If so, you are in the right place! Get started by entering your personal confirmation number below.
Received an offer from us?
If so, you are in the right place! Get started by entering your personal confirmation number below.
Leaving SoFi Website
You are now leaving the SoFi website and entering a third-party website. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. We recommend that you review the privacy policy of the site you are entering. SoFi does not guarantee or endorse the products, information or recommendations provided in any third party website.
Buying a home in Florida is exciting, and if you’re looking at higher-priced properties, a jumbo loan might be the right fit for you. Our Florida Jumbo Loan Calculator helps you estimate your potential monthly payments and total costs for these specialized mortgages. Follow our advice to use this tool to make informed decisions about your dream home in the Sunshine State.
Key Points
• A jumbo mortgage calculator helps homebuyers estimate monthly payments, total interest, and overall costs of a jumbo mortgage.
• Users need to input home price, down payment, loan term, and interest rate for detailed breakdowns.
• The calculator also factors in the property tax rate, as property taxes are often included in mortgage payments.
• The calculator can help buyers assess the impact of different down payment amounts and loan terms and can help compare loan offers from different lenders.
• Homeowners insurance, private mortgage insurance, and homeowners association fees are not included in the calculations.
Florida Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage loan for an amount that exceeds the conforming loan limit, a threshold established by the Federal Housing Finance Agency. For most Florida counties in 2025, the conforming loan limit for a single-family home is $806,500. In Monroe County, the limit is $967,150.
• Home price: The home price is the purchase price you’ve agreed upon with the home seller. It affects your estimated monthly mortgage payment, total interest paid, and overall loan cost.
• Down payment: The down payment is the initial amount paid upfront. Jumbo loan requirements can be more strict, and you’ll typically need to put down at least 10% of the home price for this type of mortgage loan. Some lenders require those who put down less than 20% on a jumbo loan to also pay for private mortgage insurance (PMI).
• Loan term: The loan term is the duration to repay the mortgage, from 10 to 30 years. A longer term lowers monthly payments but increases total interest paid. A shorter term saves on interest but increases monthly payments.
• Interest rate: The jumbo mortgage loan interest rate is the cost of borrowing, expressed as a percentage of the loan amount. A jumbo loan can have a fixed or variable rate, and this impacts the affordability of your mortgage. A jumbo mortgage calculator helps you understand how different mortgage rates affect monthly payments and total costs.
• Annual property tax: Property tax is levied by local governments on land and buildings. It is typically a percentage of the property’s assessed value, which may differ from its market value. In Florida, the average effective property tax rate is 0.74%.
The Florida jumbo loan calculator is easy to use. Follow these steps to use it effectively:
Step 1: Enter Your Home Price
Enter the home price listed on your contract, or use the slider.
Step 2: Enter Your Down Payment Amount
Specify how much you will pay for a down payment; for a jumbo loan it should be at least 10% of the home price.
Step 3: Select a Loan Term
Choose a loan term between 10 and 30 years.
Step 4: Enter Your Interest Rate
Input your hoped-for interest rate to the second or third decimal point.
Step 5: Enter Your Property Tax Rate
Enter your annual property tax rate as a percentage.
What Are Jumbo Loans and Conforming Loan Limits?
A jumbo loan isn’t just a loan on an oversized house. What is a jumbo loan? Technically, it’s a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency for a particular U.S. county. In most parts of the country, the conforming loan limit for 2025 is $806,500 for a single-family home. (Some people refer to conforming loan limits as jumbo loan limits.) But in more expensive areas in Florida, such as Monroe County, the limit is larger: $967,150.
Jumbo loans often come with stricter qualification criteria, such as higher credit-score requirements and a need for significant cash reserves. Lenders generally require a down payment of 10% or more, but PMI isn’t always needed for this loan type, even if your down payment is less than 20%. Understanding these limits and requirements is essential for anyone considering a high-value property in Florida.
Benefits of Using a Jumbo Loan Payment Calculator
Using a jumbo loan mortgage calculator offers several benefits. It helps you budget by providing a clear estimate of your monthly mortgage payment, including principal, interest, and property taxes. If you have a variable-rate loan, this tool can also help you avoid surprises by showing you how changes in the interest rate could affect your future payments.
You can also use the calculator to compare offers from multiple lenders, so that you can make informed decisions and find the loan that best serves your needs. This is just one way that a jumbo loan calculator can help you understand the pros and cons of a jumbo loan before committing to one.
How to Use the Jumbo Loan Calculator to Compare Scenarios
The jumbo loan calculator is a useful tool for comparing different loan scenarios to meet your financial goals. Here’s how to use it effectively:
• Adjust the home price to see how it affects affordability.
• Consider a larger down payment to reduce interest costs.
• Explore shorter loan terms to save on interest, although that will mean higher monthly payments.
• Test different interest rates to understand potential financial strain.
• Use the calculator to assess the impact of small rate changes on jumbo loans.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Deciding How Much House You Can Afford in Florida
To determine your price range in Florida’s housing market, one thing to think about is the 28% rule. Lenders advise that your housing costs not exceed 28% of your gross monthly income. For a $1 million home, you’d need $250,000 in annual income, assuming a 10% down payment ($100,000) on a 30-year mortgage at 6.75%. This is where the jumbo loan calculator comes in handy — it can help you figure out what your monthly costs would be. In this case, you would have a $5,837 monthly payment on principal and interest.
In order to cover taxes and homeowner’s insurance on a high-priced property, you would need to earn even more, or have significant cash reserves. If you are carrying other significant debts, that would also require a higher income. Down payment and interest rates significantly affect affordability. Use a loan calculator to explore these factors and find the right balance. Or go through the mortgage preapproval process with a lender to see the lender’s assessment of what you can afford.
Components of a Jumbo Loan Payment
The main components of a jumbo loan payment are the principal and interest. This jumbo loan calculator also factors in property tax, which can be a significant part of the monthly mortgage payment, particularly on a higher-priced home. These costs can significantly affect your overall monthly payment, making it important to use a comprehensive jumbo mortgage loan calculator to get a full picture of your financial commitment. By understanding all the components, you can better plan for the long-term affordability of your jumbo mortgage and ensure that you are making a well-informed decision.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Cost of Living in Florida
The cost of living in Florida will affect the overall affordability of your home purchase. Areas with higher living costs often have pricier homes and utilities. Florida’s cost of living index is about 2% above the national average, with housing around 6% higher. Beyond mortgage payments, factor in expenses like car payments, utilities, and groceries.
Florida’s economy, fueled by tourism and other sectors, attracts retirees due to the absence of state income tax. If you’re moving from a state with a very low cost of living, such as Mississippi, Kansas, or Missouri, Florida’s relatively higher costs might make you sit up and take notice. But compared to California or New York, Florida is a relative bargain.
If you settle in to your new home and find yourself wondering if it’s possible to trim your monthly mortgage payment, here are some possible ways to do it:
• If you have an adjustable-rate mortgage (ARM) and rates are trending upward, you may want to move to a fixed-rate loan. Consider a jumbo loan refinance.
• If your jumbo loan is subject to PMI, reach out to the lender to drop PMI once you reach 20% equity. Remember this can happen through the appreciation of your property as well as through mortgage payments, so keep an eye on price estimates.
• Recast your mortgage instead of doing a more costly mortgage refinance. You would make a lump-sum payment toward the principal and ask the lender to recompute your monthly payment amount.
• Appeal your property taxes if you believe they are too high.
• If you face financial hardship, reach out to ask your lender to modify your loan terms.
• Shop for a lower homeowners insurance rate.
The Takeaway
When considering a jumbo loan in Florida, it’s vital to utilize a jumbo loan calculator to estimate monthly payments and total costs before committing to a loan. These tools help you understand the financial commitment involved and ensure you’re equipped to make a well-informed decision about your down payment and loan term, among other factors. By proactively running the numbers, you’ll be better prepared to secure — and pay for — the home of your dreams.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
In Florida, a jumbo loan is defined as a mortgage that exceeds the conforming loan limits. For 2025, the limit for a single-unit property is $806,500 in most Florida counties and $967,150 in Monroe County. Use a Florida jumbo loan calculator to estimate monthly payments and total costs for high-value properties that require a large loan.
How much is a $900,000 mortgage payment for 30 years?
To estimate the monthly payment for a $900,000 mortgage over 30 years, use a jumbo loan calculator. With a 6.50% interest rate, the estimated monthly payment would be approximately $5,689, including principal and interest.
Is $900,000 a jumbo loan?
A $900,000 mortgage is generally considered a jumbo loan in most U.S. areas, as it exceeds the typical conforming loan limit of $806,500 for a one-unit property. In some U.S. counties with especially high home prices, however, a $900,000 loan would not be considered a jumbo loan.
Do you need to put down 20% for a jumbo loan?
While a 20% down payment is sometimes needed to avoid paying for private mortgage insurance on a jumbo loan, it’s not always required. Some lenders accept a minimum down payment of 10%, especially with a strong credit score, a low debt-to-income ratio, or substantial cash reserves. Use a Florida jumbo loan calculator to explore how the down payment amount you choose might affect your monthly payments.
What are the benefits of a jumbo loan?
Jumbo loans offer several benefits, including the ability to finance high-value properties and access to certain interest rates. Despite the fact that they can be higher risk for a lender, jumbo loans can have competitive rates in favorable markets.
How much are closing costs on a jumbo loan?
Closing costs for a jumbo loan in Florida typically range from 2% to 5% of the property’s price. For a $1 million home, this translates to an estimated expense of $20,000 to $50,000.
What credit score is needed for a jumbo loan?
A credit score of 700 or higher is generally required to qualify for a jumbo loan, though some lenders prefer 720. (A conforming home loan for a lesser-priced property might require a credit score of 620 or higher.) Jumbo loans come with stricter requirements due to their higher risk. If your score needs a tune up, you can improve it by paying down debts, making timely payments, and maintaining a low credit utilization ratio.
How to get the best rate on a jumbo loan?
To get the best rate on a jumbo loan, shop around and compare offers from multiple lenders. Take good care of your credit score, reduce your debt-to-income ratio by paying down debts, and increase the size of your down payment. Use a jumbo loan calculator to see how different rates affect monthly payments and total interest paid.
What is the jumbo loan limit?
The term “jumbo loan limit” is often used to mean the conforming loan limits set by the Federal Housing Finance Agency. Borrowers who need a home loan that exceeds the conforming loan limit in a given county will need to seek out a jumbo loan. The upper limit on the size of a mortgage for a single-family home in most U.S. areas is $806,500. In high-cost areas, such as parts of New York State, California, and Virginia (and all of Hawaii) the limit can be as high as $1,209,750. If you do purchase with a jumbo loan, your lender will have another kind of jumbo loan limit: the limit on the size of the loan it is willing to provide.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
SOHL-Q425-123
