SoFi Personal Loan
SoFi
Good-credit borrowers funding a large expense
No origination fee plus borrowing up to $100,000 makes SoFi a strong pick when you need a sizable loan without upfront deductions.
APR from8.99%
For educational purposes only — not financial advice. Learn about our editorial process
C.11 · Debt
Personal loan — monthly payment and total cost.
See the monthly payment and total cost on a loan with a fixed rate (the rate doesn't change). Add an extra payment to see how much sooner you'd be debt-free.
Formula
Fixed monthly payments
Same amount every month
Inputs
Loan amount
$25,000Interest rate
8.00%Loan term
5 yrsExtra monthly paymentOptional — goes straight to the balance
$0Monthly payment
$507/mo
Principal 82%Interest 18%
Amount borrowed$25,000
Time to pay off5.0 yr
Total interest$5,415
Total you'll repay$30,415
How much you still owe, over time
How much you still owe shrinks over the 5-year loan
Interest vs principal
What each year's payment goes toward — interest shrinks as the balance falls
PrincipalInterest
Year by year
Year-by-year payoff schedule
How your loan balance shrinks over time. Early on, most of each payment is interest; later, most goes to paying down what you borrowed.
Year
Principal
Interest
Balance
Progress
1
$4,236
$1,847
$20,764
17%
2
$4,588
$1,495
$16,176
35%
3
$4,968
$1,115
$11,208
55%
4
$5,381
$702
$5,827
77%
5
$5,827
$256
$0
100%
How we compute this
How the monthly payment is worked out
Monthly payment = loan × [ r(1+r)^n ] / [ (1+r)^n − 1 ] where r is the monthly rate and n the number of months. Extra payments reduce principal directly.
M = P × [ r(1+r)n ] / [ (1+r)n − 1 ]Same formula as a mortgage — shorter term just means fewer iterations of the amortization loop. Extra payments collapse the balance faster.
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