Monthly Income Calculator
Monthly Income Calculator
By SoFi Editors | October 28, 2025
Whether you get a paycheck weekly or every other week, it can be tough to keep tabs on what your total monthly earnings are. Fortunately, our monthly income calculator is here to help.
Use the calculator to see how your income adds up for the month, based on the hours you work per week. The calculator can help you keep track of the money you have coming in so that you can budget for your bills and expenses for the month — and direct some dollars into savings to help reach your financial goals.
Key Points
• The monthly income calculator helps track total monthly earnings.
• Estimation of monthly earnings is done by inputting average weekly hours worked and hourly wage rate.
• Understanding monthly income could potentially improve financial management, budget setting, expense tracking, savings, and debt repayment.
• There are generally three main types of income: active income, passive income, and portfolio/investment income.
• Popular methods of budgeting include the 50/30/20 budget, the envelope method, and zero-based budgeting, with each offering unique financial management benefits.
Calculator Definitions
When you use the calculator, there are different metrics you’ll need to fill in, plus the data the calculator gives you in return. Here are the terms to know before you get started.
Metrics to fill in:
Hours worked per week: This is the average number of hours you work each week. If your hours tend to vary — say you work 30 hours two weeks a month, and 35 the other two weeks of the month — simply add your weekly hours together and divide that number by four to get the average number of hours worked. In this example the formula would be:
30 + 30 + 35 + 35 = 130
130 hours / 4 = 32.5 hours.
Hourly wage: The amount you earn at your job per hour
Data the calculator provides:
Weekly income: This is your estimated weekly earnings. This amount comes from the information you entered into the calculator (your average hours worked per week plus your hourly wage).
Monthly income: Your estimated monthly earnings (before taxes and deductions) based on the information you input into the gross monthly income calculator. This is the full amount you earn, not your take-home pay.
How to Use the Monthly Income Calculator
Using the monthly income calculator is quick and easy. Just follow these simple steps:
1. With the calculator’s sliding scale tool, which ranges from 1 to 80, choose the average number of hours you work per week.
2. Enter your hourly wage.
3. The calculator will instantly show you both your estimated weekly and monthly earnings.
4. As the last step, you can use SoFi’s money tracker to help keep tabs on your financial information, set budgets, and track spending and savings.
Recommended: 14 Budgeting Questions to Ask
Benefits of Using a Monthly Income Calculator
Using a monthly income calculator can help you manage your finances. Knowing exactly how much you make each month allows you to keep track of how much cash you have coming in, the amount you’re spending, and how much you’re saving.
That, in turn, can help you set achievable goals for spending, saving, and paying off debt, which can give you more control over your finances.
A monthly calculator also gives you a realistic view of your financial situation, helping you understand what you can afford so that you don’t overspend. In fact, once you see the total amount of monthly income you have, you might decide that you want to cut back on certain expenses to pay off credit card debt faster, for example, or put a little extra money into your savings account.
Finally, knowing your monthly income can be helpful in specific instances, such as when you’re applying for a loan or a credit card.
💡 Quick Tip: What is credit monitoring good for? For one, maintaining a high credit score can translate to lower interest rates on loans and credit card offers with more perks.
How to Use Monthly Income Calculator Data to Your Advantage
You can use the information from the monthly income calculator to keep tabs on how much money you have coming in so that you can be more intentional about how you spend and save it. One way to do this is by creating a monthly budget using the data from the gross monthly income calculator. If you’re new to budgeting and not sure how to make a budget, there are several different methods to choose from.
For example, with the 50/30/20 method, the largest chunk of your money goes toward needs vs. wants. That means 50% of your income is allocated to needs such as rent, groceries, utilities, and bills; 30% goes toward wants such as entertainment and eating out; and the remaining 20% goes into savings.
Or there’s the envelope method, which involves creating spending categories and dedicating an envelope to each one with a certain amount of cash inside it for the month. Once the cash in the envelope is gone, you can’t spend anything more on that category until the next month rolls around (though you can borrow money from another spending category in a pinch).
Another one of the popular types of budgeting methods is the zero-based budget. The way it works is that you assign each dollar a purpose, whether it’s for rent, bills, savings goals, or discretionary items. The idea is to allocate every dollar so that no money is unaccounted for. Ideally, you meet all your needs and cover every expense, and also direct some money toward savings.
You could also use an online budget planner if you don’t want to keep track of your savings and spending on paper or with spreadsheets. That way your financial info is always at your fingertips and easy to access, no matter where you are.
Recommended: 10 Most Common Budgeting Mistakes
What Is Monthly Income?
Monthly income is the money you earn every month from a job or jobs, as well as other earnings you may have, such as overtime pay, a bonus or commissions, or income from a side hustle. Monthly income also includes earnings like interest on money in a savings account and dividends on any investments you may have.
There are different kinds of income, and they could factor into your monthly income equation.
Types of Income
There are three main types of income: active or earned income, passive or unearned income, and portfolio or investment income.
Active income is the money you earn by working. It includes your regular salary as well as any commissions, tips, and overtime. Active income also includes earnings from freelance work or a side hustle.
Passive income is money you earn without working a job for it. Passive income includes things like money you earn on an apartment you’re renting out, unemployment benefits, and Social Security benefits.
Portfolio income is money earned from your savings or investments. Interest you earn from money on a savings account is considered portfolio income, as is dividends earned on an investment.
Examples of Income Streams
An income stream is a regular flow of income that comes from one or more sources. As noted above, there are different types of income, and different types of income streams from each one. Here are some examples.
Active/earned income streams include:
• Salary from a full-time job
• Income from a part-time job or side hustle
• Bonuses
• Commissions
• Tips
Passive/unearned income streams include:
• Rental income
• Child support
• Unemployment
• Social Security
• Workers compensation
Portfolio/investment income streams include:
• Interest earned on a savings account, certificate of deposit (CD), or money market account
• Dividends earned on an investment like a stock or mutual fund
Income Calculation Tips
Once you’ve used our monthly income calculator to compute your gross monthly income earned from your job, you can add to that number any additional active, passive, or portfolio income sources you may have, as noted above.
If you earn tips, for instance, be sure to total up your tips for the month and add that sum to your salary. The same goes for any other type of income generated monthly, like interest on the money in your savings account or alimony payments.
Think about all the income streams you have, and include them in your total income for the month in question. Did your neighbor down the street pay you for walking their dog while they were on vacation? Add that figure to the mix. Did you sell some books you no longer need? That counts, too. You may have more income than you think you do!
The Takeaway
Knowing your monthly income can help you manage your finances and plan for your financial goals. By using a monthly income calculator to determine exactly how much money you have coming in each month, you can set up a budget to track your spending and saving.
Besides making sure all your monthly expenses are covered, you can also allocate money to pay off debt, or to put in savings for a down payment on a house or your retirement fund. Just be sure to count all the different types of income you have.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights—all at no cost.
See exactly how your money comes and goes at a glance.
FAQ
What is a monthly income calculator and how does it work?
A monthly income calculator calculates the income you earn in a month. Knowing exactly what you earn can help you keep track of the money you have coming in, the amount you’re spending, and what you’re saving. The calculator is easy to use — just plug in the average number of hours you work per week and your hourly pay, and the calculator instantly quantifies how much you earn per week and per month.
Can a monthly income calculator convert my annual or hourly salary into a monthly figure?
To convert your hourly salary into your monthly income, just input the average number of hours you work per week and your hourly pay into the calculator, and it will instantly give you your monthly income. To convert your annual salary into a monthly figure, simply divide your annual salary by 12 to get your monthly income.
How does the calculator account for different types of income, such as from multiple jobs or self-employment?
To use the calculator to figure out your income from multiple jobs or self employment, you can do different quick calculations for each job and then add them together to get the total. For example, if you earn $20 an hour and work an average of 30 hours a week at one job, input that information into the calculator to get the total, which is $2,400 a month. Then do the same for any other job you have — maybe you tutor for 10 hours a week for $22 an hour, for a total of $880 a month — and add the amounts together for an overall total. In this example, the overall monthly total would be $3,280.
Can I use the calculator to see the impact of a raise on my monthly pay?
Yes, you can use our calculator to see how a raise will impact your monthly pay. First calculate your current gross monthly income based on your current salary and number of hours worked, and note the total. Then calculate your new gross monthly income with your raise along with the number of hours worked. Compare the new total to the old total to see how much extra you’ll earn per month.
Is the estimated monthly income from the calculator a guaranteed amount?
No. The estimated monthly income from the calculator is an approximate figure based on the information you plug into it. The results will vary depending on the average number of hours you work each week and your hourly wage. Your weekly income might fluctuate, depending on things like overtime pay, for instance. Also, it’s important to note that this calculator determines your gross monthly pay, meaning your pay before taxes and other deductions are taken out, not your monthly take-home pay.
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Car Prices Lay a Debt Trap as More Borrowers Fall Behind
Buying a car in the post-pandemic economy is expensive, and the data shows it’s catching up with people. A growing share of auto loans are going unpaid, with over 5% of all balances at least 90 days overdue in the third quarter, according to the latest analysis by the Federal Reserve Bank of New York. That’s the most for any quarter since 2020.
Americans are falling behind for multiple reasons, but the biggest is simply how quickly car prices have risen. In September, the average buyer paid over $50,000 for a new car — a record high and a good $10,000 more than they did in 2020. Analysts said tariffs have begun to work their way through the supply chain, though the average price was also inflated by a rush to buy pricier EVs before tax incentives expired at the end of September.
The spike in cost has had major ripple effects on financing, too. With monthly loan payments increasingly topping $1,000 a month, a growing number of people are opting to extend their loans in order to avoid that expense. In the second quarter, a record 22% of shoppers opted for seven-year loans rather than the more typical three- to five-year term, according to Edmunds data.
Not only do borrowers pay more overall interest when they extend their loan, but the longer the loan, the higher the interest rate tends to be. (Fewer financing incentives have also driven auto loan rates up — despite the fact that the Federal Reserve has started cutting benchmark rates.)
So what? Auto loans are often a necessity, given that many people can’t afford to buy a car outright and 45% of Americans lack access to public transportation. But there are risks, especially these days.
Since vehicle values decline with age, carrying debt on a car for an extended period puts you at greater risk of owing more on the loan than your car is worth. An underwater car loan can be especially problematic if you and your car part ways before you’ve paid it off. That was the case for more than one in four auto trade-ins in the second quarter of this year. When borrowers financed the remainder of their old loan with their new vehicle, it resulted in an extra large payment.
If you’re struggling to make your auto loan payments, contact your lender or servicer as soon as possible to see whether an arrangement can be made. You may be able to work something out before any missed payments damage your credit score — or force you to surrender your vehicle.
It’s also worth exploring your refinancing options. (SoFi’s marketplace helps you compare lender quotes quickly.) And remember: There are broader economic dynamics at play here. Rapidly rising prices, financing rates, insurance premiums and repair costs have made it harder for people to predict the cost of car ownership. Plenty of other people have also been caught off guard.
If you’re getting ready to buy a vehicle, here are some important things to keep in mind:
• Shop far and wide: Don’t be afraid to take a road trip to search for more affordable cars. And check with as many lenders as you can to make sure you’re getting the best rates.
• Prepare for dealership jiu-jitsu: You’re paying tens of thousands of dollars, so now’s the time to speak up. Try to negotiate incentives and question any markups you didn’t request. You may be surprised by how effective you are.
• Explore selling your car rather than trading it in: The used car market is hot right now, and you’ll often get more money selling directly than by trading it in to a dealership, according to Edmunds. Check your car’s resale price and what dealers are offering, just to be sure.
• Buy American-made to claim the new interest deduction: Through 2028, eligible borrowers can deduct up to $10,000 in auto loan interest on their taxes if they buy a new U.S.-made vehicle.
• Consider all of your auto-related costs: If you’re taking on a bigger car payment — or a first car payment — don’t forget there’s more to it than that. Make sure you can afford car insurance, repairs and maintenance, gas, and registration fees.
Related Reading
Take Control of Your Auto Loan (Consumer Financial Protection Bureau)
Cost of Car Ownership Calculator (Edmunds)
Should You Refinance Your Auto Loan or Trade in Your Car? (SoFi)
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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.
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