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SoFi variable rate calculation

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  • SoFi variable rate calculation

    1. Does anyone know how they calculate the variable rate for the month? I know it is based off the 1 month LIBOR but is it an average from the past month, the most recent, or some combination of both?

    2. I've been reading the LIBOR is on its way out by end of 2021...what is the plan for after? SOFR?

    I'm obviously happy that the 1 month LIBOR is down since my rate is tied to it, so the lower it goes, the lower my interest rate is (would be 0.86% at its current!!), but I'd like to know what the future holds as well so I can figure out if I need to lock in a fixed rate ASAP. I've tried calling SoFi to get some answers, but their reps don't know either.

  • #2

    They will use another index rate. I would suggest just asking for zero.