What is the monthly payment on a $50,000 home equity loan?

When considering a $50,000 home equity loan, the interest rate and loan term will determine the monthly payment. For a $50,000 loan with an 8.00% interest rate and a 10-year term, your monthly payment would be $607. A reliable loan calculator can provide an estimate based on your own numbers.

What is the monthly payment on a $100,000 HELOC?

The monthly payment for a $100,000 Home Equity Line of Credit (HELOC) will vary depending on the interest rate and the repayment term. A $100K HELOC with a 6.00% interest rate and a 10-year term, for example, results in a monthly payment of $1,110.

What is the payment on a $25,000 home equity loan?

To calculate the monthly payment on a $25,000 home equity loan, you need the interest rate and the duration of the loan. For example, a $25,000 loan with a 7.00% APR and a 5-year loan term has a monthly payment of $495. For an estimate of your payment amount, enter your loan terms into any loan calculator.

What would the payment be on a $30,000 home equity loan?

The monthly payment for a $30,000 home equity loan is determined by the interest rate and the chosen loan term. An 8.50% interest rate repaid over 10 years gives you a monthly payment of $372. Utilizing a reliable loan calculator can provide an accurate estimate of the payment amount.

What disqualifies you from getting a home equity loan?

Several factors can hinder or even disqualify your ability to obtain a home equity loan. These factors include an unfavorable credit history, insufficient equity in your property, a high debt-to-income ratio, and inadequate property insurance coverage.

What are the benefits of a HELOC?

HELOCs provide the flexibility to obtain funds as needed up to a predetermined borrowing limit. This means you pay interest only on the amount you use. The potential for more favorable initial interest rates compared to fixed-rate loans further enhances their appeal and affordability.

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%

Nov

2024

DM Essential 12TT

By Nicholas Wong | 1_Web_CreditCard | Comments Off

{/* CC Essentials 9TT 9/16/24*/}
{/* https://www.sofi.com/creditcard-dm-essential9TT */}

{/* Hero */}

New! Credit Card

It’s here—the new SoFi Essential Credit Card with 0% Intro APR.

You’re preselected¹ for a credit card you can actually rely on. Wave goodbye to overlimit fees, returned payment fees, and annual fees.^† Enjoy a special 0% Intro APR on balance transfers and purchases for twelve months⁴ and a variable 32.99% APR after that. Balance transfers must be completed within 60 days of account opening.

Apply now

See Pricing, Terms & Conditions

^*
See Rewards Details

This offer is only valid for original recipients of a prescreened invitation from SoFi. You must open a new SoFi Essential Credit Card account with your unique confirmation code by the respond by date printed on the direct mail letter you received in order to be eligible for this offer.

¹You can choose to stop receiving “prescreened” offers of credit from this and other companies by calling toll-free 1-888-5-OPTOUT (1-888-567-8688). See PRESCREEN AND OPT-OUT NOTICE BELOW for more information about prescreened offers.

{/* Benefits that have your back */}

Benefits that

have your back.

No surprise fees

Forget overlimit fees, returned payment fees, and foreign transaction fees.
No annual fee^†

That’s right, you won’t have to worry about getting dinged every year just for having a card.
Enhanced fraud protection²

Rest assured with our Zero Liability Fraud Protection for an extra layer of security.

Apply now

{/* More reasons you can rely on the SoFi Essential Credit Card. */}

More reasons you can rely on the SoFi Essential Credit Card.

No penalty repricing

Your APR^† won’t increase for making a late payment.

SoFi Travel rewards³

Earn unlimited 3% cash back rewards when you book through SoFi Travel.

Track your finances

Set and monitor spending targets, and track your credit score—at no cost.

Mastercard benefits²

Enjoy Priceless Experiences, Airport Concierge, and more.

{/* Resources to help you conquer the wild world */}

Resources to help you
conquer the wild world of credit cards.

See more articles

{/*FAQs*/}

FAQs

Will applying to a SoFi Credit Card impact my credit score?

The initial SoFi credit card application is a soft credit pull, which will bring no impact to your credit score if you get declined. However if you’re accepted – we will run a hard pull which may impact your credit score.

Can I share this offer with friends or family?

No – the SoFi Essential Card is currently invite only. Offers are non-transferrable.

Can I make a one-time payment?

You can set up auto-pay right away, but if you want to make a one-time payment, you can do so anytime in the app.

How do I get started applying for a SoFi credit card online?

If you’re not currently a SoFi member, the Apply Now button above will prompt you to create a SoFi account. If you are already a member, you’ll be asked to log in before applying. In either case, your online application can be completed in less than 2 minutes!

How do ID Theft Protection and Zero Fraud Liability work?

At SoFi, the protection of our members is of the utmost importance. Click here to learn more about how we protect you against identity theft and fraud.

See all FAQs

Nov

2024

SoFi Essential Card – 12 month promotion terms

By Nicholas Wong | 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 12 months from account opening. After that, your standard purchase APR will be 32.99%, 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 12 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 32.99%, 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.

SoFi Blog

Tips and news—for your financial moves.

Compare home equity loan rates in Montana.

How Do Home Equity Loans Work?

Where Do Home Equity Loan Interest Rates Come From?

How Interest Rates Impact Affordability

Montana Home Equity Loan Rate Trends

Historical Prime Interest Rates

Factors Influencing Home Equity Loan Rates

Credit Score

Loan-to-Value (LTV) Ratio

Home Value

Home Value Stability

Lender Policies

Property Location

How to Qualify for the Lowest Rates

Build a Strong Credit Score

Manage Debt-to-Income Ratio

Obtain Adequate Property Insurance

Maintain Sufficient Home Equity

Fixed vs. Variable Interest Rates

Tools & Calculators

Closing Costs and Fees

Tax Deductibility of Home Equity Loan Interest

Alternatives to Home Equity Loans

Home Equity Line of Credit (HELOC)

Home Equity Conversion Mortgage (HECM)

Cash-Out Refinance

The Takeaway

FAQ