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Mortgage Loan Terms

⁵ 30-YEAR Payment Example: The payment for a 30-year term, loan amount $362000.00, Rate 6.000%, LTV 80% is $2170.00 for
full Principal and Interest Payments with $5364.84 due at closing. The Annual Percentage Rate is
6.226%. No
prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater.
Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change
without notice.

⁶ 20-YEAR Payment Example: The payment for a 20-year term, loan amount $362000.00, Rate 5.875%, LTV 80% is $2567.00 for
full Principal and Interest Payments with $4792.88 due at closing. The Annual Percentage Rate is
6.154%. No
prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater.
Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change
without notice.

⁷ 15-YEAR Payment Example: The payment for a 15-year term, loan amount $362000.00, Rate 5.125%, LTV 80% is $2886.00 for
full Principal and Interest Payments with $5676.16 due at closing. The Annual Percentage Rate is
5.507%. No
prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater.
Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change
without notice.

⁸ 10-YEAR Payment Example: The payment for a 10-year term, loan amount $362000.00, Rate 5.125%, LTV 80% is $3862.00 for
full Principal and Interest Payments with $5668.92 due at closing. The Annual Percentage Rate is
5.670%. No
prepayment penalty. Payment shown does not include taxes and insurance. The actual payment amount will be greater.
Interest rates and annual percentage rates (APRs) are for informational purposes only and are subject to change
without notice.

Personal Loan Terms

Fixed rates from 8.74% APR
to 35.49% APR reflect the
0.25% autopay interest rate discount and a 0.25% direct
deposit interest rate discount. SoFi rate ranges are current as of 12/17/25 and are subject to change
without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for
the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the
range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a
variety of other factors.

Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your
interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.

PERSONAL LOAN INTEREST RATES AND FEES | ELIGIBILITY AND IMPORTANT DETAILS. Annual percentage rates (APRs) shown
include the 0.25% autopay discount. If approved for a loan, the rates and terms offered will
depend on things like creditworthiness, the length of the loan, and other factors, and will fall within the range
of rates available by applicable loan term; check out our full APR examples and terms. Remember, not all
applicants will qualify for the lowest rate. Want to learn more? See our eligibility criteria at
SoFi.com/eligibility-criteria. SoFi reserves the right to change interest rates at any time without notice,
changes would only apply to applications begun after the effective date of the change. Fixed Rates: Fixed rates
range from 8.74% APR to
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The SoFi 0.25% autopay interest rate reduction requires you to agree to make your scheduled
monthly payments by an automatic monthly deduction (ACH) from a savings or checking account. Enrolling in autopay
is not required to receive a loan from SoFi. Loan Terms: SoFi Personal Loans offer loans with a period of
repayment between 2 and 7-year terms. Loan Fees: SoFi personal loans have no fees required; specifically, no
origination fees required, no late fees, no prepayment penalties.

PERSONAL LOAN | REPAYMENT EXAMPLE. The following example depicts the APR, monthly payment and total payments
during the life of a $30,000 personal loan with a 2-year repayment term, a 0.25% autopay
discount, and a fixed rate between 8.74% APR to 35.49% APR. It works out to 24 monthly payments ranging from $1,356.68–$1,529.07 for a total amount of
payments ranging from $32,560.37–$36,697.76. This repayment example assumes that the borrower is signed up for
autopay and that all payments are made on time, with no pre-payments. Actual rates may vary based on repayment
term, loan amount, creditworthiness, and other terms and conditions. SoFi does not offer variable rate personal
loans. State restrictions may apply.

Each year, about two in three taxpayers receive a refund from the IRS. Last year, nearly 105 million people got an average of $3,138 back, and that’s fairly typical for recent years.

Tax refunds are a real chunk of change that can feel like an exciting windfall of “free” money. Some may feel relieved they can pay off their credit card balance. Or pumped to put it straight into the stash they’ve been building for a down payment on a house. Others may be looking forward to treating themselves (hello, new mocha mousse sofa!)

But within the big picture of saving and investing, does getting a refund make the most financial sense? Technically, a refund means you’ve made an interest-free loan to the government. Should you be a creditor to Uncle Sam when you could be using more of your paycheck to pay down debt or build up your 401(k)? Here’s what you need to consider.

Why You Get a Refund

The federal government taxes our income to help pay for the things it provides us — like national defense, roads and bridges, and safety net programs. If you’re an employee of a company or organization, you’re taxed throughout the year, with part of each paycheck going directly to the IRS.

How much is diverted is determined by how you fill out the IRS’s W-4 withholding form, which asks about your tax filing status, children, spouse, and income from side gigs or investments, as well as what sort of tax credits or deductions you may have.

In theory, the goal is to withhold just the right amount of money, so that you don’t owe the IRS any more and the IRS doesn’t need to return any to you.

But taxes are complicated, and the equation changes if you don’t keep your W-4 up-to-date, you don’t fill it out correctly, or you just don’t want to break even. Gear things too low, and you could wind up with a nasty tax bill. Set yourself up to pay too much, and you get a refund.

(Self-employed people don’t fill out a W-4 or have taxes withheld, but the same concept applies. They have to make quarterly tax payments based on their estimates of earnings, and they get a refund or bill depending on how accurate those payments are.)

The Benefits of Getting a Tax Refund

It might seem ironic that even though the IRS is Americans’ least favorite government agency, the majority of people are effectively lending it money at no interest. But taxes may be as much a psychological issue as a financial one.

If saving money is a monthly struggle for you, it may be worth it to overwithhold and let the government safeguard your cash in a lump sum. Best to have the IRS hold onto your dollars if you might otherwise splurge on something frivolous.

Or, if you’ve underpaid in the past, and had a burdensome tax bill (and maybe even penalties) take you by surprise, you may be overwithholding out of fear of owing money. That’s understandable too.

The Downsides of Getting a Tax Refund

But here’s why a tax refund doesn’t always make sense. Let’s say you got the typical refund of $3,138 last year. That effectively means your paychecks were $261 a month lower than they needed to be. So let’s explore what could have happened if you’d had access to that money a year earlier.

Maybe you had $5,000 in credit card debt accruing finance charges at a 15% annual interest rate. If you paid $361 a month instead of $100 a month, your balance after a year would have fallen to $1,161 instead of $4,517 and you would have saved yourself about $225 in interest.

Or you could have added the $261 to your monthly 401(k) contribution, giving it an extra year to grow. (If that money earned a 7% annual return — the average return for the S&P 500 Index historically — you’d still end the year with the $3,138 saved, plus about $100 in earnings.)

The other thing to consider is how disciplined you are once you get your refund. Are you apt to put it to good use?

A Lincoln Financial survey taken in November 2023 found that 40% of respondents expecting a tax refund planned to put it into a savings account for emergency expenses and 37% planned to pay down debt. These two choices were by far the most common, followed by buying something for themselves at just 16%.

But some academic research has shown households tend to increase their spending when they receive expected refunds.

And a survey last March by Intuit Credit Karma showed that about a quarter of taxpayers considered their tax refund “free money” that they planned to use for things they wouldn’t otherwise buy. Younger generations (39% of Gen Z and 36% of millennials) were the most likely to blow their refunds, and on things like clothing, electronics and shoes, the survey found.

Whatever You Do, Make It Count

If you get your tax withholding right on the nose, you can make more of your money work for you sooner.

But if you prefer to get a tax refund — for whatever the reason — make it count. Whether you pay down debt, give yourself more financial cushion, or build up your retirement savings, use the money to move forward with a financial goal.

And don’t forget to update your W-4 when your circumstances change. The IRS’s Tax Withholding Estimator shows you how changes would impact your tax return, and you can resubmit the form as often as you like, whenever you like.

Ultimately, the most important thing is that you’re making an intentional choice. If you’re getting a tax refund, make sure it’s because you want one.

image credit: Bernie Pesko

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.

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.

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.

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It’s that time again. Tax season starts today, and whether you’re excited for a refund, bracing for a big bill, or just eager to get through the tedious process, the countdown to April 15 has officially begun.

Last year about 15 million taxpayers filed their federal tax return in the first five days of tax season, but most Americans don’t get to it right away, and plenty of taxpayers will even wait until the last minute.

Regardless of when you file, we’ve got a challenge for you: Instead of thinking of it as an unwelcome chore, use it as an opportunity to get a good look at your overall financial picture.

You’re rooting through paper-stuffed drawers and scouring your email inbox for financial documents anyway, so why not make the effort more worthwhile? This is the perfect moment to examine your retirement savings contributions, medical bills, and investment returns for the year — you might be surprised by what you learn.

In the meantime, the IRS has this helpful online checklist to get you started, including how to sign up for a six-digit “identity protection” PIN that should help prevent someone else from pretending to be you.

And here are a few useful things to note:

•   25 states now participate in the IRS’s new, free Direct File program, so if you live in one of those states, you can potentially save hundreds of dollars in fees filing directly with the IRS online. (Though you can’t use Direct File if you have gig, rental or business income.)

•   Direct File is different from Free File, which allows people with an adjusted gross income of $84,000 or less to file with free guided tax software.

•   While there are plenty of tax preparers and accountants happy to have your business, if you want to go it alone and don’t meet the requirements for Direct File or Free File, you can pay for a tax software package or use the IRS’s free fillable forms (you won’t get as much help with those, though.) Mailing in a paper return adds to the processing time, so try to avoid it.

•   An extension on your filing deadline is not an extension to pay. If you need extra time and anticipate owing taxes, you’ll still need to estimate your bill and make a payment by the April 15 filing deadline. Otherwise you’ll pay interest (the rate is 7% right now) and penalties.

•   If you are expecting a refund, you should get it within three weeks if you file electronically and choose direct deposit.

So what? Tax season can be, um, taxing (we couldn’t resist). But it’s one of the best opportunities you’ll have in 2025 to take stock of your financial situation and make changes for the coming year. It’s also a great time to consider next year’s return, and whether you want to update your tax withholding with a new W-4. We explore that further in our piece on tax refunds here.

Related Reading

•   Best Tax Software of 2025: NerdWallet’s Top Picks (NerdWallet)

•   Beginner’s Guide on How to File Taxes (SoFi)

•   End Direct File on ‘Day One,’ Say House Republicans (Thomson Reuters)

photo credit: iStock/simpson33

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.

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