Personal Loan Calculator
Don’t pay more on a personal loan than you should. Our Personal Loan Calculator shows exactly how much interest you could save by paying off your existing loan or credit card with a SoFi Personal Loan.
Calculated payments and savings are only estimates. All rates shown include the SoFi 0.25% AutoPay discount. Using the free calculator is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments and savings will depend on the actual amounts for which you are approved, should you choose to apply.
--How to Use the Personal Loan Calculator
1. Enter Your Loan amount
Input the total amount you want to borrow. For debt consolidation, add up all your existing loans and credit card balances.
Tip: You may want to exclude low-interest student loans or auto loans, which often have better refinancing options than a personal loan.
2. Select Your Repayment Term (in Months)
Choose the number of months you’d like to take to repay your loan.
- Shorter terms generally reduce the total interest paid but increase your monthly payment.
- Longer terms can lower your monthly payment but may cost more in interest over time.
3. Enter Your Interest Rate
Input the annual percentage rate (APR) for the loan. If consolidating multiple debts with different rates, calculate and enter the average APR to get the most accurate estimate.
4. Choose Your Loan Repayment Frequency
Select how often you plan to make payments (e.g. monthly, biweekly, or weekly). Adjusting this can help you see how paying more frequently could reduce your total interest costs.
Understanding the Results
Current Monthly Payments
What you’re currently paying based on your existing loan or credit card debt.
Estimated SoFi Monthly Payment
Your projected payment if you switch to a SoFi personal loan with the inters rate and term you selected
Monthly Savings
The difference between your current payment and your estimated new payment. A negative number means you may need to adjust your term or rate.
Lifetime Savings
How much you could save in total interest over the life of the loan if you switch to a SoFi Personal Loan.
What Can You Use a Personal Loan for?
Personal Loans are very flexible. Some common uses include home improvements, credit card consolidation, medical bills, weddings, and emergency funds in response to unplanned life events.
What’s Next: Apply for a Personal Loan
When you’re ready, apply online from start to finish —- you’ll get access to live, U.S.-based customer support, 7 days a week. After a quick application process, you’ll receive the money in a lump sum.
FAQ
How does the personal loan calculator estimate monthly payments?
Your monthly payments are calculated by applying your new SoFi interest rate and the length of the loan above to the total amount of your current debt.
What’s a good interest rate for a personal loan?
Your rate will depend on your credit score, annual income, and your debt-to-income (DTI) ratio. SoFi offers Personal Loans with fixed rates as low as 8.74% APR for borrowers who qualify. You can check average personal loan interest rates here.
How long is a typical personal loan?
A personal loan is a short-term, unsecured loan with terms typically ranging from 2 to 5 years.
Do you need a down payment for a personal loan?
You do not need a down payment for a personal loan. However, keep in mind that personal loans, while flexible, may not be used as a mortgage loan or for a down payment on a mortgage.
How will my credit affect my personal loan?
Your credit score is a major factor in qualifying for a personal loan, and will determine your interest rate. A borrower with a Good credit score can pay 2 to 3 times the interest as a borrower with an Excellent score.
What do banks look at when applying for a personal loan?
When someone applies for a personal loan, banks look at the borrower’s credit score and credit history, annual income, and debt-to-income (DTI) ratio. A borrower must also be over 18 and have a bank account. Learn more about typical personal loan requirements.
Will my personal loan payment change from month to month?
If you have a variable interest rate personal loan, your payment could change as interest rates rise and fall. However, if you have a fixed interest rate loan, your payment will never change.
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