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Our Maryland jumbo loan calculator will help you estimate your monthly mortgage payments for high-value properties located in Maryland. Whether you’re a first-time homebuyer eager to enter the market or a seasoned investor looking to expand your portfolio, understanding the financial implications of a jumbo loan is key for making informed decisions.
Keep reading to learn the key components of a jumbo loan, how jumbo loans differ from conforming loans, and how to use our Maryland jumbo loan calculator.
Key Points
• Use our Maryland jumbo mortgage calculator to estimate monthly payments and total cost of the loan.
• In Maryland, the conforming loan limit is $1,209,750 in some counties and $806,500 in others. Depending on your county, a loan above one of these limits will require a jumbo loan.
• To use the calculator, input the home price, down payment, loan term, interest rate, and property tax rate.
• Qualifying for a jumbo loan often requires a solid credit score 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.
Maryland Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage for amounts exceeding the conforming loan limit, set by the Federal Housing Finance Agency (FHFA). In most Maryland counties in 2025, the conforming loan limit for a single-family home is $806,500. In higher-value counties like Calvert, Charles, Frederick, Prince George’s, and Montgomery, the limit is $1,209,750.
• Home price: The home price is the agreed-upon purchase price with the home seller. It is crucial for determining the size of your home loan and monthly payments.
• Down payment: The down payment is the initial amount you contribute towards the home purchase, typically expressed as a percentage of the home price. Jumbo mortgage loans usually require at least 10%.
• Loan term: The loan term is the duration over which you repay the mortgage, typically 15 or 30 years.
• Interest rate: The interest rate is the cost of borrowing, expressed as a percentage of the loan amount. It can be fixed or variable and influences your monthly payment. Factors influencing the rate include credit history, market trends, and the type of mortgage loan.
• Annual property tax: Annual property tax is levied by local governments on your property. It is typically a percentage of the property’s assessed value and funds local services.
How to Use the Maryland Jumbo Loan Calculator
Using a Maryland jumbo loan calculator helps estimate monthly costs, including principal, interest, and property taxes, providing a clear picture of your financial commitments. Here’s how to use it:
Step 1: Enter Your Home Price
Input the agreed-upon home price from your contract. This sets the foundation for accurate calculations and helps you understand your financial commitment.
Step 2: Add a Down Payment Amount
Specify your down payment as a dollar amount. Jumbo loans typically require at least 10%. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select a loan term, typically 15 or 30 years, but the calculator lets you choose a term as low as 10 years. A longer term lowers monthly payments but increases total interest. A shorter term raises monthly payments but reduces total interest.
Step 4: Enter an Interest Rate
Input your anticipated interest rate to at least the second decimal point. The interest rate significantly impacts your monthly payment and total interest paid.
Step 5: Enter Your Annual Property Tax
Enter your annual property tax as a percentage of your home’s value. In Maryland, the average property tax rate is 1.02%. Accurate input ensures an estimate of your total monthly mortgage payment.
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). These limits vary by location. In most Maryland counties in 2025, the conforming loan limit for a single-family home is $806,500. In higher-priced counties, the limit is $1,290,750. Loans above these thresholds are classified as jumbo loans.
When comparing jumbo loans vs. conventional loans, jumbo loans often have stricter qualification criteria, such as higher credit scores and significant cash reserves, but they can offer competitive interest rates and flexible underwriting options for high-value properties.
Jumbo loans are essential for financing homes that exceed the conforming loan limits. Understanding the criteria and using a jumbo loan calculator can help you make informed decisions about your mortgage options.
Using a jumbo loan mortgage calculator provides several benefits. First, it helps you budget effectively by giving a clear estimate of your monthly mortgage payment, which includes principal, interest, and property taxes with our calculator. It does not factor in insurance or homeowners association fees.
Second, it shows how changes in interest rates and loan terms affect your payments, allowing you to decide what works best for your budget. It also shows you how down payments affect your loan, with higher down payments lowering both the loan amount and the monthly payment.
How to Use the Jumbo Loan Calculator to Compare Scenarios
Use the jumbo loan calculator to compare different loan scenarios and understand how much house you can afford. Here are some key points to consider:
• Experiment with different home prices to see how they affect your monthly payment.
• Adjust the down payment amount to see the impact on your loan terms.
• Input various interest rates to see how they influence your monthly obligations.
• Understand the impact of property tax rates on your monthly payment.
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 Maryland
Affording a house in Maryland depends on several factors, including median home prices, which can vary widely by area. Lenders generally recommend keeping mortgage payments below 28% of your gross monthly income. For a $1 million home, assuming a 10% down payment, a 30-year mortgage, and a 6.75% interest rate, your monthly payment would be approximately $5,837 before property taxes and insurance. To afford that home, you’d need an annual income of $250,000.
Factoring in other debts is also crucial, as lenders advise that total debt payments should stay within 36% of your gross monthly income. 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.
Mortgage preapproval can clarify the maximum mortgage you’ll qualify for, simplifying the homebuying process. 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 principal and interest, which are the core elements of any mortgage. The principal is the amount borrowed, and the interest is the cost of borrowing that amount.
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 Maryland
The cost of living in Maryland can vary widely depending on the area, which in turn affects how much house you can afford. Higher cost of living areas typically have higher average home prices, but they also come with increased expenses for utilities, home maintenance, transportation, and other necessities.
The Maryland Economic Research and Information Center (MERIC) compiles data on the national average cost of living, which forms a baseline of 100. The cost of living index in Maryland is 115.4, or about 15% higher than the national average. Housing costs are approximately 36% higher than the national average, utilities are 13% higher, and transportation is 1% higher.
When considering a home purchase, it’s important to factor in these additional costs to ensure that your mortgage payment is sustainable. You can use a home affordability calculator to factor in all your expenses and arrive at a realistic budget for your new home.
Tips on Reducing Your Jumbo Loan Payment
Even if the area of Maryland that you want to live in necessitates a jumbo mortgage, there are strategies to make your mortgage payment more affordable. Here are some tips:
• Consider an adjustable-rate mortgage (ARM) for possibly a lower initial interest rate, which can reduce your monthly payment during the introductory period.
• Make a substantial lump sum payment to recast your mortgage, which can lower your monthly payments without extending the loan term.
• Refinance your mortgage to a longer term to lower monthly payments, though this will increase total interest paid over the life of the loan.
• Modify your loan if you face financial hardship, which can include lowering the interest rate or extending the loan term to reduce monthly payments.
• Shop for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
When considering a jumbo loan in Maryland, it’s important to use a Maryland jumbo loan calculator to estimate your monthly payments and total cost of the loan. To use the jumbo loan calculator, input the home’s purchase price, the down payment amount, the loan term, the interest rate, and the property tax rate. This will help you make a well-informed decision about your financial situation and how much house you can comfortably 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 most areas of Maryland, a jumbo loan is a mortgage that exceeds the conforming loan limit of $806,500 for a single-family home. However, in certain high-cost counties, this limit is $1,209,750.
How much is a $900,000 mortgage payment for 30 years?
A $900,000 mortgage over 30 years at a 7.00% interest rate would have a monthly payment of approximately $6,000, including principal and interest, but not property taxes or insurance.
Do you need 20% for a jumbo loan?
While a 20% down payment is often standard for jumbo loans, some lenders in Maryland may accept a lower down payment, such as 10%. A larger down payment can improve loan terms.
How much are closing costs on a jumbo loan?
Closing costs on a jumbo loan typically range from 2% to 5% of the loan amount. For a $1 million jumbo loan, this could be $20,000 to $50,000. Key costs include origination fees, appraisal fees, title insurance, and attorney fees.
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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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