Your estimated monthly payment:
$0.00Based on the details provided. Actual rates may vary.
Understanding Your SoFi Personal Loan Payment
SoFi offers personal loans that can be used for various purposes, such as debt consolidation, home improvements, or major purchases.
Understanding how your monthly payment is calculated is crucial for budgeting and making informed financial decisions.
This calculator helps you estimate your monthly payment based on the loan amount, annual interest rate, and loan term.
How the Calculation Works
The monthly payment for a personal loan is calculated using an annuity formula. This formula takes into account the principal loan amount, the interest rate, and the duration of the loan.
The standard formula for calculating the monthly payment (M) of a loan is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
P = Principal loan amount (the total amount you borrow).
i = Monthly interest rate. This is calculated by dividing the Annual Interest Rate by 12 (e.g., if the annual rate is 7.99%, the monthly rate 'i' is 7.99 / 100 / 12 = 0.00665833).
n = Total number of payments (the loan term in months).
This formula ensures that each payment covers both a portion of the principal and the accrued interest, so that by the end of the loan term, the entire loan is repaid.
Factors Affecting Your SoFi Loan Payment
Loan Amount: A larger loan amount will naturally result in a higher monthly payment.
Interest Rate (APR): The Annual Percentage Rate is one of the most significant factors. A higher APR means more interest is paid over the life of the loan, increasing your monthly payment. SoFi's APRs can vary based on your creditworthiness, loan term, and other factors.
Loan Term: A shorter loan term means higher monthly payments but less total interest paid. Conversely, a longer loan term leads to lower monthly payments but more total interest paid.
Credit Score: Your credit score heavily influences the interest rate you'll be offered. A higher credit score typically qualifies you for lower interest rates, reducing your monthly payment.
Fees: While SoFi is known for not charging late fees or prepayment penalties, always review the specific loan terms for any applicable origination fees or other charges that might affect the overall cost.
Using the Calculator
This calculator provides an estimate. Enter your desired loan amount, the potential annual interest rate you might receive from SoFi, and the loan term in months.
Click "Calculate Monthly Payment" to see an estimated monthly cost. This tool is especially useful for:
Estimating affordability for different loan scenarios.
Comparing different loan terms and interest rates.
Planning your budget when considering a SoFi personal loan.
Disclaimer: This calculator is for educational and estimation purposes only. It does not represent a loan offer from SoFi. Actual loan terms, including interest rates and monthly payments, will vary based on individual creditworthiness, market conditions, and other factors determined by SoFi. Always consult with SoFi directly for accurate loan offers and details.
function calculateLoan() {
var principal = parseFloat(document.getElementById("loanAmount").value);
var annualRate = parseFloat(document.getElementById("annualInterestRate").value);
var termMonths = parseInt(document.getElementById("loanTerm").value);
var monthlyPayment = 0;
if (isNaN(principal) || isNaN(annualRate) || isNaN(termMonths) || principal <= 0 || annualRate <= 0 || termMonths <= 0) {
document.getElementById("monthlyPayment").innerText = "Invalid input. Please check your values.";
return;
}
// Convert annual rate to monthly rate
var monthlyRate = annualRate / 100 / 12;
// Calculate monthly payment using the annuity formula
// M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
var numerator = monthlyRate * Math.pow(1 + monthlyRate, termMonths);
var denominator = Math.pow(1 + monthlyRate, termMonths) – 1;
if (denominator === 0) { // Avoid division by zero if rate is 0 or term is 0 (though validation should prevent this)
monthlyPayment = principal / termMonths;
} else {
monthlyPayment = principal * (numerator / denominator);
}
// Format to two decimal places and display
document.getElementById("monthlyPayment").innerText = "$" + monthlyPayment.toFixed(2);
}
function updateRateLabel(value) {
document.getElementById("annualInterestRate").value = value;
document.getElementById("annualInterestRateValue").innerText = value + "%";
}
function updateTermLabel(value) {
document.getElementById("loanTerm").value = value;
document.getElementById("loanTermValue").innerText = value + " Months";
}
// Initialize slider values on load
document.addEventListener('DOMContentLoaded', function() {
updateRateLabel(document.getElementById("annualInterestRateSlider").value);
updateTermLabel(document.getElementById("loanTermSlider").value);
calculateLoan(); // Calculate initial value on page load
});
// Add event listeners to number inputs to update sliders and labels
document.getElementById("loanAmount").addEventListener("input", calculateLoan);
document.getElementById("annualInterestRate").addEventListener("input", function() {
var value = parseFloat(this.value);
if (!isNaN(value)) {
document.getElementById("annualInterestRateSlider").value = value;
document.getElementById("annualInterestRateValue").innerText = value + "%";
calculateLoan();
}
});
document.getElementById("loanTerm").addEventListener("input", function() {
var value = parseInt(this.value);
if (!isNaN(value)) {
document.getElementById("loanTermSlider").value = value;
document.getElementById("loanTermValue").innerText = value + " Months";
calculateLoan();
}
});