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A $300,000 mortgage payment could range from about $1,700 to more than $2,700 per month, depending on your loan’s interest rate, term, and other factors.When you’re shopping for a home, it’s easy to get fixated on how much you can borrow and finding houses in your price range. But understanding how much your mortgage could cost, upfront and over time, could be just as important to your success as a homebuyer. Read on for a look at what some of the expenses of getting a home mortgage might include.

How Much Can a $300,000 Mortgage Cost?

You can expect to run into a variety of costs when you take out a home loan. Most of the time these expenses can be broken down into three main categories:

Closing Costs

Closing costs are one-time costs that typically include loan processing fees, third-party services such as appraisals and title insurance, and government fees and taxes. You also may choose to pay discount points upfront on your loan to lower the interest rate. Closing costs can vary significantly, but they generally range from 3% to 6% of the loan amount.

Monthly Payments

The payments borrowers make monthly over the life of a mortgage usually include two main components:

•   Principal: This is the part of the mortgage payment that goes directly toward repaying the amount you borrowed.

•   Interest: This is the fee you pay the lender for borrowing money. The amount of interest you’ll pay each month will be calculated by multiplying your interest rate by your remaining loan balance.

Escrow

Your lender may collect and hold money in an escrow account to ensure that your homeowners insurance and property taxes are paid on time. The cost of living by state can vary widely and this is due in large part to taxes.

It’s important to pay attention to all your costs as you go through the homebuying process. You may be able to negotiate the amount of some of these expenses, which means doing some comparison shopping could help you save.


💡 Quick Tip: You deserve a more zen mortgage. Look for a mortgage lender who’s dedicated to closing your loan on time.

What Are the Monthly Payments for a $300,000 Mortgage?

To keep things simple, let’s eliminate any costs that might be associated with an escrow account to get a basic estimate of what a $300,000 mortgage payment might be each month.

Let’s say you wanted to buy a home for $340,000, and you had a down payment of $40,000. If your lender offered you a $300,000 loan with a 15-year fixed-rate term at a 7% annual percentage rate (APR), you could expect your monthly payment — principal and interest — to be about $2,696. If you took out a 30-year fixed-rate mortgage with a 7% APR, your payment could be about $1,995.

Here are some more examples that show what the difference can be for a 15-year fixed-rate loan vs. a 30-year fixed-rate loan, using SoFi’s Mortgage Calculator.

Recommended: 2024 Home Loan Help Center

How Much Interest Will You Pay on a $300,000 Mortgage?

The interest rate your lender gives you can make a big difference in the overall cost of your mortgage, and so can the mortgage term you choose. With a $300,000 home loan at a 7% APR, for example, the total amount you pay in interest could range from $185,367 to $418,527, depending on the length of the loan (15 vs. 30 years).

Spreading out your mortgage payments over a longer term can lower your monthly payment. But keep in mind that if you make this choice, you can expect to pay more for the loan overall. You can get more specific information by plugging various scenarios into a home affordability calculator.


💡 Quick Tip: If you refinance your mortgage and shorten your loan term, you could save a substantial amount in interest over the lifetime of the loan.

How Does Amortization Work for a $300,000 Mortgage?

Though your payment will remain the same every month (if you have a fixed-rate home mortgage loan), you can expect the amount you pay toward interest vs. principal to change over the life of your loan. In the first years, most of your payment will go toward interest. But as your balance goes down, more of your payment will go toward principal.

Your lender can provide you with a repayment schedule, or mortgage amortization schedule, that illustrates how the proportions will change over the length of your loan. Here’s a look at what the amortization schedules for a $300,000 mortgage with 30- and 15-year terms might look like. (Remember that your payments could include other costs besides principal and interest.)

Where Can a Borrower Get a $300,000 Mortgage?

Homebuyers have a few different choices when deciding where to go for a loan, including online banks and lenders, and traditional banks and credit unions. Rates and terms can vary from one lender to the next, so it can be a good idea to shop around for a mortgage that fits your specific needs and goals.

Before you start looking for quotes, though, you may want to look at the different types of mortgage loans you might qualify for. Would you be better off with a conventional or government-backed mortgage? Are you eligible for a VA loan or first-time homebuyer assistance? How many years do you want to make payments on your loan, and would you prefer a fixed or adjustable rate?

Once you settle on some loans that might work for you, you may want to read online reviews of the lenders you’re considering. A good old-fashioned pros-and-cons list could also help you evaluate the possibilities.

Recommended: Tips to Qualify for a Mortgage

How to Get a $300,000 Mortgage

Whether you’re a first-time homebuyer or you’ve done this before, the home-buying and mortgage process can be a little daunting. By breaking it down into some manageable steps, you may be able to make things a little easier.

Start by Determining How Much You Can Afford

Looking at your income, debt, monthly spending, credit status, and how much you’ve saved for a down payment can be a good starting point when you’re trying to figure out how much house you can afford. This can help you decide how much of a down payment and monthly payment you can handle.

Research Different Loans and Lenders

Once you know what you can afford to spend, you can start looking for the loan type, interest rate, loan term, and lender that meet your needs. The mortgage professional you choose to work with should be able to walk you through your options and help you evaluate their pros and cons.

Get Preapproved

Once you’ve chosen a loan and lender, it can be a good idea to go through the mortgage preapproval process. Getting a letter from your lender that says you’re preapproved for a certain loan amount can let sellers know you’re a serious buyer. (This could be especially helpful if you find yourself in a bidding war.)

Go House Hunting

With your preapproval letter in hand, you can start your home search — and potentially make an offer on a house. And because you’re prepared and know how much you can afford, you and your real estate agent can target homes in an appropriate price range.

Submit a Full Mortgage Application

When you find a home and you’re ready to seal the deal, you can work with your lender to fill out a formal loan application. Be ready: Your lender will likely ask for more financial information and documentation before approving the loan.

Prepare for Closing

While you’re waiting for your final loan approval and a closing date from your lender, you can shop for homeowners insurance, get a home inspection, and make sure you have all the money you’ll need for your down payment and closing costs.

Take Ownership of Your New Home

At the closing, you’ll be asked to sign a lot of paperwork, and you’ll hand over the necessary funds to make the purchase. Finally — congratulations! — you’ll get the keys to your new home.

How Much House Can You Afford Quiz

The Takeaway

Researching the different costs you might have to pay when taking out a $300,000 mortgage could help you avoid any unpleasant surprises during the homebuying process and improve your chances of sticking to your budget. The decisions you make about the type of loan you get, the interest rate, loan term, and other costs will all impact how much you pay every month — and what you’ll pay for the loan overall. So it can be a good idea to run the numbers and evaluate your options before you decide on a particular loan.

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.

FAQ

How much is a $300,000 mortgage payment per month?

The monthly payment for a $300,000 mortgage could range from about $1,700 a month to more than $2,700. Your payment will depend on several factors, including your interest rate and loan term.

How much income is required for a $300,000 mortgage?

An annual income in the $90,000-$100,000 range would qualify for a $300,000 mortgage as long as the borrower has few other debts. Mortgage lenders don’t make their decisions based on salary alone. You can expect your lender to look at several factors, including your debt, your credit rating and other factors before deciding how much you’re qualified to borrow.

How much is a down payment on a $300,000 mortgage

If you borrowed $300,000 and were putting down 20% on the property to avoid having to pay for mortgage insurance, your down payment would be around $75,000 (for a home priced at $375,000). But many borrowers put down less than 20%. A down payment of 3% on a home priced at $310,000 would cost you less than $10,000 and in this scenario you would also have a $300,000 mortgage.

Can I afford a $300,000 mortgage on a $70,000 salary?

If you can keep your monthly debt payments (housing costs and other debts combined) below $2,100 a month, you might be able to afford a $300,000 mortgage on a $70,000 salary, but it could be a stretch. How much mortgage you can afford usually depends on your monthly house payment and other debts you may have, such as car loans, credit cards, and student loans.

Photo credit: iStock/irina88w

*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.

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.

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.

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.

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The median pay for a dental assistant was recently calculated to be $44,820 per year, according to the Bureau of Labor Statistics.

If someone is looking for a career in the medical field, but doesn’t want to commit many years and a lot of money to medical school, they may want to look into becoming a dental assistant. This career involves significantly less schooling than one would have to pursue to become a dentist but can offer a stable and rewarding career path.

Keep reading for more insight into what it’s like to work as a dental assistant and what this career’s earning potential can be.

What Are Dental Assistants?

A dental assistant is a healthcare professional who assists dentists in caring for their patients and with general administrative tasks.

Typically, they have completed training as a dental assistant after high school, meaning this can be a potential good job without a college degree.

These are some common responsibilities of dental assistants:

•   Scheduling patient appointments for efficient management

•   Collaborating with patients on medical billing and payment matters

•   Providing instructions to patients on proper oral hygiene practices

•   Preparing both patients and the work area for various treatments and procedures

•   Sterilizing dental instruments to maintain hygiene standards

•   Ensuring the comfort of patients in the dental chair

•   Assisting dentists by handing them instruments during procedures

•   Using suction hoses and other equipment to dry patients’ mouths

•   Processing X-rays and performing lab tasks under the dentist’s guidances

•   Maintaining records of dental treatments for accurate documentation.

As you may have noticed, this job requires a good degree of interaction with coworkers and patients. For this reason, it may be a good fit for those who consider themselves a “people person” and not a great career for an introvert.

Also, it’s important to note that the exact role of a dental assistant can vary based on the state they are working in. This is due to varying state regulations.


💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

How Much Do Starting Dental Assistants Make a Year?

Understandably, entry-level salaries for dental assistants tend to be less than those for their more experienced counterparts. In terms of how much money a dental assistant makes when they first start their career, here are some numbers: As of 2022, the lowest 10% of workers in this role earned less than $31,450.

However, they can expect to earn more competitive pay over time, as the highest 10% in this role earned more than $59,200.

Recommended: 50 Highest Paying Jobs in the US

What Is the Average Salary for a Dental Assistant?

How much a dental assistant makes an hour can depend a lot on where they choose to work. While the median hourly pay rate for this work is $21.55 per hour as of 2022, the following chart (which goes from highest to lowest) illustrates how greatly this hourly wage can vary on a state level.

What is the Average Dental Assistant Salary by State for 2023

Dental Assistant Job Considerations for Pay & Benefits

The majority of dental assistants work in a dentist’s office (90%), but some do work in the offices of physicians (2%) or for the government (2%). As of 2022, dental assistants held about 371,000 jobs and work under the supervision of dentists.

There are some safety concerns (primarily contracting infectious diseases) that come with this role, which is why dental assistants wear protective clothing and equipment. Being exposed to X-ray machines also comes with concerns, but again, there are safety procedures in place to help protect dental assistants.

Because many dental assistants work full-time, they can qualify for employer-sponsored benefits like healthcare, retirement plans, and paid time off. However, if they only work part-time, they might not qualify for benefits.


💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of Dental Assistant Salary

Still on the fence about working as a dental assistant? Here are some of the pros and cons of the role:

Recommended: Is $100,000 a Good Salary?

The Takeaway

The median salary for a dental assistant is $44,820, but as they gain work experience, these medical workers can expect to earn more. Because minimal schooling is required to become a dental assistant, many in this field can avoid taking on too much student loan debt.

FAQ

Can you make 100K a year as a dental assistant?

Most dental assistants don’t earn $100,000 per year. The top 10% of earners in this field can earn around $59,200, but the median annual salary is just $44,820.

Do people like being a dental assistant?

Some people find working as a dental assistant to be an engaging and fulfilling career. Because most of their days are spent on patient care, they must enjoy spending time with people. This won’t be an enjoyable role for someone who is an introvert or who is antisocial.

Is it hard to get hired as a dental assistant?

There are more than 55,000 jobs for dental assistants available each year, according to the Bureau of Labor Statistics. Depending on your location and other factors, it may not be hard to get hired as a dental assistant.

Photo credit: iStock/mladenbalinovac

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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The total cost of a mortgage depends on the loan term and the interest rate. For a $250,000 mortgage with a 30-year term and 7% interest rate, borrowers can expect a monthly mortgage payment around $1,663 a month.

However, there are other mortgage costs to consider — both at closing and over the life of the loan. Here’s a look at the factors that affect how much your mortgage costs, as well as what you can expect to pay for a $250,000 mortgage.

Cost of a $250,000 Mortgage

The cost of a $250,000 mortgage is more than just the borrowed amount, known as the loan principal. While borrowers repay the principal, they are also required to pay interest, calculated as a percentage of the loan amount, to cover the cost of issuing the loan. A percentage point difference in interest rate could bump up a $250,000 mortgage payment by $100 or more a month, significantly increasing the total interest paid over the life of the loan.

Most mortgages require a down payment, with the exception of VA loans and USDA loans. The minimum down payment depends on the type of loan and a borrower’s financial situation. For example, the required down payment on a FHA loan is 3.5% for borrowers with credit scores of at least 580 versus 10% for borrowers with credit scores between 500-579.

The down payment amount also impacts the total cost of home mortgage loans. Homeowners will be on the hook for paying private mortgage insurance (PMI) with their monthly payments unless they put 20% or more down. PMI is usually 0.5% to 1.5% of the loan principal per year, spread across monthly mortgage payments.

Buying a house also involves closing costs, typically ranging from 3% to 6% of the loan principal. For a $250,000 mortgage, closing costs would likely be between $7,500 and $15,000. If saving up for both the down payment and closing proves to be a challenge, buyers may have the option to roll closing costs into a home loan to spread out the cost over time.

Recommended: Best Affordable Places to Live in the U.S.

Monthly Payments for a $250,000 Mortgage

Figuring out how much you can afford to spend on housing each month is an essential step to determining your homebuying budget. Monthly mortgage payments typically include four components: loan principal, interest, taxes, and insurance.

Assuming a 30-year fixed term and an interest rate of 7%, a $250,000 mortgage monthly payment would amount to $1,663 for the loan principal and interest. Choosing a 15-year loan term with a 7% interest rate would translate to a monthly mortgage payment of $2,247. Note that these figures do not include property taxes and insurance. Taxes vary according to your property’s assessed value, as well as by location — so the cost of living by state is another factor buyers must consider.

Initially, the majority of the monthly mortgage payment goes toward interest rather than paying off the loan principal. Over time, a greater share of the mortgage payment is applied to the principal balance, helping build equity in your home.

For a more detailed look at what a $250,000 mortgage payment amounts to, using a mortgage calculator or home affordability calculator lets you experiment with different down payments, interest rates, and loan terms.

💡 Quick Tip: If you refinance your mortgage and shorten your loan term, you could save a substantial amount in interest over the lifetime of the loan.

Where to Get a $250,000 Mortgage

The majority of U.S. homebuyers use a mortgage loan to finance their home purchase. Buyers can get a $250,000 mortgage from a variety of lenders, including banks, credit unions, mortgage brokers, and online lenders. Shopping around and looking at multiple lenders is recommended to help secure a lower interest rate and save thousands over the life of a mortgage. Besides the interest rate, examine the differences in fees, mortgage points, and expected closing costs when comparing lenders.

There are also different types of mortgage loans to consider. Your mortgage loan options depend in part on your location, Veteran status, down payment size, and whether you qualify as a first-time homebuyer. For comparison, here’s the mortgage amortization schedule on a 30-year mortgage vs a 15-year loan. In both cases we are assuming a $250,000 mortgage with a 7% fixed rate. Looking at a $250,000 mortgage payment 30 years’ out, borrowers would pay $194,284 more in interest payments than with a 15-year term.

Recommended: Home Loan Help Center

How to Get a $250,000 Mortgage

If the estimated monthly payments above fit your budget, proceed with the following steps to get a $250,000 mortgage. First, take stock of your financial situation and read up on tips to qualify for a mortgage before applying. Start by checking your credit score, calculating your debt-to-income (DTI) ratio, and evaluating your available savings for a down payment and closing costs. Lenders consider all these factors when reviewing a loan application. Ahead of time, prepare the documents you’ll need for the mortgage application, including bank statements, tax returns, and W-2s.

After comparing lenders and loan types, getting preapproved for a home loan is a logical next step. Mortgage preapproval from a lender shows the loan amount and interest rate you qualify for, helping inform your budget and demonstrate that you’re a serious buyer when putting in an offer on a property.

💡 Quick Tip: Generally, the lower your debt-to-income ratio, the better loan terms you’ll be offered. One way to improve your ratio is to increase your income (hello, side hustle!). Another way is to consolidate your debt and lower your monthly debt payments.

The Takeaway

The cost of taking out a $250,000 mortgage depends on the interest rate and loan term. A monthly $250,000 mortgage payment also includes taxes and insurance. To get a $250,000 mortgage, borrowers need to factor a down payment and closing costs into their homebuying budget.

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.

FAQ

How much is a $250K mortgage a month?

The payment on a $250,000 mortgage with a 7% interest rate would be $1,663 a month for a 30-year term and $2,247 a month for a 15-year term. The down payment amount, property taxes, and insurance costs also impact the monthly mortgage payment.

How much income is required for $250,000 mortgage?

The required income for a $250,000 mortgage depends on several factors, including existing debt, down payment size, and interest rate. With a 20% down payment and 7% interest rate, an income of $77,710 or more would qualify for a $250K mortgage, provided you don’t have a lot of debt already.

How much is a down payment on a $250,000 mortgage?

The required down payment on $250,000 mortgages depends on the loan type and lender. FHA loans require down payments of 3.5% or 10%, while buyers could qualify for a conventional loan with as little as 3% down.

Can I afford a $250K house with a $70K salary?

You may be able to afford a $250,000 house with a $70,000 salary. Besides income, how much house you can afford depends on how much you are prepared to pay for a down payment and what your debt-to-income ratio is.

Photo credit: iStock/Antonio_Diaz

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.

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.

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Financial literacy is a way of saying that you have a good working knowledge of the basics of managing money and using it to reach your goals. It typically means you understand budgeting; you know how different financial products can help you protect and grow your cash; and you are aware of how the financial climate (from inflation to interest rates) can impact your personal situation.

Building financial literacy is a valuable move because it helps you achieve goals like saving for the down payment on a house, affording your kid’s college costs, and being prepared for retirement.

Read on to take a financial literacy quiz, learn more about financial literacy, and find out how to build it.

Why Financial Literacy Is Important

Higher levels of financial literacy have been consistently linked to responsible money management. This can help consumers:

•   Avoid high-cost debt

•   Plan for financial goals

•   Avoid defaulting on mortgages

•   Build an emergency savings fund

•   Earn higher interest on investments

Boosting your financial literacy can be a great way to be confident that you have the information and insight you need to manage your finances well, today and tomorrow.

💡 Quick Tip: Banish bank fees. Open a new bank account with SoFi and you’ll pay no overdraft, minimum balance, or any monthly fees.

Are You Financially Literate?

If you feel as if you are not fully financially literate, it might be a case of not having focused on this aspect of your life. After all, financial literacy isn’t usually a part of the curriculum in high school or college.

Also, age plays a factor in financial literacy. The younger you are, the less money know-how you are likely to have. One recent study found that Gen Z (born between 1997 and 2012) had less financial savvy than Millennials, Gen X, and Boomers. Which could be understandable: The younger a person is, the less likely it can be that they’ve gone mortgage shopping, waded deeply into retirement planning, or researched health insurance.

Typically, financial literacy based on such key components of this type of knowledge as:

•   Knowing how to create an effective budget so that you’re aware of and accountable for where your money is going

•   Understanding how interest works when you save and invest, as well as how it works when you borrow, including the concept of compound interest

•   Saving, whether that means for emergencies or for a specific goal, such as a big-ticket item or even a house

•   Knowing the facts about credit card debt, managing your debt well, and avoiding the credit card debt roller-coaster

•   Protecting your identity and otherwise using practices to safeguard your funds

•   Investing wisely, and understanding how the average stock market return

Financial Literacy Quiz

Educating Yourself

If you’ve taken our quiz, the financial literacy questions will likely have helped you to pinpoint if you need to bolster your understanding of money matters.

Financial topics can be challenging, but fortunately, there are plenty of resources to help you increase your knowledge. Your bank may have a library of information as well as tools and calculators to help you do some number crunching and give you a better picture of your finances.

Your local library and book retailers, as well as financial magazines and websites, probably have plenty of information too. It can be a smart move to veer towards those publications that are well-regarded vs. following, say, an influencer without credentials but a lot of lofty promises on social media.

Podcasts, newsletters, and continuing-ed classes are other options. It can also make good sense to find a financial planner, who can walk you through your own unique challenges and opportunities.

💡 Quick Tip: Want a simple way to save more each month? Grow your personal savings by opening an online savings account. SoFi offers high-interest savings accounts with no account fees. Open your savings account today!

Government Resources for Building Financial Literacy

There are also government resources, including those available at the Financial Literacy and Education Commission (FLEC), connected to the Treasury Department. This commission was founded to boost literacy.

Another government site, one created by FLEC, is dedicated to financial education: MyMoney.gov . This site provides practical information about each of what they call the five building blocks for money management (MyMoney Five), which are:

•   Earn: Understand your pay and benefits to make the most out of what you earn.

•   Save and Invest: Start as soon as you can to save for future goals, even if you need to begin by saving small amounts.

•   Protect: Create an emergency savings fund, choose the right insurance for your needs, and otherwise take precautions to protect your finances.

•   Spend: Shop around and compare prices and products to get a good value on purchases, especially with larger ones.

•   Borrow: Borrowing allows you to make essential purchases and also helps you to build credit, so it makes sense to understand how to borrow in the smartest way possible for your situation.

You can also access the government resource known as Federal Reserve Education , which provides resources for educators and students alike, while also empowering consumers to boost their understanding of banking. Topics include central banking and monetary policy, economics/macroeconomics, our government’s role in money regulation, personal finances, and more.

Here’s one more financial literacy resource from the federal government: FDIC’s Money Smart . This program provides resources to help people learn how to improve their financial management skills, from computer-based educational games to podcasts that focus on saving and borrowing.

Another Way to Gain Financial Literacy

Another way to help with your financial literacy is to opt for a banking partner that delivers insight into your spending and saving.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

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SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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.

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.

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