Oct

2025

Email Confirmation – SoFi Bank

By CValmonte | Uncategorized | Comments Off

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⁵ 30-YEAR Payment Example: The payment for a 30-year term, loan amount $362000.00, Rate 6.125%, LTV 80% is $2200.00 for
full Principal and Interest Payments with $4695.14 due at closing. The Annual Percentage Rate is
6.335%. 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
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⁶ 20-YEAR Payment Example: The payment for a 20-year term, loan amount $362000.00, Rate 5.990%, LTV 80% is $2591.00 for
full Principal and Interest Payments with $4952.16 due at closing. The Annual Percentage Rate is
6.276%. 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 5.250%, LTV 80% is $2910.00 for
full Principal and Interest Payments with $5187.46 due at closing. The Annual Percentage Rate is
5.612%. 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
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⁸ 10-YEAR Payment Example: The payment for a 10-year term, loan amount $362000.00, Rate 5.250%, LTV 80% is $3884.00 for
full Principal and Interest Payments with $5364.84 due at closing. The Annual Percentage Rate is
5.778%. 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
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Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your
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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.

Oct

2025

Got a College-Bound Student? Do This ASAP

By Lindsay VanSomeren | | Comments Off

If you’ve got children or grandchildren headed to college next year, the next few months will be big: Choosing where to apply is one of the most important — and personal — decisions your student will make, and everyone’s path is different.

Thankfully, one part of the process is the same for virtually everyone. Figuring out how to pay for school almost always starts with the same step: filling out the Free Application for Federal Student Aid — or FAFSA, as it’s commonly known.

It’s hard to overstate the importance of this one online form, which opened for the 2026-2027 school year last week.

The FAFSA is required in order to apply for any federal aid (including grants, scholarships, work-study or student loans) and in many cases, state-specific or school-specific aid too. And roughly half of a typical undergraduate’s college costs are covered by some form of financial aid or loans, according to an annual survey from Sallie Mae.

So what? Regardless of your income, if you’ve got a college-bound student in the family, now’s the time to fill out the FAFSA. Not only is aid at the state and college levels often offered on a first-come, first-served basis, but the earlier you submit, the more time you’ll have to get and compare financial aid offers from the schools your student is accepted to. And not all aid is based on your financial situation.

(Over the past two years, delayed launches and other glitches forced some students to make rushed decisions about where to attend, but this year’s version actually came out ahead of schedule.)

Here are some important things to keep in mind:

• The FAFSA won’t consider this year’s tax return: The FAFSA form relies on the tax return from two years prior to the relevant school year (so 2024 for the 2026-2027 school year,) so there’s no reason to wait to file your taxes first. You could lose out on opportunities if you delay.

• If the student’s parents are divorced, just one fills out the FAFSA unless they still live together: Only the parent who provided more financial support during the previous 12 months must provide their information. If the parents support the student equally, the parent with more income and assets should fill out the form unless both parents are going to apply for parent loans. This Who’s My FAFSA Parent? Wizard can help.

• Not all aid is need-based: For example, on average, about 26% of state grants for undergrads are awarded based on factors other than financial need, according to the College Board. And submitting the FAFSA is free and usually takes around 30 minutes to fill it out.

• If you’re at least 24, your parents don’t need to fill out the FAFSA: That’s the age when you’re considered an independent student, so your parents’ financial information won’t be considered. Other criteria include being married or in the military.

• The form has been streamlined: The FAFSA’s undergone changes in recent years that make it easier to complete, like autopopulating data from your IRS tax returns.

The Power of Passive Income: Earn Money on Autopilot

By Rebecca Moretti | | Comments Off

Making money in your sleep may sound far-fetched, but it’s actually not as unrealistic as it seems.

While most of us think of our day jobs as the income generators, it’s possible to earn some types of money without a lot of regular effort. These are known as passive income streams, and although they often require an initial investment of time and money, the whole point is you shouldn’t have to do much once you establish them.

In fact, the simplest source of passive income — earning interest on your savings — is about as low-effort as it gets. And between interest, shareholder dividends, and rental income, a fifth of U.S. households were earning a median of $4,200 a year in passive income in 2019, according to U.S. Census Bureau data cited by the Chamber of Commerce. (That’s about $5,400 in today’s dollars.)

So what? Setting up passive income sources can be a smart way to help recession-proof your finances and have something to fall back on if you ever lose your day job. And there are many options if you have the financial resources, time, and patience.

Here are a few options of varying risk level:

Open a high-yield savings account. Again, it doesn’t get more passive than this. A high-yield savings account may be the easiest and safest way to explore passive income, especially with interest rates still relatively high. Put your money to work by finding a savings account with a competitive annual percentage yield. Even if you only earn a few hundred bucks in a year, it’s a super low-maintenance way to collect some extra cash. And thanks to the power of compound interest, even your interest will earn interest. (This calculator can help you see how much). Check out SoFi’s high-yield savings offering.

Loan money. When you put your money into a high-yield savings account, you’re essentially loaning it to the bank for interest. In much the same vein, you can loan money to a company or the government by buying bonds. Just keep in mind it’s all about risk vs. reward. For example, buying a bond issued by a struggling company may pay higher interest than a U.S. Treasury bond, but there’s also a bigger chance you won’t get repaid.

Invest in dividend-paying stocks. If you’re taking a long-term buy and hold approach to investing for your future, consider buying stocks that pay regular dividends. Companies usually pay dividends on a quarterly basis, and the more shares of a company you own, the higher the dividend payout. If you want to be extra passive, you can set up automatically recurring investments into stocks or funds of your choice. (Or, to invest in real estate portfolios without actually having to buy and manage properties, consider Real Estate Investment Trusts, which typically pay regular dividends.) Just remember: There are no guarantees you won’t lose money when you sell your stocks.

Rent a property. Rental properties can generate significant amounts of money, but they usually require a large upfront cash commitment and more work than other forms of passive income. (For example, you’ll probably have to screen tenants and manage repairs.) Renting out a spare room in your house may or may not be less work.

Rent other stuff. If being a full-fledged landlord isn’t feasible, consider what else you can rent out. Use sites like SpotHero and Neighbor to rent your parking spot or driveway. Or list your garage or shed on a peer-to-peer storage site. If you’re out of town for a while, you may want to list the car you left behind on Turo. You can even rent out your bike on Spokeo.

House sit. As long as it doesn’t interfere with your daily routine, house sitting can be an easy way to earn money without doing much. Especially if it’s just watering plants and collecting mail. Ask friends and acquaintances if they’ll need a housesitter during the holidays, or list your “services” on sites like HouseSitter.com.

Sell online courses. Maybe you’re an expert in a hot topic like digital marketing, web development, or AI. Share your expertise by creating online courses on platforms like Udemy, Teachable, or Skillshare. This takes a lot of effort upfront, but once you’ve created a course, you can focus simply on selling it.

Need more inspo? Check out more ways to earn passive income.

Free West Virginia Home Mortgage Loan Calculator

By Dana Paltao | mortgage | Comments Off

West Virginia Mortgage Calculator

By SoFi Editors | Updated September 26, 2025

Finding the right home for you is a challenge, but fitting it into your budget can be even more difficult. Fortunately, the West Virginia mortgage calculator can make the process simpler and less stressful. This valuable resource for prospective homebuyers gives you estimates of the monthly payments and total costs for a given home loan once you enter a few relevant details. Having this information at your fingertips helps you get a clear picture of how different options will fit into your budget now and for years to come. Let’s explore how it works.

Key Points

• New and experienced homebuyers can use the West Virginia mortgage calculator to estimate what different mortgages would cost in monthly payments and over the entire lifetime of the loan.

• So that your mortgage is affordable, lenders typically prefer that your monthly mortgage payment be 28% or less of your gross monthly income.

• If you put down a down payment of 20% or more, you may be able to avoid the need to pay private mortgage insurance (PMI).

• A 15-year loan term usually means higher monthly payments but lower interest costs overall than you’d get with a 30-year term.

• There are homebuyer assistance programs in West Virginia that can make homeownership more affordable for first-time buyers and others.

West Virginia Mortgage Calculator

Calculator Definitions

• Home price: This is the purchase price that you and the home seller agree upon after negotiations. Chances are it will not be the same as the original listing price or your first offer.

• Down payment: This is the lump sum you’ll pay upfront. It’s usually expressed as a percentage of the total purchase price, and most buyers put down between 3% and 20%. If you can afford the latter amount, you may be able to avoid private mortgage insurance (PMI). Down payment assistance programs for first-time homebuyers (and sometimes others) may be able to provide some financial help.

• Loan term: This is the period of time over which you’ll repay your home loan. Most home loans have either 30-year or 15-year terms.

• Interest rate: This is the cost of borrowing your loan money, expressed as a percentage of the loan amount.

• Annual property tax: This is the tax local governments levy on land and buildings. It’s usually expressed as a percentage of the property’s assessed value. To find the local tax rate where you’re buying a home, search online for the town, county, or ZIP code where the property is located and “effective property tax rate.”

• Monthly payment: This is the amount you will pay back to your lender each month. The monthly payment shown by the West Virginia mortgage calculator includes what you would pay toward the principal and interest each month, with property tax added in if you input your tax rate. Other costs, such as homeowners insurance, private mortgage insurance (PMI), and homeowners association (HOA) fees, might also be included in your payment in some cases.

• Total interest paid: This is the sum of all the interest you will pay over the life of the loan.

• Total loan cost: This is the complete amount you’ll repay for the loan, including both principal (the amount you originally borrowed) and total interest paid.

How to Use the West Virginia Mortgage Calculator

This mortgage calculator is free, won’t affect your credit score, and couldn’t be simpler to use. Here are step-by-step directions.

Step 1: Enter Your Home Price

Input the final home price that you and the seller have decided upon together.

Step 2: Select a Down Payment Amount

Choose the percentage of the home price that you will pay upfront in a lump sum. A down payment calculator can help you figure out how large a percentage will work for you.

Step 3: Choose a Loan Term

Select the timeframe in which you’ll repay your mortgage. The most common loan terms are 30 years and 15 years.

Step 4: Enter an Interest Rate

Enter your desired interest rate to the second or third decimal point. If you’re looking at particularly expensive properties, it’s a good idea to check the rates likely to be available for a jumbo loan so that you can arrive at a more realistic estimate.

Step 5: Add Your Annual State Property Tax

Enter the percentage of your home’s value that you will pay each year to the local government. If your tax rate is 0.48%, for example, input 0.48.

Benefits of Using a Mortgage Payment Calculator

The West Virginia mortgage loan calculator can help you determine how affordable a home loan would be for you. When you enter basic information about a loan you’re considering, like the amount, interest rate, and loan term, this online tool can estimate the monthly payments and total interest costs. If you’ve provided information about your tax rate, it will incorporate taxes into its calculations, too. You can also use it to adjust factors like your loan term or interest rate, for example, to see how those changes would influence affordability. Being able to access this information quickly and simply is essential when you’re looking for the right loan for you.

The West Virginia mortgage calculator is designed for fixed-rate mortgages. If you decide on a type of mortgage loan that comes with a variable interest rate, you can still use this calculator to estimate your mortgage costs, but be aware that the results will be less precise due to the fluctuations of variable rates.

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

Deciding How Much House You Can Afford

In West Virginia, the median sale price of a home is about $248,200 as of late 2025. If you buy a house at that price, putting 20% down and financing the rest with a 30-year mortgage at 7.00% interest, your monthly payment for principal and interest would be about $1,321.

How affordable is that? Lenders usually advise that homebuyers pay no more than 28% of their monthly income on mortgage payments and spend 36% or less on all debt. Following that rule, you’d need an annual income of at least $56,614 to afford this house. Bear in mind we haven’t factored in tax or homeowners insurance, and that, per the rule, you’d have just about $377 a month to spend on nonmortgage debt, which could include those costs as well as car loans, credit card bills, and student loans, for instance.

There are other ways you can evaluate affordability, too. You can use a home affordability calculator, which will allow you to enter a variety of costs that might be bundled with your principal and interest in your monthly payment, to get a more individualized estimate of how expensive a home purchase your budget allows. It can also be useful to go through the mortgage preapproval process with your potential lender to get an idea of how large a loan you can afford.

Components of a Mortgage Payment

Your monthly mortgage payment goes mainly to pay back principal (the amount you borrowed) and interest. Additionally, your monthly payment may include funds toward your property tax, which the West Virginia mortgage calculator will factor in if you enter your tax rate. In some cases the payment may cover homeowners insurance, depending on the terms of your loan. If HOA fees or PMI payments are relevant, they may be added in as well.

What precisely your mortgage payment will cover also depends on the type of mortgage loan you choose, and specialized calculators may be helpful. If you’re taking out an FHA loan — guaranteed by the Federal Housing Administration (FHA) — consider using an FHA mortgage calculator, which allows for that loan’s mortgage insurance premiums. And a VA mortgage calculator can take into account relevant fees when you’re exploring a loan backed by the U.S. Department of Veterans Affairs.

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:

Cost of Living in West Virginia

Your area’s cost of living greatly impacts its affordability, affecting not just housing but also other costs such as transportation, utilities, and groceries, to name just a few. Fortunately, West Virginia’s is almost 12% below the national average, making it one of the best affordable places in the U.S. It’s true that the cost of living can vary in different parts of the state. However, the Council for Community and Economic Research’s Cost of Living Index (COLI), which compares the cost of living in major metro areas against a national average of 100, rated Charleson at 84.1, meaning that even the state’s capital is quite affordable.

Recommended: Average Monthly Expenses for One Person

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 on Reducing Your Mortgage Payment

As you explore your choices with the West Virginia mortgage calculator, you may wonder if there are ways to whittle down your monthly payments a bit more. These tips may help.

• Pull together a larger down payment. If you can pay more upfront, you may be able to bypass PMI costs and possibly even secure better loan terms.

• Improve your credit score. The higher your score, the more likely you are to qualify for favorable interest rates, which translate to lower payments.

• Shop around for the best rates. Lenders’ offers often vary, so casting a wide net to find the most competitive interest rates can pay off.

• Research down payment assistance programs. If you haven’t owned a home in the past three years, you may qualify as a first-time homebuyer for one of these programs, which can help you with down payment costs and lower monthly payments.

• Appeal your property tax assessment. If you believe your assessed house value is too high, you can appeal to your tax authority.

• Lower your insurance costs. Try raising your deductible, bundling policies for a discount, or checking around to see if other insurers will offer lower premiums.

• Consider a mortgage refinance. If you have a mortgage now and a refi would lower your rate or extend your term, you might be able to lower your monthly payments.

West Virginia First-Time Homebuyer Assistance Programs

If you’re buying your first home, you may qualify for assistance programs covering initial home-buying costs. The good news, if you’re not a first-timer, is that as long as you haven’t owned a primary residence in the last three years, you’re still likely to be eligible. Homebuyer assistance programs from the West Virginia Housing Development Fund and local organizations offer low-interest loans and help with down payments and closing costs. Take advantage of these programs if you qualify to ease the initial financial strain of homeownership.

The Takeaway

The West Virginia mortgage calculator is an indispensable tool for anyone considering a home loan in this state. It helps you estimate monthly payments, assess the total cost of a mortgage, and understand how alterations in factors like your down payment, interest rate, and loan term can impact your financial obligations. Whether you’re a first-time homebuyer or an experienced homeowner, this calculator can provide you with valuable insights as you navigate the complexities of buying a home.

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 does my credit score affect my mortgage loan interest rate?

Lenders use your score to assess how risky it might be to extend a loan to you. A higher credit score generally indicates creditworthiness and means that you’ll be offered a lower interest rate, which has the potential to save you thousands over the life of the loan.

What are principal and interest on a mortgage loan?

The principal on a mortgage is the original amount you borrowed. The interest is the cost of borrowing and is generally expressed as a percentage of the loan amount.

How much should I put down on a mortgage?

Down payment amounts can vary. On the higher end, conventional loans often require 20% if you want to avoid paying private mortgage insurance (PMI), though you may be able to put down as little as 3% if you are willing to pay PMI. On the lower end, FHA loans may allow 3.5% down payments, and VA loans sometimes require no down payment.

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

The loan term you should choose depends on your finances and your priorities. A 30-year mortgage offers lower monthly payments but costs you more in interest over time. A 15-year mortgage has higher payments but saves you money on total interest and builds equity faster.

Learn more about mortgages:

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

*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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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.

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.

SOHL-Q325-120

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Sep

2025

Free Rhode Island Home Mortgage Loan Calculator

By Dana Paltao | mortgage | Comments Off

Rhode Island Mortgage Calculator

By SoFi Editors | Updated September 22, 2025

Getting a mortgage in Rhode Island is a big step toward your home purchase. Use this mortgage calculator to figure out the monthly payment amount and total interest cost for your home purchase. Try out different purchase prices and down payments to find out how each of these factors affect the total loan price. Whether you’re a first-time homebuyer in Rhode Island or a seasoned property owner, the calculator provides valuable insights to help you come up with figures that are right for your budget and goals.

Key Points

• Use the Rhode Island mortgage calculator to help you estimate the monthly payment and total cost of borrowing money to buy a home.

• Learn key terms like total interest paid, and how that figure can help you compare scenarios and mortgage offers.

• In general, your monthly mortgage payment should not exceed 28% of your gross monthly income.

• Rhode Island first-time homebuyer programs offer down payment and closing cost assistance.

• There are ways to reduce your mortgage payments, such as bundling insurance policies with your homeowner insurance provider to get a discount.

Rhode Island Mortgage Calculator

Calculator Definitions

• Home price: The home price is the purchase price agreed upon with the home seller. This may differ from the listing price or your initial offer.

• Down payment: The down payment is the amount you plan to pay upfront. It’s often expressed as a percentage of the total home price, typically anywhere from 3% to 20%. A larger down payment can lower your monthly mortgage payments and eliminate the need for private mortgage insurance (PMI). Down payment assistance programs can help cover this cost.

• Loan term: The loan term is the length of time you have to repay the mortgage, typically 15 or 30 years. A 15-year fixed mortgage has higher monthly payments but costs less in interest over the loan term, while a 30-year fixed mortgage offers lower monthly payments but more interest paid over time. A Rhode Island mortgage calculator can help you compare how different loan terms affect your monthly payments.

• Interest rate: The interest rate is the cost of borrowing money. It’s expressed as a percentage of the loan amount and varies based on your credit score, market trends, and the type of mortgage loan.

• Annual property tax: Local governments charge property tax on your land and buildings within guidelines set by your state. To find your property tax rate, go online and search for the town, county, or ZIP code where the property is located and the phrase “effective property tax rate.”

• Monthly payment: The monthly payment includes the loan’s principal and interest. This calculator also factors in property taxes. Some lenders also include homeowners insurance and homeowners association (HOA) fees in payments.

• Total interest paid: The total interest paid represents the entire amount of interest you will pay over the life of the loan. By making a larger down payment, having a lower interest rate, or a shorter loan term, you can reduce your total interest paid.

• Total loan cost: The total loan cost is the entire price you will pay for the loan, including the principal that you repay and the interest.