Please note: SoFi monthly payment calculations displayed reflect only no-fee term options, and do not reflect any options with an origination fee.

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.

How to Calculate Your Personal Loan Savings

Compare your existing debt information to see how lowering your interest rate and monthly payments can help you save on total interest. Simply input the amount of your current personal loan or debt, your current interest rate, and the term of the loan. If you have multiple loans or credit cards, enter your average rate into the payoff calculator. Then see a side by side comparison of your loan or debt vs a SoFi personal loan.

Enter Your
Current Loan

OR

Compare a
SoFi Loan

Fixed
Term : 5 Years
Interest Rate : 10.80% - 23.43%
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Current
Monthly Payment

(estimated)
$ -

SoFi
Monthly Payment

(estimated)
$ -

Monthly
Savings

(estimated)
$ -

Lifetime
Savings

(estimated)
$ -

Find My Rate

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

Loan amount

Estimate your total outstanding debt from loans, credit cards, or both. (You might want to omit car loans or low-interest student loans here, because there are better refinancing options than a personal loan.)

Interest Rate

Enter your APR, which can be found on your monthly bill. If you have different interest rates for multiple debts, enter the average APR.

Monthly Payment

For loans, this is the amount you are billed each month. The Remaining Term field will then auto-populate. (If you don’t know your Monthly Payment: Enter your Remaining Term in the next field and your Monthly Payment will be automatically calculated.) For credit cards, enter your Minimum Payment Due as shown on your bill or the amount you typically pay.

Remaining Term (months)

Enter the number of months left on your loan. You can find your loan’s Maturity Date on your monthly bill. The Monthly Payment field will then auto-populate. (If you don’t know your Remaining Term: Enter your Monthly Payment, and your Remaining Term will be automatically calculated.) For credit cards, fill in the Monthly Payment field with the Minimum Payment Due on your most recent bill, and the Remaining Term will be automatically calculated.

Term (2–7 years)

Use the slider to choose the preferred length of your new loan. Longer terms will result in lower monthly payments, but you’ll pay more in interest over the life of the loan.

Understanding the Results

CURRENT MONTHLY PAYMENT

This shows what you’re paying now. You can change it in the Monthly Payment field above.

SOFI MONTHLY PAYMENT

This is calculated by applying your new SoFi interest rate and term above to your total debt.

MONTHLY SAVINGS

You’ll save this amount every month because of your lower SoFi interest rate, shorter term, or both. (If the number is negative, try reducing your new term or lowering your interest rate.)

LIFETIME SAVINGS

The personal loan calculator figures the total amount you’ll save over the life of your new SoFi loan.

Benefits of Using a Personal Loan Payment Calculator

You can compare your current debt — loans and credit cards — to see how lowering your interest rate can affect your monthly payment and save you money on the total interest you pay over the life of the 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.

Apply Now

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?

Personal loan interest rates range from 3% to 36%, with an average rate as of May 2022 of 8.73%. 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 7.99% 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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View On the Money

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Loans originated by SoFi Lending Corp. or an affiliate (dba SoFi) are subject to state restrictions and may not be available in all states, such as MS; see SoFi.com/eligibility-criteria for details and state restrictions.

SoFi Lending Corp. or an affiliate is licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org).

Personal Loan Rates and Terms: Fixed rates from % APR to % APR reflect the 0.25% autopay discount. SoFi rate ranges are current as of and are subject to change based on market conditions and borrower eligibility. SoFi Personal Loans are not available to residents of MS. Interest-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements and interest-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan. The average of SoFi Personal Loans funded in 2020 was around $32k. 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.

Subject to receipt of required documentation, underwriting guidelines, and processing time by your institution. Loans for amounts over $20,000 may require additional underwriting review time. Funds are disbursed via ACH as soon as the next business day after approval and acceptance of terms.

The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

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 % APR to % APR (with autopay). 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; specifically, no origination fees, 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 % APR–% APR. It works out to 24 monthly payments ranging from $1,370.40–$1,529.07 for a total amount of payments ranging from $32,889.71–$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.

* Same-Day Personal Loan Funding: 92.6% of typical SoFi Personal Loan applications, excluding Direct Pay personal loans and personal loan refinance, from January 2021–April 2021 that were signed before 7pm ET on a business day were funded the same day.

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