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If you are considering purchasing a higher-priced home in Massachusetts, then a jumbo loan might be for you. This guide aims to help homebuyers understand jumbo loans in Massachusetts, how they differ from conforming loans, and how to effectively use a jumbo loan calculator to help you estimate your potential monthly payment and total costs.
Key Points
• Jumbo loans are required for large amounts that exceed the conforming loan limit.
• A significant down payment (at least 10%) and substantial cash reserves are often necessary to qualify.
• A jumbo loan calculator helps homebuyers estimate monthly payments, total interest, and overall costs of a jumbo mortgage.
• Our Massachusetts jumbo mortgage calculator includes property tax, but not homeowners insurance or HOA fees.
Massachusetts Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage exceeding the conforming loan limits set by the Federal Housing Finance Agency (FHFA). In most Massachusetts counties, the conforming loan limit in 2025 for a single-family home is $806,500. In pricier counties, it can be as high as $1,209,750.
• Home price: This 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.
• Loan term: The loan term is the duration to repay the mortgage, typically 30 or 15 years, though terms of 10 or 20 years are also available. A longer term lowers monthly payments but increases total interest paid while a shorter term saves on interest but increases monthly payments.
• Interest rate: The interest rate is the cost of borrowing, expressed as a percentage of the loan amount.
• 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.
How to Use the Massachusetts Jumbo Loan Calculator
Step 1: Enter Your Home Price
Enter the home price listed on your contract.
Step 2: Enter Your Down Payment Amount
Specify how much you will pay for a down payment. A jumbo loan requires at least 10% of the home price upfront.
Step 3: Select a Loan Term
Choose a loan term between 10 and 30 years.
Step 4: Enter Your Interest Rate
Input your anticipated 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. Massachusetts’s average rate is 1.15%.
What Are Jumbo Loans and Conforming Loan Limits?
If you are looking to purchase a high-priced home, you will want to figure out what a jumbo loan is. It’s a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA).
In 2025, in most counties in Massachusetts, the limit is $806,500 for a single-family home. In high-priced counties like Dukes and Nantucket (home to Martha’s Vineyard and Nantucket, respectively), the limit can be as high as $1,209,750. Below you’ll find the list of Massachusetts counties with limits over the baseline.
Massachusetts County Conforming Loan Limits Over Baseline
Dukes
$1,209,750
Essex
$914,250
Middlesex
$914,250
Nantucket
$1,209,750
Norfolk
$914,250
Plymouth
$914,250
Suffolk
$914,250
When you compare jumbo loans vs. conventional loans, you’ll find that jumbo loans often have more stringent qualification criteria. Borrowers generally need a higher credit score (700+) and significant cash reserves to qualify. Lenders also typically require a down payment of 10%, though some look for 20%. Fortunately, private mortgage insurance (PMI) is typically not required for down payments less than 20%.
Using a jumbo loan mortgage calculator offers many benefits, especially for first-time homebuyers. This tool can help you budget by providing an estimate of your monthly mortgage payment, including principal, interest, and property taxes.
Also, you can use the calculator to compare offers from multiple lenders, so you can make informed decisions and find the loan that best serves your needs. The calculator shows how changes in interest rates can affect your payments, allowing you to plan for different scenarios.
How to Use the Jumbo Loan Calculator to Compare Scenarios
Here’s how to use the Massachusetts jumbo loan calculator to compare different loan scenarios.
• Modify the home price to see how it affects affordability. Remember that you may qualify for a higher loan amount than you can comfortably afford.
• Consider a larger down payment to reduce your overall interest costs.
• Explore shorter loan terms to save on interest, although that will mean higher monthly payments.
• Input different interest rates to explore the implications of an adjustable-rate loan.
• Use the calculator to evaluate how minor rate changes could affect a jumbo loan.
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 Massachusetts
How much can you comfortably afford in Massachusetts? One guideline recommends that housing costs shouldn’t exceed 28% of your gross monthly income. For instance, if you’re looking at a $1 million home in Massachusetts, with a 10% down payment ($100,000) on a 30-year mortgage at 6.75% interest, then your monthly payment would be $5,837, excluding taxes and insurance. You would need to earn an annual income of around $250,000, assuming no other debts.
Lenders also recommend total debt payments stay under 36% of gross monthly income; other debt shouldn’t exceed about $1,600 monthly in this case. If you want to factor in other debts, such as a car loan, student loan, or credit card payment, you can use a home affordability calculator.
A more reliable method to help you determine affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.
Even though there are different types of mortgage loans, the core elements of any mortgage payment remain the same: the principal and interest. The Massachusetts jumbo loan calculator also includes annual property tax, which may be part of your monthly payment.
Other financial obligations that may be rolled into your mortgage bill are homeowners insurance and homeowners association (HOA) dues. Understanding these components helps you get a more accurate picture of your total commitment, ensuring you are well-prepared for the financial responsibilities 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 Massachusetts
As you look into purchasing a home in Massachusetts, you will see that it’s one of the most expensive places to live in the U.S., second only to Hawaii. The cost of living shows you how far your dollar goes in a certain place, and in Massachusetts, you will need to stretch your dollar to accommodate higher housing prices, along with higher costs for utilities, maintenance, and transportation.
Massachusetts’s cost of living index is 150.8 (Hawaii is 179.7), making the Bay State about 50% pricier than the national average. Unsurprisingly, housing costs (232.9) are inflated. Utility prices (155.4) are also higher.
Tips on Reducing Your Jumbo Loan Payment
If you’d like to decrease your monthly mortgage payment, perhaps to beef up an emergency fund or to pay off other debts, here are some tips:
• Shop around for less expensive homeowners insurance, opt for a higher deductible, or combine policies to secure a discount.
• Extend the term of your loan to reduce monthly payments, though this increases the total interest you’ll pay.
• If you face financial hardship in the future, talk to your lender about a loan modification.
As you consider a jumbo mortgage loan in Massachusetts, use a jumbo loan calculator to estimate your monthly payments and total costs. This tool can help you experiment with different down payment amounts, various interest rates, and loan term options so you can make the right financial decision for your budget. By being proactive, you can be better prepared to locate and pay for your future home.
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.
Jumbo loans offer several benefits, including the ability to finance high-value properties and gain 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 Massachusetts 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 required to secure a jumbo loan (it’s 620 for a conventional conforming mortgage), although some lenders prefer 720. Jumbo loans have stricter criteria, including a low debt-to-income ratio and significant cash reserves. To increase your chances of approval, work on improving your credit score by paying down credit card debt and higher-interest loans.
Do you need 20% for a jumbo loan?
While some lenders require a 20% down payment, many now accept a down payment as low as 10%.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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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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