Is a jumbo loan right for you?
Need a bigger loan for your property? Then a jumbo loan might be right for you. While similar to conventional loans, jumbo mortgages exceed the amount of conventional conforming loan limits. With larger loans come increased risk, so keep in mind that jumbo loan qualification requirements can be stricter.
Benefits of a jumbo loan
- Purchasing a high end home: Consider a jumbo loan if you need a loan that exceeds your county’s conforming loan limit.
- Eliminate the need to have multiple loans:Â Provides the convenience of one loan for the entire loan amount, with a variety of options.
- Save on mortgage insurance: Since a 20% down payment is often required for jumbo loans, private mortgage insurance isn’t always required.
Jumbo loan eligibility requirements
- Good credit score
- A deposit of 20% or higher
- Proof that you are able to repay the loan
- Statement of assets
Check out what your monthly payment could be by using our Jumbo Mortgage Calculator...
This calculator is made available to you as an educational tool only and calculations are based on borrower-input information. This is not an advertisement for the above terms, interest rates, or payment amounts. This is not an advertisement to extend credit as defined by Regulation Z nor an application for credit as defined by RESPA/Regulation X.
The information is meant for educational purposes only, the approximate origination charges, and total approximate funds needed to close is just an illustration and may not be accurate to your personal loan scenario. Actual fees and costs and payments may vary. As a result of refinancing, your total finance charges may be higher over the life of the loan. This is not a commitment to lend. Not all borrowers will meet the requirements necessary to qualify. Rates and terms are subject to change based on market conditions and borrower eligibility. Monthly Payment does not include taxes and insurance. Your payment obligation will be higher. APR is not shown – see our website for assumptions and loan terms. Certain limitations apply, call for details.
Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.
Results received from this calculator are designed for comparative purposes only, and accuracy is not guaranteed. We do not guarantee the accuracy of any information or inputs by users of the software.
Principal & Interest (P&I)
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Taxes & HOA
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Homeowners Insurance
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Purchase Price
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Down Payment
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Total Loan Amount
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Estimated Taxes & Insurance
Property taxes are generally estimated to be 1.2% of the home's value, but may vary based on your location. Annual homeowners insurance is roughly 0.35% of the home's value but can change based on insurer. Your loan specialist can help you determine property tax and insurance rates in your area.
Estimated Payment
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Loan amount
$
Down payment
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Interest rate
Loan term
Taxes & insurance included?
Property tax
Homeowner's insurance
$
HOA dues
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Payment Breakdown
Amortization
Principal vs. Interest
Amortization Schedule Breakdown
Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan.
Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
- Principal payments: $$240,000 (the amount borrowed)
- Interest payments: $$297,554 (the cost of borrowing)
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