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
Amount borrowed
$25,000
Time to pay off
5.0 yr
Total interest over the loan
$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
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.
Recommended
Consolidate or refinance
LightStream Personal Loan
LightStream
Strong-credit borrowers chasing the lowest rate
A starting APR of 7.49% with no origination fee and terms up to 144 months gives strong-credit borrowers low rates and long repayment flexibility.
APR from7.49%
Marcus by Goldman Sachs Personal Loan
Marcus by Goldman Sachs
Good-credit borrowers wanting a simple, fee-free loan
Marcus pairs a low 6.99% starting APR with no origination fee, so good-credit borrowers keep more of every dollar they borrow.
APR from6.99%
Frequently Asked Questions
Yes -- extra payments go directly toward principal, reducing the balance that accrues interest. Even small additional payments can save hundreds or thousands in interest and shorten your payoff timeline by months or years.