Nov

2025

SoFi Essential Card – 9 month promotion terms

By Dana Paltao | 1_Web_CreditCard | Comments Off

SoFi Essential Credit Card Terms & Conditions

SOFI CREDIT CARD TERMS OF OFFER INTEREST RATES AND INTEREST CHARGES
Annual Percentage Rate (APR) for Purchases	0% Introductory APR on purchases for the first 9 months from account opening. After that, your standard purchase APR will be 32.74%, based on your creditworthiness. Your standard APR will vary with the market based on the Prime Rate.
Annual Percentage Rate (APR) for Balance Transfers	0% Introductory APR on balance transfers for the first 9 months from the date of first transfer when transfers are completed within 60 days from the date of account opening. After that, your standard purchase APR will be 32.74%, based on your creditworthiness. The standard APR will vary with the market based on the Prime Rate. The maximum amount you may use for Balance Transfers will not exceed 75% of your total Credit Limit.
Annual Percentage Rate (APR) for Cash Advances	30.74%. This APR will vary with the market based on the Prime Rate.
How to Avoid Paying Interest on Purchases	Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases made during the most recent billing cycle if you pay your entire balance (adjusted for any financing plan, if applicable) in full on or before the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date.
Minimum Interest Charge	If you are charged interest, the charge will be no less than $1.00.
For Credit Card Tips from the Consumer Financial Protection Bureau	To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/learnmore

FEES
Annual Fee	None
Transaction Fees Balance Transfer Fee Cash Advance Fee	The greater of $10 or 5% of the Balance Transfer The greater of $10 or 5% of the Cash Advance
Penalty Fees Late Payment Fee Returned Payment Fee	Up to $41 None

How We Will Calculate Your Balance

We use the “daily balance” method including new transactions, to calculate the daily balance on which we will charge interest.

Loss of Introductory APR

We may revoke any promotional APR if you fail to make a payment of at least the minimum payment due within 60 days of the due date. Your new APR will be the Standard Purchase APR.

Variable Rates

Your Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) will change if the Prime Rate changes. If the Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) increase, your interest charges will increase, and your minimum payment will be greater. Complete details regarding how the variable rate is determined are set forth in the Cardholder Agreement.

Payment Allocation

We decide how to apply your payment, up to the minimum payment, to the balances on your account. We may apply the minimum payment first to interest charges, then to the balances with the lowest APR and then to Balances with higher APRs.

If you pay more than the Minimum Payment, we’ll apply the amount over the Minimum Payment first to the Balance with the highest APR, then to the Balance with the next highest APR, and so on, except as otherwise required by applicable law.

SoFi Essential Card Terms & Conditions

The SoFi Essential Credit Card is issued by SoFi Bank, N.A. (“SoFi”, “we”, “us”, or “our”). By submitting this application, you request that we establish a card account (the “SoFi Credit Card Account”) for you and any authorized users you have designated. You agree that all information provided in this application is verifiable and accurate. The SoFi Credit Card Account will be governed by the terms of the cardholder agreement (“Cardholder Agreement”) which will be provided when the SoFi Credit Card Account is issued.

Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by SoFi Bank, N.A., as issuer. Please allow thirty (30) days from the date of submission to process your application.

You must be at least 18 years of age (or of legal age in your state of residence). The card offer referenced in this communication is only available to individuals who reside in the United States. This communication is not and should not be construed as an offer to individuals outside of the United States.

Identity Verification

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a SoFi Credit Card Account. This means that we will ask for your name, address, date of birth, and other information that will allow us to identify you when you open a SoFi Credit Card Account. We may also ask to see your driver’s license or other identifying documents; and obtain identification information about you or any authorized user you add to your SoFi Credit Card Account.

Credit Reports

Upon completion of your Credit Card application and submission, you authorize us to request a copy of your credit report from one or more consumer agencies. Upon receiving your completed application, we will conduct a soft credit pull, which will not impact your credit score. You hereby authorize us to conduct a soft credit pull upon receipt of your application. You understand that after evaluating your completed application and soft pull credit report, we may determine not to offer credit to you. If we approve your application, we will conduct a hard credit pull, which might impact your credit score. You hereby authorize us to conduct a hard credit pull following approval of your application.

You authorize us to request credit reports and other information about you from consumer reporting agencies and other sources, for such purposes as: (a) determining whether to issue you a SoFi Credit Card Account, (b) administering, reviewing and renewing the SoFi Card Account, (c) credit line increases or decreases, (d) collection and other servicing of the SoFi Credit Card Account, (e) offering other products, (f) services, and (g) for any other uses permitted by law. We may report negative information about your SoFi Credit Card Account payment history, like delinquencies, to consumer reporting agencies.

Cardholder Agreement

If you are approved for a SoFi Credit Card Account, you’ll receive the Cardholder Agreement. By activating your SoFi Credit Card Account, using the SoFi Essential Credit Card or making any payment to your Account, you are agreeing to be bound by the terms of the Cardholder Agreement. We have the right to make changes to the terms of your SoFi Credit Card Account (including rates and fees) in accordance with the Cardholder Agreement.

In New York, this Agreement begins on the first date that you sign a sales slip or memorandum evidencing the purchase of goods or services.

Credit Eligibility

To receive a SoFi Credit Card Account, you must meet certain applicable criteria bearing on creditworthiness. Your revolving credit limit may be determined based on the following:

Your annual salary and wages
Any other annual income
A review of your debt, including the debt listed on your credit report.
A review of your credit history and other factors deemed relevant by the issuer

We’ll inform you of your revolving credit limit when you’re approved for your SoFi Credit Card Account. Some credit limits may be as low as $500.

About Adding An Authorized User

Before adding an authorized user to your SoFi Credit Card Account you should know that:

You’re responsible for all charges made to your SoFi Credit Card Account by the authorized user
Authorized users have access to your SoFi Credit Card Account information
Before adding an authorized user, you must first let them know that we may report SoFi Credit Card Account performance to the credit reporting agencies in the authorized user’s name
A review of your credit history and other factors deemed relevant by the issuer

If we ask for information about the authorized user, you must obtain their permission to share their information with us and for us to share it as allowed by applicable law.

Additional Information

Any benefit, reward, service or feature offered in connection with your Card Account may change or be discontinued at any time for any reason, except as otherwise expressly indicated. SoFi Bank isn’t responsible for products and services offered by other companies.

SoFi Essential Credit Card Rewards Program

With the SoFi Essential Credit Card, you can earn rewards offered through the SoFi Member Rewards Program or other rewards offered from time to time, and you can redeem those rewards points for statement credits and other redemption methods offered through the SoFi Member Rewards Program. More details on SoFi Essential Credit Card Rewards can be found here.

SoFi Member Rewards Program

As a SoFi Member, you can earn points by using features across SoFi products that are designed to help you Get Your Money Right. When you elect to redeem rewards points toward active SoFi accounts, including but not limited to, your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, SoFi Personal Loan, Private Student Loan, Student Loan Refinance, or towards SoFi Travel purchases, your rewards points will redeem at a rate of 1 cent per every point. More details on the SoFi Member Rewards Program can be found here.

Standard Mastercard Benefits

You are also eligible for more rewards through the Standard Mastercard Benefits program when shopping with eligible merchants. More details on the Standard Mastercard Benefits program can be found here.

Fraud, Misuse, Abuse, or Suspicious Activity

If we see evidence of fraud, misuse, abuse, or suspicious activity, we’ll investigate and, if we determine that fraud, misuse or abuse has occurred, we may take action against you. This action may include, without limitation and without prior notice:

Taking away the rewards points you earned because of fraud, misuse, or abuse
Suspending or closing your SoFi Credit Card Account
Taking legal action to recover our monetary losses, including litigation costs and damages

Some examples of fraud, misuse, abuse and suspicious activity include:

Using your SoFi Credit Card Account in an abusive manner for the primary purpose of acquiring rewards points
Using your SoFi Credit Card Account other than primarily for personal, consumer, or household purposes

SoFi Bank reserves the right to take action, including but not limited to those actions enumerated above, based on your activity across any SoFi product, as well as external information received from SoFi third-party vendors, external bureaus, or industry referrals.

Special Notices

California Residents:
If married, you may apply for a separate account.

Delaware Residents:
Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month.

Ohio Residents:
The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

Wisconsin Residents:
If you are applying for individual credit or joint credit with someone other than your spouse, and your spouse also lives in Wisconsin, combine your financial information with your spouse’s financial information. No provision of any marital property agreement, unilateral statement under Section 766.59 of the Wisconsin statutes or court order under section 766.70 adversely affects the interest of the lender, unless the lender, prior to the time credit is granted, is furnished a copy of the agreement, statement of decree or has actual knowledge of the adverse provision when the obligation to the lender is incurred. If married, you understand that your lender must inform your spouse if a credit account is opened for you.

Additional documents

As a reminder, the SoFi Essential Credit Card is a completely digital product. All written communications related to the card will be online or in electronic format. The following is a link to the SoFi Esign terms and conditions & you must agree to in connection with your application for the SoFi Essential Credit Card.

Nov

2025

SoFi Unlimited 2% | 9 month promo terms

By Dana Paltao | 1_Web_CreditCard | Comments Off

SoFi Unlimited 2% Credit Card Terms & Conditions

SOFI CREDIT CARD TERMS OF OFFER INTEREST RATES AND INTEREST CHARGES
Annual Percentage Rate (APR) for Purchases	0% Introductory APR on purchases for the first 9 months from account opening. After that, your standard purchase APR will be 29.24% based on your creditworthiness. Your standard APR will vary with the market based on the Prime Rate.
Annual Percentage Rate (APR) for Balance Transfers	0% Introductory APR on balance transfers for the first 9 months from the date of first transfer when transfers are completed within 60 days from the date of account opening. After that, your standard purchase APR will be 29.24% based on your creditworthiness. The standard APR will vary with the market based on the Prime Rate. The maximum amount you may use for Balance Transfers will not exceed 75% of your total Credit Limit.
Annual Percentage Rate (APR) for Cash Advances	30.74%. This APR will vary with the market based on the Prime Rate.
How to Avoid Paying Interest on Purchases	Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases made during the most recent billing cycle if you pay your entire balance (adjusted for any financing plan, if applicable) in full on or before the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date.
Minimum Interest Charge	If you are charged interest, the charge will be no less than $1.00.
For Credit Card Tips from the Consumer Financial Protection Bureau	To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/learnmore

FEES
Annual Fee	None
Transaction Fees Balance Transfer Fee Cash Advance Fee	The greater of $10 or 5% of the Balance Transfer The greater of $10 or 5% of the Cash Advance
Penalty Fees Late Payment Fee Returned Payment Fee	Up to $41 None

How We Will Calculate Your Balance

We use the “daily balance” method including new transactions, to calculate the daily balance on which we will charge interest.

Loss of Introductory APR

We may revoke any promotional APR if you fail to make a payment of at least the minimum payment due within 60 days of the due date. Your new APR will be the Standard Purchase APR.

Variable Rates

Payment Allocation

SoFi Unlimited 2% Credit Card Terms & Conditions

The SoFi Unlimited 2% Credit Card is issued by SoFi Bank, N.A. (“SoFi”, “we”, “us”, or “our”). By submitting this application, you request that we establish a card account (the “SoFi Credit Card Account”) for you and any authorized users you have designated. You agree that all information provided in this application must be verifiable and accurate. The SoFi Credit Card Account will be governed by the terms of the cardholder agreement (“Cardholder Agreement”) which will be provided when the SoFi Credit Card Account is issued.

Identity Verification

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT

Credit Reports

Cardholder Agreement

If you are approved for a SoFi Credit Card Account, you’ll receive the Cardholder Agreement. By activating your SoFi Credit Card Account, using the SoFi Unlimited 2% Credit Card or making any payment to your Account, you are agreeing to be bound by the terms of the Cardholder Agreement. We have the right to make changes to the terms of your SoFi Credit Card Account (including rates and fees) in accordance with the Cardholder Agreement.

In New York, this Agreement begins on the first date that you sign a sales slip or memorandum evidencing the purchase of goods or services.

Credit Eligibility

To receive a SoFi Credit Card Account, you must meet certain applicable criteria bearing on creditworthiness. Your revolving credit limit may be determined based on the following:

Your annual salary and wages
Any other annual income
A review of your debt, including the debt listed on your credit report.
A review of your credit history and other factors deemed relevant by the issuer

We’ll inform you of your revolving credit limit when you’re approved for your SoFi Credit Card Account. Some credit limits may be as low as $500.

About Adding An Authorized User

Before adding an authorized user to your SoFi Credit Card Account you should know that:

You’re responsible for all charges made to your SoFi Credit Card Account by the authorized user
Authorized users have access to your SoFi Credit Card Account information
Before adding an authorized user, you must first let them know that we may report SoFi Credit Card Account performance to the credit reporting agencies in the authorized user’s name
A review of your credit history and other factors deemed relevant by the issuer

If we ask for information about the authorized user, you must obtain their permission to share their information with us and for us to share it as allowed by applicable law.

Additional Information

SoFi Unlimited 2% Credit Card Rewards Program

With the SoFi Unlimited 2% Credit Card, you can earn rewards points for purchases made using your card, rewards offered through the SoFi Member Rewards Program, or other rewards offered from time to time, and you can redeem those rewards points for statement credits and other redemption methods offered through the SoFi Member Rewards Program. More details on SoFi Unlimited 2% Credit Card Rewards can be found here.

SoFi Member Rewards Program

As a SoFi member, you can earn points by using features across SoFi products that are designed to help you Get Your Money Right. When you elect to redeem rewards points toward active SoFi accounts, including but not limited to, your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, SoFi Personal Loan, Private Student Loan, Student Loan Refinance, or towards SoFi Travel purchases, your rewards points will redeem at a rate of 1 cent per every point. More details on the SoFi Member Rewards Program can be found here.

Mastercard World Elite Benefits

You are also eligible for more rewards through the Mastercard World Elite Benefits program when shopping with eligible merchants. More details on the Mastercard World Elite Benefits program can be found here.

Fraud, Misuse, Abuse, or Suspicious Activity

Taking away the rewards points you earned because of fraud, misuse, or abuse
Suspending or closing your SoFi Credit Card Account
Taking legal action to recover our monetary losses, including litigation costs and damages

Some examples of fraud, misuse, abuse and suspicious activity include:

Using your SoFi Credit Card Account in an abusive manner for the primary purpose of acquiring rewards points
Using your SoFi Credit Card Account other than primarily for personal, consumer, or household purposes

Special Notices

California Residents:
If married, you may apply for a separate account.

Delaware Residents:
Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month.

Additional documents

As a reminder, the SoFi Unlimited 2% Credit Card is a completely digital product. All written communications related to the card will be online or in electronic format. The following is a link to the SoFi Esign terms and conditions that you must agree to in connection with your application for the SoFi Unlimited 2% Credit Card.

Nov

2025

Wanderlust on a Budget: 5 Ways to Save on Your Next Big Trip

By Lora Shinn | | Comments Off

This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

If your Italian getaway or summer road trip feels like years ago, your next big trip probably can’t come soon enough. But should you travel in this unpredictable economy, when you’re trying to save money?

Only you know what feels right for your budget, but there are cost-conscious travel options. Whether you’re considering a romantic getaway, a solo adventure, or a family vacation over the holidays, here are five ways to keep your expenses in check.

1. Be flexible with your schedule. Traveling when others aren’t can be a great way to lower your costs (and avoid crowds.)

• Go abroad during Thanksgiving week: This year fares to Western Europe, Canada, and Western Asia are down 10% to 30%, according to Going, a subscription travel site for bargain hunters.

• Fly on a holiday: Fares tend to be lower if you’re willing to fly on Thanksgiving, Christmas Eve or Christmas Day itself, according to Going.

• Fly midweek: Flights on the weekend can sometimes cost more, though it’s not a hard-and-fast rule.

• Explore the other shoulder season: Shoulder season is often just before or after the pricey summertime peak, when the weather is still nice but school is in session, so fewer people are taking trips. But if you ski or snowboard (or just want a cozy weekend away) some resorts may have a third shoulder season in January-February, when holiday travel is over but students and families aren’t yet thinking about spring break.

• Go with the flow: Airlines often have low-fare calendars where they show you the cheapest dates to fly with them.

2. Tap into Travel Tuesday. Black Friday isn’t just about shopping deals. Pounce on any Thanksgiving-weekend travel sales, which in recent years have extended to not just Cyber Monday but Travel Tuesday. Just make sure you’ve researched the going rates on potential destinations so you can capitalize quickly when you see a discount.

3. Sleep cheaper. A classic Airbnb rental can easily be more expensive than a hotel, but it may be worth exploring the Airbnb “private room” route, where you’d get your own access to one area of someone else’s house or apartment. This option won’t give you the same run of the place, but according to research from Upgraded Points, the average private room Airbnb was cheaper than the average hotel in every U.S. city they analyzed. (And, it may still be worth exploring renting an entire home, depending on how much you’d save by cooking your own food.)

If you have time to plan, you may also want to consider arranging an apartment or home swap through an outfit like Intervac. A stay might also include borrowing the homeowner’s vehicle or even exchanging pet-sitting duties.

4. Mix steals with splurges. If you go whole hog on tickets for musical theater or a famous amusement park, offset those expenses with free activities on other days of your vacation. Even some of the world’s spendiest cities have great no-cost options like walking tours, farmer’s markets, or museums. For example, the Brooklyn Botanic Garden in New York welcomes visitors on “Pay-What-You-Wish Winter Weekdays,” and London has more than 25 museums with free admission.

5. Leverage loyalty. Using travel points and miles you’ve earned on your credit card may be a no-brainer, but members of hotel and airline loyalty programs often get other less-obvious perks too. Even if your points balance is looking meager, you may be able to get hotel freebies like late checkout, free parking, or room upgrades.

(If you’re a SoFi Plus member, you can earn rewards for booking through SoFi Travel, our Expedia-powered travel portal.)

SoFi Travel: Terms, and conditions apply. This SoFi member benefit is provided by Expedia, not by SoFi or its affiliates. SoFi may be compensated by the benefit provider. Offers are subject to change and may have restrictions, please review the benefit provider’s terms: Travel Services Terms & Conditions.

SoFi Plus: SoFi Plus is a premium membership that gives members access to our best APY, discounts, rewards, and more when they set up Eligible Direct Deposit or pay the SoFi Plus Subscription Fee. Benefits are subject to change and may not be available to everyone. All terms and conditions applicable to the use of SoFi Plus apply. To learn more about SoFi Plus and available benefits and terms, please see the SoFi Plus page.

SoFi Plus members can earn 5% cash back in rewards points on all bookings except air travel through SoFi Travel using any card (“Elevated Earn”). For complete SoFi Plus eligibility, please see the SoFi Plus terms.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

OTM2025110302

Oct

2025

Free Harris County, TX Mortgage Loan Calculator

By Dana Paltao | Uncategorized | Comments Off

Harris County, TX Mortgage Calculator

By SoFi Editors | Updated October 28, 2025

When you’re considering purchasing a home in Harris County, understanding your potential mortgage payments is a big first step. A Harris County mortgage calculator can provide clarity on what your monthly expenses might look like and assist you in making informed decisions about your down payment, loan term, and more. This article will guide you through using a mortgage calculator and help you get the most out of this tool.

Key Points

• Using a mortgage calculator involves inputting your estimated purchase price, down payment, interest rate, loan term, and property tax rate.

• A loan term is typically 10 to 30 years and helps govern overall costs.

• First-time homebuyer programs can help buyers afford a down payment, closing costs, or both.

• A mortgage calculator can help you determine what home price, down payment, and interest rate you can afford.

• There are ways to lower your monthly mortgage costs even after you make your home purchase.

Harris County Mortgage Calculator

Calculator Definitions

• Home price: The home price is the purchase price that you have agreed upon with the home seller. This is a key figure when it comes to determining your home loan amount.

• Down payment: The down payment is the amount you pay upfront. Buyers typically put down between 3% and 20%. A down payment calculator can show you how much you would need to put down to reach 20%, which would likely eliminate the need to pay for private mortgage insurance (PMI).

• Loan term: The loan term is the length of time you have to repay the loan. Common terms are 15 and 30 years. A shorter term can reduce total interest paid but increases monthly payments. A longer term offers lower monthly payments but results in more interest overall.

• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the total loan amount. Interest rates vary based on factors such as your credit score and the type of mortgage loan you choose.

• Annual property tax: The property tax in the municipality where a home is located plays a role in determining your total monthly housing payment.

• Monthly payment: The monthly payment represents what you would pay toward the loan’s principal and interest each month, plus a sum that goes toward your property tax. This calculator does not include home insurance, private mortgage insurance, or homeowners association (HOA) fees.

• Total interest paid: The total interest paid represents the amount of interest you will pay over the life of your home loan. A larger down payment, lower interest rate, or shorter loan term can reduce this amount.

• Total loan cost: The total loan cost represents the entire amount you will pay for the loan, including both the principal borrowed and the accumulated interest.

How to Use the Harris County Mortgage Calculator

Step 1: Enter Your Home Price

Type the home price, which is the agreed-upon purchase price with the home seller.

Step 2: Select a Down Payment Amount

Choose the percent of the home price you will pay upfront. A larger down payment can reduce monthly payments and total interest paid.

Step 3: Choose a Loan Term

Select the length of time you would like to repay the mortgage, anywhere from 10 to 30 years. A longer term means lower monthly payments but more interest over time.

Step 4: Enter an Interest Rate

Input your estimated interest rate to the second or third decimal point. A lower rate reduces monthly payments and total interest paid.

Step 5: Add Your Annual Property Tax Rate

Enter the home’s property tax rate. The average effective property tax rate for Harris County is 1.77%.

Benefits of Using a Mortgage Payment Calculator

A Harris County mortgage calculator helps you estimate how much house you can afford by calculating monthly payments based on loan amount, interest rate, and repayment term. Use this tool to compare costs, like how the interest rate affects your monthly payments. Check out different loan terms to see their impact on expenses and total interest.

A mortgage calculator is particularly helpful if you’re a first-time homebuyer, as it allows you to play with different scenarios (raising and lowering the down payment amount, for example).

Deciding How Much House You Can Afford in Harris County

When you’re buying your first home, it’s good to research average home prices in the area you’re eyeing. In Harris County, the median home sale price in late 2025 was $315,000 — much more affordable than the national median of around $439,000, according to Redfin.

Lenders suggest housing costs shouldn’t exceed 28% of your gross monthly income. You’d need to earn an annual income of about $72,400 to afford the monthly payment on a $315,000 home, which comes to about $1,691. That payment amount assumes a 20% down payment ($63,000), an interest rate of 7.00% on a 30-year mortgage, and a property tax rate of 1.77%.

Lenders also recommend total debt payments stay under 36% of gross monthly income; other debts shouldn’t exceed $483 monthly in this case. If you want to factor in other debts, such as a car loan or student loan for example, you can use a home affordability calculator.

A more reliable method to help you determine affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.

Current mortgage rates by state.

Compare current home interest rates by state and find a mortgage rate that suits your financial goals.

Select a state to view current rates:

Components of a Mortgage Payment

A mortgage payment mainly covers the principal (borrowed amount) and interest (borrowing cost). Your monthly payment might also include property tax, which is based on your home’s assessed value. If your down payment is less than 20%, you may be required to purchase PMI. Other potential costs that are often rolled into the payment are homeowners association (HOA) fees and homeowners insurance.

Homebuyers who are considering purchasing with the help of a Federal Housing Administration (FHA) loan will have an upfront and ongoing mortgage insurance premium to pay. These loans are still very affordable and are popular with first-time buyers. If you are considering an FHA loan, use an FHA mortgage calculator.

Similarly, if you are purchasing with a loan backed by the U.S. Department of Veterans Affairs, you’ll want a VA mortgage calculator.

Finally, if you are purchasing a pricey property, consider something called a jumbo loan. This type of loan is designed for when your loan amount is over the conforming loan limit set by the Federal Housing Finance Agency (FHFA). For 2025, the FHFA conforming loan limit for a single-unit property in Harris County is $806,500.

Recommended: Average Monthly Expenses for One Person

Cost of Living in Harris County

Harris County is relatively affordable compared to the national average, according to its cost of living. This metric gives you a sense of how far your dollar goes in terms of necessities like housing, utilities, groceries, health care, and transportation.

Harris County, home to Houston, has a cost of living score of 96.9, according to BestPlaces.net, — 3.1% lower than the U.S. average (100.0), and 2.9% lower than the average for Texas. Harris County is a little more affordable than Dallas County (100.2), home to Dallas, and much more economical than Travis County (129.1), home to Austin.

If you have your sights set on purchasing a home in Texas, Abilene, Amarillo, and Odessa are all considered best affordable places in the U.S.

For more help factoring in income, debts, and local property costs, try a home affordability calculator.

Recommended: The Cost of Living in the U.S.

Run the numbers on your home loan.

Mortgage calculator

Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.

Calculate
Down payment calculator

Enter a few details about your home loan and we’ll provide your monthly mortgage payment.

Calculate
Home affordability calculator

Provide us with a few details and see how much you can afford to spend on a home purchase.

Calculate

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.

Tips for Reducing Your Mortgage Payment

As you explore your monthly bills, you may wonder how you can reduce your mortgage payment. Here are some ways borrowers can lower their payments:

• Make additional payments toward the principal to decrease both the term of your loan and the total interest paid over its lifetime.

• Once you’ve built 20% equity in your home, request that your lender cancel PMI payments to save on unnecessary costs.

• If you think your property taxes are too high, the Harris Central Appraisal District can inform you about the appeals process.

• See if your insurer offers a discount for bundling policies. Sometimes if you purchase more than one policy with them — both a homeowners and auto policy, for instance — they may offer a discount.

• If mortgage rates have dropped since you made your purchase, consider a mortgage refinance.

Harris County First-Time Homebuyer Assistance Programs

If you’re considering buying your first home in Harris County, there are down payment assistance programs available to help you cover the initial costs associated with purchasing property. Anyone who hasn’t owned a primary residence in the past three years is considered a first-time homebuyer.

The Texas Department of Housing and Community Affairs (TDHCA) and the Texas State Affordable Housing Corporation offer first-time homebuyers financial aid for the down payment, closing costs, or both. You can also try the nonprofit Texas State Affordable Housing Corporation to see if you’re eligible for its first-time homebuyer programs.

The Takeaway

Using a Harris County mortgage calculator is a valuable step in the home-buying process. It helps you estimate monthly payments, understand the impact of different down payment amounts, and compare various loan terms and interest rates. This tool can help provide a clearer picture of your financial obligations and lead you to making informed decisions about your home loan, especially if you are a first-time homebuyer.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

View your rate

FAQ

How can I get a lower mortgage interest rate?

For the lowest mortgage interest rate, work to cultivate a strong credit score (aim for 700 or more). Go through the online prequalification process with multiple lenders to see how low a rate you might be able to obtain. A higher down payment may help, too, if you can afford to make one. If you already own a home, you can explore a mortgage refinance and compare the costs of your old loan versus a new one (plus closing costs) at a new, lower rate.

How much is the payment on a $300,000 mortgage with a 30-year term?

The cost of a $300,000 mortgage with a 30-year term will depend on your interest rate and a down payment. For instance, at an interest rate of 6.00%, and a down payment of 20% ($60,000), your monthly payment would be $1,439. This estimate includes principal and interest but not property taxes, insurance, or other fees.

Should I choose a 30-year or 15-year mortgage term?

A 30-year mortgage offers lower monthly payments, but you will pay more interest over time. A 15-year mortgage has higher monthly payments but saves on interest. Consider your financial goals and budget, and choose the shortest term that you feel you can comfortably afford.

How much should I put down on a mortgage?

You should put as much money as you comfortably can toward a down payment on a home, while ensuring that you aren’t stretching your finances too much. A first-time homebuyer can sometimes put down as little as 3%, and repeat buyers may be able to contribute just 5%. If you put down less than 20%, you will likely have to add private mortgage insurance payments to your monthly bill.

Learn more about mortgages:

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*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.

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.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

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.

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Oct

2025

Do Americans Have Too Much Money in Stocks?

By Sam Soland | | Comments Off

This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

Americans are more invested in the stock market than ever before. Stocks accounted for a record 45% of assets held by U.S. households and nonprofits in the second quarter of this year, according to Federal Reserve data. To put that in perspective, it was about 10% 40 years ago and in the 30% range before the pandemic.

On one hand, this is a milestone worth celebrating: Investing is no longer an exclusive club for the wealthy. Greater access through workplace retirement plans and easy-to-use investing platforms have allowed more people to get in on it.

And stocks are having a great run, pushing benchmarks to new record highs over and over again.

But with this much riding on the market, what happens if it falls?

At the Mercy of the Markets

It’s a good question to ask ourselves, given not just the record investment levels, but how concentrated the market is now. In 2010, the 10 largest companies in the S&P 500 made up about 19% of the index, — the broadest to track the U.S. stock market.

Today Nvidia, Microsoft, Apple, and the other top 10 companies account for about 40% of the index, more than than the entire tech sector did just 15 years ago.

Much of the market’s growth has been driven by advances in technology — most recently, enthusiasm for artificial intelligence. Shares of both Microsoft and Google-parent Alphabet have hit record highs this year on the back of their AI activities. But if those companies stumble, the entire market can feel it.

Or there could be another broad sell-off. At the start of the COVID-19 pandemic, the stock market experienced some of the sharpest drops in history. And earlier this year, the S&P 500 briefly fell into bear market territory amid news of steep new tariffs on imports.

Although the stock market has generally moved higher over the long-term, these tougher times can make investing feel perilous.

Why Diversification Matters

One way to counter these risks is to avoid putting all of your eggs in one basket. Diversifying means you reduce concentration risk by spreading investments across different assets, industries, or regions, so that poor performance in one area may have less impact on your overall portfolio. Because not all investments move in the same direction at the same time, you may be able to offset losses in one area with gains in another. This balance can help protect against large losses tied to any single investment.

“If everything in your portfolio is crushing it, you likely are not diversified enough,” says Brian Walsh, SoFi’s Head of Advice & Planning.

There are many different ways to put your eggs into different baskets. You can diversify your portfolio by:

• Region: Mix U.S. and international stocks to balance local and global growth.

• Sector: Add exposure to industries with different strengths and weaknesses. Manufacturing might be more influenced by the economic cycle, for example, while retail might be more sensitive to inflation.

• Basic asset type: Combine generally riskier stocks with more stable bonds.

• Alternative asset types: Add assets like real estate, commodities, or private investments for even broader exposure.

And funds that track assets in different parts of the market, like mutual funds or exchange-traded funds, make it easy to provide diversification to your portfolio.

So what?

With so much of wealth wrapped up in stocks, major market moves have the potential for dramatic impact. And that may test the resolve of even the most committed investor. Concentration is a real risk, but a well-diversified portfolio can help you stay resilient and focused on your long-term goals, no matter what the headlines say.

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How can I get a lower mortgage interest rate?

How much is the payment on a $300,000 mortgage with a 30-year term?

Should I choose a 30-year or 15-year mortgage term?

How much should I put down on a mortgage?

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So what?

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