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.

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 6% to 36%, with an average rate as of November 2022 of 11.21%. 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 8.99% 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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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, be residing in the U.S., 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. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. 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. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2022 was around $30K. Information current as of 05/22/23. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org)Opens A New Window. . See SoFi.com/legal for state-specific license details. SeeSoFi.com/eligibility for details and state restrictions.

Fixed rates from 8.99% to 29.49% reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. 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.

Loan amounts range from $5,000 – $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.

⁵Autopay: 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.

⁷Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

‡ Same-Day Personal Loan Funding: 82% of typical SoFi Personal Loan applications, excluding Direct Pay Personal Loans and Personal Loan refinance, from January 1, 2022 to December 31, 2022 that were signed before 7pm ET on a business day were funded the same day.

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