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Whether you’re a first-time homebuyer in Illinois or a seasoned investor, understanding the financial implications of a jumbo loan is crucial for making informed decisions. Our Illinois jumbo loan calculator can help you estimate your monthly payments, total interest paid, and total cost of the loan. By exploring different scenarios, you can find the best mortgage option that aligns perfectly with your budget and financial goals.
Keep reading to learn more about jumbo loans in Illinois, how jumbo loans differ from conforming loans, and how to use our Illinois jumbo loan calculator.
Key Points
• Jumbo loans exceed conforming loan limits set by the FHFA; conforming loan limits in Illinois are $806,500 for all counties in 2025.
• Using an Illinois jumbo loan calculator helps estimate monthly payments and total costs.
• Jumbo loans have stricter qualification criteria, such as higher credit scores and significant cash reserves.
• Jumbo loans often require a minimum down payment of 10%. Higher down payments can improve loan terms and reduce monthly payments.
• The calculator factors in the purchase price, down payment amount, loan term, interest rate, and property tax rate.
Illinois Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage for amounts exceeding the conforming loan limits set by the Federal Housing Finance Agency (FHFA). In Illinois, the limit is $806,500 for all one-unit properties.
• Home price: The home price is the agreed-upon purchase price between you and the seller. It directly influences the jumbo loan amount and monthly payments.
• Down payment: The down payment is the initial amount paid, typically a percentage of the home price. Jumbo mortgage loans often require a minimum 10% down payment, but a higher down payment can improve loan terms and reduce monthly payments.
• Loan term: The loan term is the duration to repay the mortgage, usually 15 or 30 years.
• Interest rate: The interest rate is the cost of borrowing, expressed as a percentage of the loan amount. Interest rates vary based on your credit score, market trends, and the type of mortgage loan.
• Annual property tax: Annual property tax is levied by local governments on land and buildings. It is typically a percentage of the property’s assessed value.
How to Use the Illinois Jumbo Loan Calculator
The Illinois jumbo loan calculator helps estimate your monthly mortgage payments, including principal, interest, and property tax. Here’s how to use the calculator:
Step 1: Enter Your Home Price
Type in the home price or use the slider to select the agreed-upon purchase price. Accurately inputting this value helps determine your home loan amount.
Step 2: Add a Down Payment Amount
Specify the total down payment amount as a dollar figure. A higher down payment can improve loan terms and reduce monthly payments. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select a loan term between 10 and 30 years. A longer term lowers monthly payments but increases total interest paid. A shorter term raises monthly payments but saves on interest.
Step 4: Enter an Interest Rate
Input the anticipated interest rate based on market conditions and your creditworthiness. A lower rate can significantly reduce your monthly payment and total interest.
Step 5: Enter Your Annual Property Tax
Enter the annual property tax rate as a percentage. This helps you get an estimate of your total monthly payment, including property tax. In Illinois, the effective property tax rate is 2.11% on average.
What Are Jumbo Loans and Conforming Loan Limits?
A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). In 2025, the conforming loan limit for a single-family home in Illinois is $806,500. Jumbo loans are necessary for properties valued above these limits.
When comparing jumbo loans vs. conventional loans, jumbo loans often require a higher credit score and significant cash reserves. Lenders typically require a down payment of 10% to 20%.
Benefits of Using a Jumbo Loan Payment Calculator
Using a jumbo loan mortgage calculator offers several key benefits. First, it helps you budget by providing a clear estimate of your monthly mortgage payment, including principal, interest, and property tax.
The tool also allows you to see how changes in the interest rate, loan terms, and down payment amounts can affect your future payments, making it easier to compare offers from multiple lenders. By inputting different numbers, you can find a mortgage that works for you.
How to Use the Jumbo Loan Calculator to Compare Scenarios
Use the jumbo loan calculator to compare different loan scenarios and meet your long-term financial goals. Here’s what you can do with it:
• Adjust the home price to see what you can afford.
• Experiment with different down payment amounts.
• Compare 15-year and 30-year loan terms.
• Input different interest rates to see their impact.
• Consider the effect of property taxes.
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 Illinois
Affording a home in Illinois requires more than just considering median home prices. Lenders suggest that your mortgage payment should not exceed 28% of your gross monthly income. For a $1 million home with a 10% down payment and a 30-year mortgage at 6.75%, you’d need an annual income of approximately $250,000. The estimated monthly mortgage payment would be around $5,837, excluding property tax.
Lenders also advise staying within a 36% debt-to-income ratio, including your mortgage. In the example above, if your debts exceed about $1,600 a month — think about student loans, credit cards, and car payments — the income needed for a $900,000 mortgage would be higher.
Going through the mortgage preapproval process can help you gauge affordability — though only you can say what a comfortable budget is, based on your assets, lifestyle, and financial goals.
The main components of a jumbo loan payment include the mortgage principal and interest, which are the core elements of any mortgage loan. The Illinois jumbo loan calculator also factors in property tax, which is a significant portion of your monthly payment.
Other components include property tax — which is included in our calculator — as well as homeowners insurance and homeowners association (HOA) fees. Knowing how these expenses factor in gives you a clearer view of your overall financial commitment and helps you prepare for the true costs of homeownership.
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 Illinois
The cost of living in Illinois can significantly impact your ability to afford a jumbo mortgage. Higher cost of living areas typically have higher average home prices, but they also come with increased costs for utilities, home maintenance, transportation, and other necessities.
Fortunately, the cost of living index in Illinois is 94.7, or about 5% lower than the national average. Housing costs are almost 16% lower than the national average, and utilities are about 1% lower. This is great news for homebuyers who may already be stretching themselves to meet a jumbo mortgage payment each month.
Tips on Reducing Your Jumbo Loan Payment
Reducing your jumbo loan payment can make homeownership more affordable. Here are some strategies to consider:
• Make a larger down payment to reduce the principal amount and lower monthly payments.
• Consider an adjustable-rate mortgage (ARM) for possibly a lower initial interest rate, which can result in lower monthly payments during the introductory period.
• Make a lump sum payment toward your mortgage principal to recast your mortgage, which can reduce monthly payments without changing the interest rate or loan term.
• Modify your loan terms during financial hardship to make monthly payments more manageable.
• Refinance your mortgage to a longer loan term, such as extending a 15-year mortgage to a 30-year term, to lower monthly payments.
• Shop for a lower homeowners insurance rate to reduce your monthly mortgage payment.
The Takeaway
A jumbo loan calculator in Illinois estimates your monthly payment and total loan cost. It lets you see the impact of different down payment amounts, various loan terms, and fluctuating interest rates, helping you determine how much house you can afford.
When you’re ready to take the next step, consider what SoFi Home Loans have to offer. Jumbo loans are offered with competitive interest rates, no private mortgage insurance, and down payments as low as 10%.
SoFi Mortgages: We make mortgage loan applications smart and simple.
In Illinois, a jumbo loan is defined as a mortgage that exceeds the conforming loan limits. For 2025, the limit for a single-family home in Illinois is $806,500.
Is $900,000 a jumbo loan?
A $900,000 mortgage is considered a jumbo loan in Illinois. The conforming loan limit for a single-family home is $806,500.
What are the benefits of a jumbo loan?
Jumbo loans offer access to higher borrowing limits, allowing you to finance homes that exceed conforming loan limits. They can still offer competitive interest rates and flexible underwriting options for well-qualified borrowers.
How can you get the best rate on a jumbo loan?
To secure the best rate on a jumbo loan, ensure your credit score is as high as possible, consider making a larger down payment to reduce the loan-to-value ratio, and shop around for lenders and compare their rates and terms.
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.
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