perfect for significant, one-time expenses.
• Interest rates are affected by your credit score, debt-to-income ratio, and the prime rate.
• Lenders often allow borrowing up to 85% of your equity.
• It’s crucial to compare offers from multiple lenders to find the best terms and rates.
• You’ll need at least 20% equity in your home to be eligible for these loans.
Introduction to Home Equity Loan Rates
Home equity loan rates are a key consideration when you’re thinking about how to get equity out of your home in Orlando. We’ll help you understand what they are, how they can affect your finances, and how to find the best rate and loan type for your personal situation as a homeowner. First step? Make sure you understand what a home equity loan is and how it differs from other ways of borrowing against your equity. By the time you’re through, you’ll be better prepared to determine if a home equity loan is the right financial move for you.
How Home Equity Loans Work?
A home equit loan is a second mortgage — assuming you’re still paying off your first home loan. It uses your home as collateral for a lump-sum loan, which you would begin to repay soon after you receive it. You’ll repay it in equal monthly installments over a term that typically ranges from five to 30 years. Because the loan is secured by your home, you can expect a lower interest rate than you would get with an unsecured loan. To qualify, you’ll generally need to have at least 20% equity in your home.
Recommended: HELOC vs. a Home Equity Loan
Where Do Home Equity Loan Interest Rates Come From?
The interest rates for different types of home equity loans are influenced by economic factors but also by each borrower’s personal profile. The Federal Reserve’s monetary policies have a ripple effect on lending rates. Lenders often adjust their rates according to the prime rate, which is a reflection of the Fed’s stance. Your credit score, debt-to-income (DTI) ratio, and credit history play a significant role, with higher scores typically translating to lower rates. Additionally, larger loan amounts and longer repayment terms may lead to higher rates due to the increased risk for the lender.
How Interest Rates Impact Home Equity Loan Affordability
Your home equity loan interest rate can make a noticeable difference in how affordable borrowing is over time. Even a seemingly small variation in the rate can mean significant savings or added costs. As an example, take a look at the chart below, which shows you how different loan terms and rates affect monthly payments for a $75,000 loan being repaid over 20 years.
| Interest Rate | Monthly Payment | Total Interest Paid |
|---|---|---|
| 8.00% | $627 | $75,559 |
| 7.50% | $604 | $70,007 |
| 7.00% | $581 | $64,554 |
Home Equity Loan Rate Trends
The prime rate is a variable one, and looking at the graphic below, you can see it’s had a few ups and downs. In 2020, it hit a low of 3.25%, only to climb to 8.50% by 2023. These fluctuations can have a big impact on the rates you’re offered for home equity loans. If you have the flexibility to do so, you can try to time your application to one of the lower periods and potentially snag a more favorable rate.
Source: TradingView.com
| Date | Prime Rate |
|---|---|
| 9/19/2024 | 8.00% |
| 7/27/2023 | 8.50% |
| 5/4/2023 | 8.25% |
| 3/23/2023 | 8.00% |
| 2/2/2023 | 7.75% |
| 12/15/2022 | 7.50% |
| 11/3/2022 | 7.00% |
| 9/22/2022 | 6.25% |
| 7/28/2022 | 5.50% |
| 6/16/2022 | 4.75% |
| 5/5/2022 | 4.00% |
| 3/17/2022 | 3.50% |
| 3/16/2020 | 3.25% |
| 3/4/2020 | 4.25% |
| 10/31/2019 | 4.75% |
| 9/19/2019 | 5.00% |
| 8/1/2019 | 5.25% |
| 12/20/2018 | 5.50% |
| 9/27/2018 | 5.25% |
Source: St. Louis Fed
How to Qualify for the Lowest Rates
To secure the most competitive home equity loan rates, you’ll want to put your best financial foot forward. Take these steps before you file your first application:
Maintain Sufficient Home Equity
As noted above, you’ll want to maintain at least 20% equity in your home. Crunch the numbers by subtracting your outstanding mortgage balance from your home’s estimated value. (Find the latter on an online real estate site.) Let’s say your mortgage balance is $300,000 and your home’s value is $550,000. That leaves you with $250,000 in home equity. Divide your equity number by the home value to arrive at a percentage — in this case, 45%. You can also use a home equity loan calculator to assess your borrowing power.
Build a Strong Credit Score
Lenders usually look for a credit score of 680 or higher when considering home equity loans, and many prefer a score of 700 or above. A strong credit score demonstrates financial responsibility and can lead to more favorable rates. To improve your credit score, focus on making timely payments, keeping credit card balances low, and avoiding new debt. Regularly check your credit report for errors and dispute any inaccuracies.
Manage Debt-to-Income Ratio
Your debt-to-income (DTI) ratio is a critical piece of the home equity loan puzzle. To determine yours, divide your monthly debts (car loan, student loan, credit card debt, etc.) by your gross monthly income. Lenders typically look for a ratio under 50%, but the sweet spot is 36% or less. The lower your DTI, the better your chances of securing a more competitive rate. To enhance your DTI, consider paying down existing debts and exploring opportunities to boost your income.
Obtain Adequate Property Insurance
Property insurance is often a must-have for home equity loans. Lenders want to be sure that your property, which is the collateral for the loan, is protected. Before you apply, make sure to check with your insurance provider to ensure that your coverage is up to date.
Useful Tools & Calculators
Online calculators can help you make savvy decisions about borrowing. For example, a home equity loan calculator can give you a pretty clear picture of how much you might be able to borrow. Here are three of our favorite calculators.
Run the numbers on your home equity loan.
-
Home Equity Loan Calculator
Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.
-
HELOC Payment Calculator
Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.
-
HELOC Interest Only Calculator
Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay .
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Closing Costs and Fees
When it comes to closing costs for home equity loans, you’re looking at a range of 2% to 5% of the loan amount. This typically covers appraisal, credit report, document preparation, origination, notary, title search, and title insurance fees. Remember, those “no-closing-cost” loans often come with higher rates. It’s all about finding the right balance.
Recommended: HELOC Monthly Payment Calculator
Tax Deductibility of Home Equity Loan Interest
Good news: The interest on your home equity loan may be tax deductible if you’ve used it to buy, build, or significantly improve your home. A tax advisor can provide personalized advice, and you may need professional help anyway in order to claim this deduction, because you’ll have to itemize your deductions on your tax return. For single filers, interest is deductible on the first $375,000 of loan debt. Spouses filing together can deduct the interest on up to $750,000 of debt.
Alternatives to Home Equity Loans
A home equity line of credit (HELOC) and a cash-out refinance are two other common ways to tap into your home’s equity. A HELOC is a revolving line of credit that lets you borrow money as you need it, up to a certain amount. A cash-out refinance is a special mortgage refinance that replaces your existing mortgage with a new one that’s larger than what you owe. You pocket the difference to use as you wish.
HELOCs often have variable interest rates, while cash-out refinances can have either fixed or variable rates. It’s a good idea to compare these options and their rates to see which one might be the best fit for your financial situation and goals. One thing to consider as you think about a cash-out refinance vs. a home equity line of credit or a home equity loan: The cash-out refi is a completely new loan. It will leave you with one payment instead of two. But if the interest rate on your current mortgage is a really favorable one, a refinance may not make sense.
Get more on what is a home equity line of credit vs. a home equity loan and a cash-out refi in the chart below.
Here’s how a cash-out refinance vs. home equity line of credit compare:
| Home Equity Loan | HELOC | Cash-Out Refinance | |
|---|---|---|---|
| Borrowing Limit | Up to 85% of borrower’s equity | Up to 90% of borrower’s equity | 80% of borrower’s equity for most loans |
| Interest Rate | Fixed | Generally variable | May be fixed or variable |
| Type of Credit | Installment loan: Borrowers get a specific amount of money all at once that they then immediately begin repaying, with interest, in regular installments. | Revolving credit: Borrowers receive a line of credit. They have a draw period (5-10 years) during which they borrow and can only pay interest (a HELOC interest-only calculator is useful then). Then there is a repayment period (10-20 years) to repay the principal plus interest. | Installment loan: Borrowers receive a lump sum payment from the excess funds of their new mortgage, which has a new rate and repayment terms. |
| Repayment Term | Generally 5-30 years | A draw period of 5-10 years, followed by a repayment period of 10-20 years | Generally 15-30 years |
| Fees | Closing costs (typically 2-5% of the loan amount) | Closing costs (typically 2%-5% of the loan amount), plus other possible costs, depending on the lender (annual fees, transaction fees, inactivity fees, early termination fees) | Closing costs (typically 2-5% of the loan amount) |
The Takeaway
When you’re ready to explore a home equity loan in Orlando, remember that a robust credit score, a low debt-to-income ratio, and solid property insurance can all play a part in the rate you’re offered. As you consider those offers, don’t forget to consider the closing costs and fees. Lastly, keep an open mind about alternatives like a HELOC and a cash-out refinance to ensure you find the best solution for your financial goals and situation.
SoFi now offers home equity loans. Access up to 85%, or $350,000, of your home’s equity. Enjoy lower interest rates than most other types of loans. Cover big purchases, fund home renovations, or consolidate high-interest debt. You can complete an application in minutes.
Unlock your home’s value with a home equity loan from SoFi.
FAQ
What would the monthly payment be on a $50,000 home equity loan?
The monthly payment for a $50,000 home equity loan varies based on the loan term and interest rate. For instance, a 15-year fixed-rate loan at 7.50% would mean a monthly payment of approximately $464. Opting for a 30-year term at the same rate would lower the monthly payment to around $350. It’s important to note that the total interest paid over the life of the loan is usually higher with a longer term.
What’s the monthly payment on a $100,000 HELOC?
The beauty of a $100,000 HELOC is its flexibility, which also means the monthly payment can vary. During the draw period, which is often the first 10 years, you might only need to pay interest. At an 8.00% interest rate, that could be $667 per month. Once the draw period ends, the repayment period begins, and you’ll start paying both principal and interest. The exact amount will depend on the remaining balance and the interest rate at that time.
What could make you ineligible for a home equity loan?
There are a few things that might prevent you from getting a home equity loan. Most lenders require that you have at least 20% equity in your home. A low credit score, typically below 620, can also be a barrier, as it might signal to the lender that you’re a riskier borrower. A high debt-to-income (DTI) ratio, generally above 50%, could disqualify you as well.
What are the benefits of a home equity loan?
Home equity loans are a great option for a few reasons. They provide a lump sum of money with fixed monthly payments, making it easy to budget. The interest rates are usually lower than those of unsecured loans, because your home is used as collateral. This can be a big plus if you’re looking to cover a large expense, home renovations, or consolidate debt. Plus, the interest on a home equity loan may be tax-deductible if used for home improvements.
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.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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.
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.
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 .
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.
SOHL-Q324-265
More home equity resources.
-
What is a Home Equity Line of Credit
-
Different Types of Home Equity Loans
-
HELOC vs Home Equity Loan: How They Compare
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Current Home Equity Loan Rates in Nashville, TN Today
NASHVILLE HOME EQUITY LOAN RATES TODAY
Current home equity loan
rates in Nashville, TN.
Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Compare home equity loan rates in Nashville.
Key Points
• Home equity loan rates are influenced by the Federal Reserve’s monetary policy.
• Your credit score, debt-to-income ratio, and equity level all play a part in your rate.
• Fixed interest rates are great for those big, one-time expenses that need a stable payment.
• Solid property insurance coverage is a must, particularly in areas prone to flooding.
• The interest on home equity loans may be tax-deductible if used for home improvements.
• Other options include a home equity line of credit (HELOC) and a cash-out refinance.
Introduction to Home Equity Loan Rates
Welcome to our comprehensive guide to home equity loan rates in Nashville, TN. We’re here to help you, as a homeowner, understand the factors that influence these rates and how to secure the most favorable terms. We’ll delve into the various elements that impact rates, from the Federal Reserve’s policies to your credit score and debt-to-income ratio. We’ll also discuss the potential advantages and drawbacks of home equity loans. Your first step: understanding exactly what a home equity loan is.
How Do Home Equity Loans Work?
A home equity loan is a second mortgage that uses your home as collateral, providing you a lump sum of money to use for a variety of purposes. The funds are disbursed all at once and you immediately begin repaying what you borrowed, plus interest, in equal monthly installments over a period of five to 30 years. Because you’re using your home as collateral, interest rates are typically lower than those of unsecured personal loans. And the fixed interest rate lets you enjoy the predictability of consistent monthly payments. To qualify, you’ll need at least 20% equity in your primary residence.
A home equity loan calculator can help you see what size loan you might qualify for.
Where Do These Rates for Home Equity Loans Come From?
The interest rates for different types of home equity loans are determined by a variety of factors, including the state of the economy and your own financial profile. Lenders typically peg their rates to the prime rate. Any adjustments to the prime rate often translate to changes in home equity loan rates.
As with your original home loan, your credit score and debt-to-income (DTI) ratio also play a part in the interest rate you are offered. The amount of your loan and length of your repayment term can sway rates, as does market competition among lenders.
How Interest Rates Impact Affordability
The interest rate you secure for your home equity loan can make a world of difference in terms of affordability over the loan’s lifetime. Even the slightest variation in rates can lead to significant differences in the total interest you’ll pay. For instance, a $100,000 loan at 8.50% over 15 years would mean a monthly payment of $985 and total interest of $77,253. But nudge that rate to 9.50%, and suddenly your payment is $1,044, with the total interest ballooning to $87,961. That’s an extra $10,700 in interest over the loan’s life. Here are more examples of how the rate and term impact payments.
| Loan Amount | Loan Term | Interest Rate | Monthly Payment |
|---|---|---|---|
| $100,000 | 20 years | 8.00% | $836 |
| 7.00% | $775 | ||
| 10 years | 8.00% | $1,213 | |
| 7.00% | $1,161 | ||
| $50,000 | 20 years | 8.00% | $418 |
| 7.00% | $388 | ||
| 10 years | 8.00% | $607 | |
| 7.00% | $581 | ||
| $25,000 | 20 years | 8.00% | $209 |
| 7.00% | $194 | ||
| 10 years | 8.00% | $303 | |
| 7.00% | $290 |
Home Equity Loan Rate Trends
As you’re considering how to get equity out of your home, you’ll probably think about how you might time your loan application to achieve the lowest possible rate. But predicting the prime rate is a bit like trying to forecast the weather, and not every borrower has time to wait for a low spot. The rate has seen its fair share of ups and downs, as you can see from the graphic and chart. Don’t beat yourself up if you can’t time your application to coincide with the absolute most favorable conditions. If you need a loan, focus on comparing offers from different lenders to get the best possible rate for you.
Source: TradingView.com
| Date | Prime Rate |
|---|---|
| 9/19/2024 | 8.00% |
| 7/27/2023 | 8.50% |
| 5/4/2023 | 8.25% |
| 3/23/2023 | 8.00% |
| 2/2/2023 | 7.75% |
| 12/15/2022 | 7.50% |
| 11/3/2022 | 7.00% |
| 9/22/2022 | 6.25% |
| 7/28/2022 | 5.50% |
| 6/16/2022 | 4.75% |
| 5/5/2022 | 4.00% |
| 3/17/2022 | 3.50% |
| 3/16/2020 | 3.25% |
| 3/4/2020 | 4.25% |
| 10/31/2019 | 4.75% |
| 9/19/2019 | 5.00% |
| 8/1/2019 | 5.25% |
| 12/20/2018 | 5.50% |
| 9/27/2018 | 5.25% |
Source: St. Louis Fed
How to Qualify for the Lowest Rates
To snag the most attractive home equity loan rate, you’ll want to present a solid financial profile. Before you apply, take a moment to assess your finances and take these steps:
Maintain Sufficient Home Equity
You need to keep at least 20% equity in your home to qualify for a home equity loan. To determine your equity percentage, subtract your mortgage balance from your estimated home value (find the latter on a real estate site). Then divide the sum by your estimated home value to arrive at a percentage. The more equity you have, the better your chances of scoring a loan with favorable terms, and the easier it is to handle your financial commitments.
Build a Strong Credit Score
Lenders typically favor a credit score of 680 or above for home equity loans, with many leaning toward 700 or higher. A robust credit score is a testament to your financial acumen and can translate to more favorable home equity loan terms. To enhance your credit score, concentrate on being punctual with payments, maintaining low credit card balances, and steering clear of new debt. It’s also wise to review your credit report for any inaccuracies and challenge them if necessary. A higher credit score can make it simpler to secure the capital you need for significant purchases, home improvements, or consolidating debt.
Manage Debt-to-Income Ratio
Your debt-to-income (DTI) ratio is a key number that lenders look at when you apply for a home equity loan. It’s simply your total monthly debt obligations divided by your gross monthly income. Most lenders prefer a DTI below 50%, but the lower the better. A lower DTI ratio shows that you have a better handle on your monthly payments, which can lead to more favorable rates. To improve your DTI, consider paying down your existing debts, increasing your income, or both. This can make you a more attractive borrower and could potentially lower your interest rate.
Obtain Adequate Property Insurance
Property insurance is usually a must-have if you want to qualify for a home equity loan. This insurance safeguards the lender’s investment but also covers your home in the event of damage. Having the right coverage can also sway the terms of your loan, including the rates you’re eligible for. If you’re in a high-risk area, mull over extra coverage to meet lender demands and to keep your investment safe.
Recommended: What Is a Home Equity Line of Credit?
Useful Tools & Calculators
Online calculators can help would-be borrowers get a sense of what their monthly payments and total interest costs might be based on different loan amounts, terms, and rates. These are a few of our favorites:
Run the numbers on your home equity loan.
-
Home Equity Loan Calculator
Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.
-
HELOC Payment Calculator
Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.
-
HELOC Interest Only Calculator
Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay .
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Closing Costs and Fees
When it comes to closing costs for home equity loans, you’re typically looking at a range of 2% to 5% of the loan amount. These costs cover things like an appraisal, credit reports, and origination fees. Title insurance and a title search are also on the fee list.
Tax Deductibility of Home Equity Loan Interest
Here’s some good news: The interest on your home equity loan could be tax deductible if you’re using the money you borrow to buy, build, or significantly improve your home. The current rules are in place though 2025, but they may be extended (so keep in touch with a tax advisor). If you’re filing jointly, you can deduct interest on loans up to $750,000; for single filers, it’s up to $375,000. Just remember, you’ll need to itemize to claim this deduction.
Alternatives to Home Equity Loans
There are a few other ways to tap into your home’s equity, including a home equity line of credit (HELOC) or a mortgage refinance called a cash-out refinance. Make sure you understand how they work before you decide on a loan type.
Home Equity Line of Credit (HELOC)
A HELOC is a bit like having a credit card with a lower interest rate, allowing you to borrow money as you need it up to a certain limit and only paying interest on the amount you actually use. Unlike a home equity loan, which requires you to begin repaying interest and principal immediately, a HELOC has a “draw” period of up to 10 years, during which you can draw against the credit line but only pay interest. (Play around with a HELOC interest-only calculator if you want to get a sense of what payments would be.)
After the draw period ends, you enter a repayment period where you pay back principal plus interest. (At that point you could use a HELOC monthly payment calculator.) When you consider a HELOC vs. a home equity loan, one important difference is that HELOCs typically have a variable interest rate.
To obtain a HELOC, most lenders require a minimum credit score of 680 (though 700 is preferred) and a debt-to-income ratio of no more than 50% (though 36% is ideal). HELOCs can be a good option when you’re not sure how much you need to borrow or when you need to borrow it over a period of time.
Cash-Out Refinance
A cash-out refinance lets you replace your existing mortgage with a new, larger one and pocket the difference to use as you wish. The amount you can cash out is determined by your home equity, with most lenders allowing you to borrow up to 80%. Typically, you’ll need a credit score of 620 or higher and a debt-to-income ratio under 43% to qualify. The beauty of a cash-out refi is that you can choose between fixed or variable rates, with variable rates potentially granting access to more equity. Below, a quick guide to a home equity loan vs. a cash-out refinance vs. a home equity line of credit:
| Home Equity Loan | HELOC | Cash-Out Refinance | |
|---|---|---|---|
| Borrowing Limit | Up to 85% of borrower’s equity | Up to 90% of borrower’s equity | 80% of borrower’s equity for most loans |
| Interest Rate | Fixed | Generally variable | May be fixed or variable |
| Type of Credit | Installment loan: Borrowers get a specific amount of money all at once that they then immediately begin repaying, with interest, in regular installments. | Revolving credit: Borrowers receive a line of credit. They have a draw period (5-10 years) during which they borrow and can only pay interest, followed by a repayment period (10-20 years) to repay the principal plus interest. | Installment loan: Borrowers receive a lump sum payment from the excess funds of their new mortgage, which has a new rate and repayment terms. |
| Repayment Term | Generally 5-30 years | A draw period of 5-10 years, followed by a repayment period of 10-20 years | Generally 15-30 years |
| Fees | Closing costs (typically 2-5% of the loan amount) | Closing costs (typically 2%-5% of the loan amount), plus other possible costs, depending on the lender (annual fees, transaction fees, inactivity fees, early termination fees) | Closing costs (typically 2-5% of the loan amount) |
The Takeaway
Home equity loans can be a great way for homeowners to access the money they need for a variety of large expenses. To get the best possible interest rate, be sure you have a strong credit score, a manageable DTI ratio, and full property insurance coverage. Use calculators to estimate payments and fees, and don’t forget to factor in closing costs. Be sure to compare offers from multiple lenders — you’ll be better able to choose the best option for your financial goals.
SoFi now offers home equity loans. Access up to 85%, or $350,000, of your home’s equity. Enjoy lower interest rates than most other types of loans. Cover big purchases, fund home renovations, or consolidate high-interest debt. You can complete an application in minutes.
Unlock your home’s value with a home equity loan from SoFi.
FAQ
What are the common uses of a home equity loan?
Home equity loans are versatile, whether you’re eyeing a major purchase, home improvements, or wish to consolidate higher-interest debt. They’re a great way for homeowners to access the equity they have built up in their home without selling. Just remember, your home is on the line when you borrow with a home equity loan, so make sure you use the funds wisely and have a plan in place to make your monthly payments.
What would the monthly payment be on a $50,000 home equity loan?
The monthly payment on a $50,000 home equity loan is contingent on the interest rate and term you select. For instance, at an 8.00% interest rate, for instance, a 10-year loan would have you paying $607 a month. Opt for a 20-year term, and that monthly commitment drops to approximately $418. You can use a mortgage payment calculator to get a clearer picture of your payments and how different rates and terms can affect them.
What is the monthly payment on a $100,000 home equity loan?
A $100,000 HELOC often comes with a variable interest rate, meaning it can change with the market. During the draw period, you will likely only have to pay interest on the amount you’ve withdrawn. For example, if you take out the full $100,000 at an interest rate of 7.50%, your monthly interest payment would be around $625. Once the draw period ends, you enter the repayment period, which is usually 20 years, and you’ll be paying back both the principal and interest. At that point, if the interest rate is still 7.50%, the monthly payment would be $806.
What could disqualify you from getting a home equity loan?
There are a few things that might prevent you from getting a home equity loan. If you don’t have at least 20% equity in your home, or have a low credit score or a high debt-to-income (DTI) ratio, you might not qualify. A history of missed payments or a recent foreclosure could also disqualify you. Before you apply, take a look at your financial situation and see if there are any ways you can improve your credit score or DTI ratio.
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.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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.
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.
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 .
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.
SOHL-Q324-266
More home equity resources.
-
What is a Home Equity Line of Credit
-
Different Types of Home Equity Loans
-
HELOC vs Home Equity Loan: How They Compare
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Tufts University Tuition and Fees
Tufts University Tuition and Fees
(Last Updated – 06/2025)
A top private research institution that’s also committed to liberal arts, Tufts University, located just outside of Boston, is known for its quality education. With three schools — the School of Arts and Sciences, the School of Engineering, and the School of the Museum of Fine Arts (SMFA) — the university supports interdisciplinary degrees. Most classes have less than 20 students, and the student-faculty ratio is just 10:1.
Total Cost of Attendance
Tufts tuition for the 2024-25 school year was $70,704. This is 70% more than the national average for tuition at a private university, which is $41,540.
Costs for 2024-25
|
Tuition & Fees |
$70,704 |
|
Books & Supplies |
$1,000 |
|
Room & Board |
$18,588 |
|
Other Expenses |
$1,796 |
|
Total Cost of Attendance |
$92,088 |
Financial Aid
Tufts financial aid, which 46% of its first-year students receive, may be grants, scholarships, student loans, or a combination of these. Tufts is “need blind,” meaning that your ability to pay the Tufts University tuition won’t be a deciding factor when you apply.
Explore financial aid options: Massachusetts Student Loans & Scholarships.
Generally, financial aid is monetary assistance awarded to students based on personal need or merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be provided by state governments, colleges and universities, private companies, or nonprofits. The different types include:
• Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, and financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, and nonprofit organizations.
• Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: This is money borrowed directly from the U.S. Department of Education. These loans come with fixed interest rates that are typically lower than those of private loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.
You can find other financial aid opportunities on databases such as:
• US Department of Education – Search for grants from colleges and universities by state
• College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid
• Scholarship Search Tool from SoFi
Recommended: The Differences Between Grants, Scholarships, and Loans
Private Student Loans
To help with Tufts University tuition, 19% of first-year students use federal student loans, and 8% take out private student loans averaging $11,848.
Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations, so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school. By contrast, with federal student loans, you don’t have to start paying the money back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, since it generally may have better rates and terms.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
Recommended: Guide to Private Student Loans
Projected 4-Year-Degree Price
The price for a first-year undergraduate in 2024-25 — including tuition, fees, room and board, books, supplies, and other expenses — was $92,088. If this remains true for all four years, the price for four years would be $368,352. This is significantly higher than U.S. private institutions’ average four-year cost of $241,680.
Here’s some student loan and scholarship information for you.
Undergraduate Tuition and Fees
Costs for 2024-25
|
Tuition & Fees |
$70,704 |
|
Books & Supplies |
$1,000 |
|
Total Cost of Attendance |
$71,704 |
The cost of Tufts University tuition and fees, plus books and supplies, was $71,704 in 2024-25. Many students receive Tufts financial aid to help with this cost.
Graduate Tuition and Fees
Costs for 2024-25
|
Tuition |
$49,574 |
|
Fees |
$1,224 |
|
Total Cost of Attendance |
$50,798 |
Tufts tuition plus fees for graduate students was $50,798 in 2024-25. This is slightly lower than the national one-year average for graduate school at a private institution. According to the most recent data, that figure is $51,770.
Cost per Credit Hour
For students who attend part-time, the cost of Tufts University per credit hour is $2,999. Additional mandatory fees total $6,327 per year.
Campus Housing Expenses
Costs for 2024-25
|
Residence |
On Campus |
Off Campus |
|
Room & Board |
$18,588 |
$2,800/mo* |
|
Other Expenses |
$1,796 |
$1,796 |
*Average rate based on available one-bedroom apartments on Tufts University’s off-campus housing website in 2025.
At Tufts, freshmen are required to live on campus for two years. There are triple-, double- and single-occupancy options for first-year students in one of 14 residence halls.
Tufts University Acceptance Rate
Fall 2023
|
Number of Applications |
Number Accepted |
Percentage Accepted |
|
34,003 |
3,400 |
10% |
Tufts University’s acceptance rate is very selective, at 10%.
Admission Requirements
Tufts University has a rigorous application process. Here’s what you’ll need to apply.
Required:
• High school transcript
• Senior grades
• Letters of recommendation
• Portfolio for some programs
Recommended:
• SAT or ACT scores
• Alumni interview
The deadline for Early Decision I is November 4, with a decision notification by mid-December. The deadline for Early Decision II is January 6, with a decision notification by early February. The deadline for Regular Decision is January 6, with a decision notification by April 1.
SAT and ACT Scores
Though test scores are not required, here are representative scores of admitted students.
|
Subject |
25th Percentile |
75th Percentile |
|
SAT Evidence-Based |
710 |
760 |
|
SAT Math |
750 |
790 |
|
ACT Composite |
33 |
35 |
Popular Majors at Tufts University
Tufts University offers nearly 150 different undergraduate majors and minors. Here are the most popular majors.
1. Computer Science
Computer Science majors get a solid foundation in theoretical computer science, algorithmic knowledge, applied computer science, and software engineering. They also have the opportunity to participate in research in algorithms and theory of computation, artificial intelligence, computational biology, cognitive science, digital humanities, educational technologies, and more.
Undergraduate degrees in 2023-24: 177
2. Quantitative Economics
Mathematically-inclined students will thrive in this program, taking courses like Principles of Economics, Intermediate Microeconomics, Foundations of Quantitative Economics, Topics in Environmental Economics, and Econometric Analysis.
Undergraduate degrees in 2023-24: 158
3. Biology
Not only do Biology students get to take courses like Big Bang to Humankind, Neuroanatomy, Gross Anatomy, and Environment Preservation and Improvement, but they also have ample opportunities to participate in research projects.
Undergraduate degrees in 2023-24: 134
4. International Relations
Those pursuing this degree take courses like Globalization, Sociology of War and Peace, U.S. Foreign Relations to 1900, International Health Policy, and Comparative Revolutions. They also have the opportunity to study abroad in places like Chile, China, France, Germany, Great Britain, Hong Kong, Japan, and Spain.
Undergraduate degrees in 2023-24: 121
5. Mechanical Engineering
Majors in this program dive deep into mechanics, materials, design, and science subjects, while also having the opportunity to work in labs that focus on acoustics, microelectrical-mechanical systems (MEMS), semiconductor manufacturing, materials characterization, and thermal processing.
Undergraduate degrees in 2023-24: 79
6. Interdisciplinary Art Studies
This degree, which combines a liberal arts education with intensive studio arts hands-on experience, allows students to create their own program. They can choose courses such as animation, book arts, drawing, film, graphic arts, illustration, jewelry, metals, painting, performance, photography, sculpture, video, and more.
Undergraduate degrees in 2023-24: 77
7. Psychology
Psych students take courses like Emotion, Social Psychology, Experimental Psychology, and Brain and Behavior.
Undergraduate degrees in 2023-24: 68
8. Biopsychology
This program combines psychology with neurobiology and behavior. It offers courses like Experimental Psychology, Laboratory in Functional Neuroimaging, Biochemistry and Cellular Metabolism, Autism and Neurodevelopment Disorders, Animal Behavior, and Endocrinology.
Undergraduate degrees in 2023-24: 64
9. Community Health
Students learn about factors that determine health and illness, how communities define and try to resolve health-related problems, and the formation of healthcare policies in the United States and other countries.
Undergraduate degrees in 2023-24: 63
10. Political Science
There are four components to the Political Science program: American government and politics, comparative politics and government, political theory and philosophy, and international relations. Courses are sometimes taught by political figures and consultants, which connects students to real-world applications of what they learn.
Undergraduate degrees in 2023-24: 62
Graduation Rate
These are the graduation rates at Tufts University:
• 4 years: 86%
• 6 years: 93%
• 8 years: 94%
Post-Graduation Median Earnings
After completing their undergraduate studies at Tufts, students earn on average $83,214. This is higher than the national median figure for post-graduation earnings, which is $68,516.
Bottom Line
Tufts University offers students a stellar educational experience. Though its tuition is higher than the average for a private U.S. institution, the school is “need blind,” which means your ability to pay won’t be a factor when applying. And financial aid options are available. The most challenging part may be getting in. Tufts’ acceptance rate is very selective.
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.
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.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
SOISL-Q225-062
Wichita State University Tuition and Fees
Wichita State University Tuition and Fees
(Last Updated – 06/2025)
Wichita State University (WSU) is a public research university located in Wichita, Kansas. It offers over 60 undergraduate degree programs in more than 200 areas of study across six colleges. Known for its emphasis on applied learning, WSU fosters innovation through partnership with industry and research initiatives. Athletically, WSU’s Shockers compete in NCAA Division I within the American Athletic Conference. The campus also features the Ulrich Museum of Art, renowned for its outdoor sculpture collection.
Total Cost of Attendance
Wichita State University tuition in 2024-25 for state residents was $9,684. This is lower than the national average of $11,260 for in-state tuition at public universities. For residents of other states, Wichita State tuition was $19,869, which comes in well below the national average for out-of-state tuition of $29,150.
Tuition, however, is only part of the total cost of attending college. Here’s a look at other expenses students can expect when attending Wichita State University.
Costs for 2024-2025
|
Espense |
In-State |
Out-of-State |
|
Tuition & Fees |
$9,684 |
$19,869 |
|
Books & Supplies |
$1,250 |
$1,250 |
|
Room & Board |
$12,420 |
$12,420 |
|
Other Expenses |
$3,560 |
$3,560 |
|
Total Cost of Attendance |
$26,914 |
$37,099 |
Financial Aid
To help with the Wichita State University cost, 89% of full-time undergraduate students receive some type of financial aid. This includes federal and state grants, scholarships, and student loans.
Generally, financial aid is monetary assistance awarded to students based on personal need or merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:
• Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, or financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, or nonprofit organizations.
• Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state, federal, and school deadlines may differ.
You can find other financial aid opportunities on databases such as:
• U.S. Department of Education – Search for grants from colleges and universities by state
• College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid
• Scholarship Search Finder – Use our handy tool to streamline your search by award type, location, level of study and more.
Private Student Loans
A large share of students (40%) tap student loans to help pay the Wichita State tuition and other costs: 41% take out federal loans, and 5% get private student loans (with an average amount of $12,064).
Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While Federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans, which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, since it generally has better rates and terms.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
Recommended: Guide to Private Student Loans
Projected 4-Year-Degree Price
The Wichita State University cost of attendance for four years — including tuition and fees, room and board, books, and other expenses — is $107,656 for in-state students (based on 2024-25 numbers). By comparison, the national average at public universities for in-state students is $115,360 for four years.
For out-of-state residents, the four-year cost for attending Wichita State is $148,396. This is lower than the national average of $186,920 for out-of-state cost of attendance.
This student loan and scholarship information may be valuable as you research schools and costs.
Undergraduate Tuition and Fees
Costs for 2024-25
Wichita State University undergraduate tuition and fees for the 2024-25 academic year were $9,684 for in-state students, a 3.9% increase over 2023-24. The tuition and fees for out-of-state students were $19,869, a 3.3% increase over 2023-24.
Graduate Tuition and Fees
Costs for 2024-25
|
Expense |
In-State |
Out-State |
|
Tuition |
$6,099 |
$14,986 |
|
Fees |
$1,887 |
$1,887 |
Tuition and fees for graduate students at Wichita State for 2024-25 averaged $7,986 for in-state students and $16,873 for out-of-state students. This is a good deal for both residents and nonresidents: The average cost of graduate school tuition and fees in the U.S. is $22,430 per year.
There are graduate loans available to help with these costs.
Cost per Credit Hour
The cost per credit hour at WSU is $250.97 for Kansas residents and $590.46 for nonresidents.
Campus Housing Expenses
WSU housing includes Shocker Hall (traditional housing for first-year students), The Suites (suite-style housing for first-year students), and The Flats (an upperclassmen-only apartment complex).
Students can also apply for a Living Learning Community (LLC), which is a group of students who choose to live together to enjoy a built-in support system of mentoring, networking, and an enhanced sense of community.
Costs for 2024-25
• Housing and food expenses (on campus): $12,420
• Housing and food expenses (off campus): $13,030
• Other living expenses (on/off campus): $3,560
Total living expenses for 2024-25 came to an estimated $15,980 for students who lived on campus and $16,590 for those who lived off campus.
Wichita State University Acceptance Rate
Fall 2023
|
Number of Applications |
Number Accepted |
Percentage Accepted |
|
8,637 |
8,205 |
95% |
Wichita State University is not selective, with an acceptance rate of 95%.
Admission Requirements
Freshmen are assured admission to Wichita State if they meet the following:
Required:
• Have a cumulative 2.25 or higher GPA on a 4.00 scale, OR
• Achieve an ACT composite of 21 or higher OR a minimum combined SAT ERW+M score of 1060 (test optional for admission)
Those who don’t meet the guaranteed admission requirements are still encouraged to apply. Your application will be reviewed individually.
To apply to Wichita State as an incoming freshmen, you’ll need to:
• Complete the application (either the WSU application or Common App)
• Have official high school transcripts sent directly to WSU
• Have ACT or SAT scores sent directly to WSU (if submitting)
• Pay a on-refundable $40 application fee
Wichita State has a rolling admissions policy, which means applications are processed as they are received. Students should apply early, prior to the semester they want to begin taking classes.
You can expect to receive a decision from WSU within two weeks after the Office of Admissions receives all of the necessary application materials.
SAT and ACT Scores
Though submitting test scores is optional at WSU, it can be helpful to know the average scores of accepted students who chose to submit their scores.
Here are the standardized test scores of students who enrolled in Fall 2023 at the 25th and 75th percentiles.
|
Subject |
25th Percentile |
75th Percentile |
|
SAT Evidence-Based |
490 |
630 |
|
SAT Math |
480 |
620 |
|
ACT Composite |
18 |
26 |
|
ACT English |
16 |
25 |
|
ACT Math |
17 |
25 |
Popular Majors at Wichita State University
WSU offers a wide variety of undergraduate degrees and majors. Here’s a look at 10 of of the most popular areas of study:
1. Elementary Education
The B.A in Elementary Education prepares students to become certified teachers in grades K-6. This four-year program includes two years of general education followed by two years of teacher education. It focuses on providing a strong foundation in core academic subjects like English, math, science, social studies, and the arts.
Undergraduate degrees in 2023-24: 226
2. Nursing
Wichita State offers both a traditional B.S. in Nursing (BSN) and an accelerated BSN program. The traditional program prepares students for entry-level nursing positions and graduate studies in nursing. The accelerated program is a compressed version, allowing students to complete their BSN in as little as 13 months.
Undergraduate degrees in 2023-24: 125
3. Business Administration
The Business Administration major is a broad-based undergraduate program that prepares students for various careers in business, including general management, entrepreneurship, and work within corporations. Students can specialize by pursuing a minor in a specific business discipline.
Undergraduate degrees in 2023-24: 110
4. Psychology
Psychology majors gain a broad understanding of human behavior, cognition, and social interactions. The program prepares students for diverse career paths and graduate studies. It’s also well-suited for double majoring in fields like pre-law, social work, and business.
Undergraduate degrees in 2023-24: 103
5. Mechanical Engineering
The Mechanical Engineering major prepares students for careers in a wide range of industries, including manufacturing, aerospace, automotive, and consumer products. The program focuses on design, analysis, and the development of processes for manufacturing. It is accredited by the Accreditation Board for Engineering and Technology (ABET).
Undergraduate degrees in 2023-24: 79
6. Accounting
WSU offers a Bachelor of Business Administration (BBA) in accounting through their Barton School of Business. Students receive a foundation in business, including statistics and economics, as well as marketing and management courses in preparation for the Certified Public Accountant (CPA) exam.
Undergraduate degrees in 2023-24: 79
7. Biological Sciences
The Biological Sciences major at WSU offers a range of options for students interested in different areas of biology. Students can pursue a B.A or B.S. degree with an emphasis in biological / biomedical, biochemistry, or ecological / environmental / organismal areas. This major prepares students for professional careers or graduate school.
Undergraduate degrees in 2023-24: 72
8. Computer Science
The Computer Science major is a B.S. degree that focuses on the principles and use of computers. Students learn to design, develop, and test computer programs and systems, and apply mathematical methodologies to solve computational tasks. They also have the opportunity to specialize in areas like intelligent systems, software engineering, data sciences, information security, e-commerce, and biomedical computing.
Undergraduate degrees in 2023-24: 70
9. Criminal Justice
The Criminal Justice major offers a B.S. degree with a focus on the criminal justice system, criminal behavior, and related fields. It combines theoretical knowledge with practical, applied learning opportunities, including internships with local and federal agencies. The program is also available in a flexible online format.
Undergraduate degrees in 2023-24: 68
10. General Studies
The Bachelor of General Studies (BGS) degree allows students to design a customized plan of study across multiple departments or even colleges within the university. This degree is designed for students with diverse interests or those who may not fit neatly into a traditional disciplinary major.
Undergraduate degrees in 2023-24: 76
Graduation Rate
While many WSU students complete their degree in four years, some take longer. Here are the graduation rates for students who began at the school in 2017.
• 4 years: 31%
• 6 years: 51%
Post-Graduation Average Earnings
The average annual salary for Wichita State University graduates is $76,000. This is higher than the average projected starting salary for the class of 2025 at the bachelor’s degree level, which is $68,680.
Bottom Line
With its wide variety of degree programs, strong focus on applied learning, and a cost that’s below the national average, both in- and out-of-state students can find that Wichita State University offers good value. Those who need help covering the WSU tuition and other costs may qualify for financial assistance in the form of grants, scholarships, and federal student loans.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.
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.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SOISL-Q225-093
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