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This comprehensive guide to the Maine jumbo loan calculator will show you how to use the calculator to help you understand how a jumbo loan works. We’ll also discuss the details you should know about if you’re seeking this extra-large loan. Whether you are a first-time homebuyer or a seasoned investor, read on for guidance on making well-informed decisions on the path to a jumbo loan and your new home.
Key Points
• A jumbo loan is one that exceeds the conforming loan limit set by the Federal Housing Finance Agency.
• In Maine, jumbo loans are necessary for financing single-family properties valued above $806,500.
• The calculator provides estimates of monthly payments, total interest, and overall loan costs.
• Inputting accurate home price, down payment amount, loan term, and interest rate is essential for reliable estimates.
• Property taxes may be a component of your monthly mortgage payment.
Maine Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo mortgage loan is a mortgage for amounts exceeding a limit set by the Federal Housing Finance Agency (FHFA). These conforming loan limits are set by county throughout the U.S., but in all Maine counties, the limit for a single-family home in 2025 is $806,500.
• Home price: The home price is the agreed-upon purchase price between you and the seller. This figure may differ from the initial listing price or your offer.
• Down payment: The down payment is the initial sum you contribute upfront when purchasing a property, typically expressed as a percentage of the home price. Jumbo loans usually require a down payment of at least 10%. A higher down payment can improve loan terms and reduce monthly payments.
• Loan term: The loan term is the time you have to repay your home loan, from 10 to 30 years. A longer term results in lower monthly payments but higher total interest. The calculator helps you evaluate different loan terms.
• Interest rate: The interest rate is the cost of borrowing, expressed as a percentage of the loan amount. Different types of mortgage loans have different rates, and as with any mortgage loan, your credit score and other details of your financial profile will help determine what rate you are offered.
• Annual property tax: Property tax is levied by local governments on land and buildings, typically as a percentage of the property’s assessed value. In Maine, the average tax rate is .94%, but you can find your rate by searching by ZIP code or county name.
How to Use the Maine Jumbo Loan Calculator
The Maine jumbo loan calculator is a powerful tool for estimating the financial implications of a jumbo mortgage. (If you need a loan for $806,500 or less you can use a mortgage calculator following similar steps.) Here’s how to use the calculator:
Step 1: Enter Your Home Price
Type in or use the slider to select the home price listed on your purchase contract or the price you think the property will command.
Step 2: Add a Down Payment Amount
Specify the amount you intend to use as a down payment. Jumbo loans require a down payment of at least 10%.
Step 3: Choose a Loan Term
Select a loan term from 10 to 30 years. The term significantly affects your monthly payments and total interest paid.
Step 4: Enter an Interest Rate
Input the interest rate you think you can obtain to the second or third decimal point. You can use the calculator to compare interest rate offers from different lenders.
Step 5: Enter Your Property Tax
Enter the property tax rate as a percentage. If you are unsure, use the average Maine rate of .94%.
What Are Jumbo Loans and Conforming Loan Limits?
You can see your monthly payments quickly when using a jumbo loan calculator. But before you apply for this type of financing, it’s important to understand what a jumbo loan is in more detail. As we’ve noted, a jumbo loan is a mortgage that exceeds the conforming loan limits (sometimes called jumbo loan limits) set by the FHFA.
Maine’s 2025 limit for a single-family home is $806,500. Jumbo loan requirements are often more strict than those for conforming loans and require higher credit scores (700 at minimum) and significant cash reserves. As with any loan, the mortgage rates available to you will determine the overall costs of borrowing. Seek out rate quotes from multiple lenders so you have options when it comes to financing your home.
A jumbo loan calculator helps you budget effectively by giving a clear estimate of your monthly mortgage payment, including principal, interest, and property tax. This helps you avoid financial surprises and helps you understand the total cost of homeownership. The calculator can also be used to show how changes in your down payment amount, interest rate, or loan term might affect your payments, allowing you to make informed decisions about when to lock in a rate. Additionally, you can use the calculator to compare offers from multiple lenders, helping you find the best loan product for your financial needs and long-term goals.
How to Use the Jumbo Loan Calculator to Compare Scenarios
You may find it helpful to use the jumbo loan calculator to compare different loan scenarios. Adjust the down payment amount to see its impact. Experiment with different loan terms by changing the term length while holding other numbers constant. You’ll quickly understand how the term affects your monthly payment and total interest. You can also see how even small interest rate differences can significantly affect jumbo loan payments.
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 Maine
Lenders like to see that a homebuyer’s mortgage payment does not exceed 28% of the buyer’s gross monthly income. You can use this fact to help determine the costs of a home in Maine. Let’s use a $1.25 million home with a 10% down payment as an example: If you obtained a 30-year mortgage at 6.75% interest, the monthly payment on your loan would be roughly $6,745. In order for this payment to be below the 28% threshold, you would need annual earnings of around $290,000. If you have other debts besides your mortgage, you would need to earn more.
Another way to determine your jumbo loan budget is to seek out mortgage preapproval from one or more lenders. You’ll learn in detail what size loan you might qualify for and at what interest rate.
Components of a Jumbo Loan Payment
The main components of a jumbo mortgage payment are the principal and interest. This is one way that jumbo loans and conventional loans are the same. Additionally, property tax may be included in your total monthly payment. Some lenders also ask that you pay your homeowners insurance premium and any homeowners association dues as part of your loan payment as well.
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 Maine
Like much of the northeastern U.S., Maine has a cost of living that is above the national average. If you are moving to the Pine Tree State, be aware that your costs for things like utilities and health care might go up. On a cost of living index where 100 equals the average in the U.S., Maine weighs in at 113.
There are ways to trim your jumbo loan payment both before and after you purchase your home. Here are some strategies:
• Consider an adjustable-rate mortgage (ARM) instead of a fixed-rate loan. These often have a lower initial interest rate. Some borrowers start with an ARM and then do a mortgage refinance into a fixed-rate loan when the rates begin to adjust.
• If rates have dropped since you made your home purchase, you can refinance a jumbo loan. Remember to include closing costs in the cost-benefit analysis you should do before you commit to a new loan.
• Appeal your property taxes if you believe the assessment is too high, potentially reducing your monthly payment.
• Shop for a lower homeowners insurance rate to save money annually.
• Should you face financial hardship, reach out to your lender to modify your loan agreement to lower the interest rate or extend the term.
The Takeaway
A jumbo loan calculator can provide valuable insights into monthly payments, total interest, and overall loan costs on a mortgage for a high-priced property. You can use the calculator to try out different loan terms or down payment amounts to see which yields a loan you can live with long term. By taking proactive steps, you’ll ensure that your jumbo mortgage fits comfortably within your budget and suits your long-term financial plans.
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 Maine, a jumbo loan is needed for mortgages over the 2025 conforming loan limit of $806,500 for a single-family property. Multiunit properties have higher limits, up to $1,551,250 for a four-unit property. A jumbo loan calculator can help you estimate costs and monthly payments on a larger loan.
What credit score is needed for a jumbo loan?
Lenders typically require a minimum credit score of 700 for a jumbo loan, but some aim higher, to 720 or above. A higher credit score can improve your chances of being approved and securing better loan terms.
How to get the best rate on a jumbo loan?
To get the best rate on a jumbo loan, improve your credit score, make a larger down payment, and shop around for lenders who specialize in jumbo loans. Compare the rates and terms they offer you to find the most cost-effective option. You can use a jumbo loan calculator to explore different offers and make an informed decision.
What is the jumbo loan limit?
The term “jumbo loan limit” is often used to indicate the conforming loan limits set by the Federal Housing Finance Agency. The upper limit on the size of a conforming loan 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 single-family limit can be as high as $1,209,750. If you purchase using 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.
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*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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