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Buying a home in New York represents a significant financial undertaking, especially when you’re considering a jumbo loan. A New York jumbo loan calculator can help you estimate monthly mortgage payments and total interest paid so you can make a decision that aligns with your budget and financial goals.
Keep reading to learn more on jumbo loans in New York, how they differ from conforming loans, and how to use the New York jumbo loan calculator.
Key Points
• A New York jumbo loan calculator can help you estimate monthly payments and total interest costs.
• In New York, the conforming loan limit is $806,500 in some counties and $1,209,750 in others. Depending on your county, a loan above one of these limits will require a jumbo loan.
• To use the calculator, input the purchase price, down payment amount, interest rate, loan terms, and property tax rate.
• Jumbo loans often have stricter qualification criteria, including a higher 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.
New York Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage that exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA).
• Home price: The home price is the agreed-upon purchase price between the buyer and seller. This helps determine the necessary home loan amount.
• Down payment: The down payment is the initial amount provided upfront when purchasing a property, often expressed as a percentage of the total purchase price. Jumbo mortgage loans typically require a down payment of at least 10% of the property value.
• Loan term: The loan term is the duration given to repay your mortgage, typically 15 or 30 years.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the loan amount. It can be fixed or variable and directly affects the affordability of your mortgage. 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 land and buildings, typically a percentage of the property’s assessed value.
How to Use the New York Jumbo Loan Calculator
Using a New York jumbo loan calculator can provide valuable insights into the financial aspects of securing a jumbo loan. Here’s how to use it.
Step 1: Enter Your Home Price
Type in the home price listed on your purchase contract.
Step 2: Add a Down Payment Amount
Specify the total amount you intend to put down upfront. A down payment of at least 10% is generally required for jumbo loans. 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 allows you to select a term as low as 10 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 your interest rate to the second or third decimal point. The interest rate significantly affects your monthly payment and total loan cost.
Step 5: Enter Your Annual Property Tax
Enter your annual property tax rate as a percentage. In New York, the average effective property tax rate is 1.64%.
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 most counties in New York is $806,500 for a single-family home. In more expensive counties like New York City and Westchester, that limit increases to $1,209,750.
When comparing jumbo loans vs. conventional loans, qualifying for a jumbo loan involves more stringent criteria, including a minimum credit score of 740 and cash reserves of up to 12 months. Lenders may also require a down payment of 10% to 20%. Understanding these limits and requirements can help you determine if a jumbo loan is the right choice for your high-value home purchase.
Using a jumbo loan mortgage calculator offers several advantages for prospective homebuyers. First, it helps you budget effectively by providing a clear estimate of your anticipated monthly mortgage payments, including principal, interest, and property taxes.
The calculator also allows you to see how changes in interest rates and loan terms can affect your future payments. You can compare offers from multiple lenders to find the best loan terms and interest rates that meet your needs. And finally, you can use the calculator to see how different down payment amounts affect your monthly payment and total cost of the loan.
By inputting different financial scenarios, you can determine the most affordable and suitable type of mortgage loan for your high-value property purchase in New York.
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 specifically what you can do:
• Adjust the home price to see what you can afford.
• Consider a larger down payment to reduce interest costs.
• See the impact of different loan terms. Shorter loan terms mean higher payments but less total interest.
• Test varying interest rates to understand how they affect your monthly payment and overall loan cost.
• 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 New York
The average home value in New York is more than $500,000. In New York City, that figure increases to more than $800,000. Lenders suggest that mortgage payments should not exceed 28% of your gross monthly income. So to afford a $1 million home, you would need an annual income of approximately $250,000, assuming a 10% down payment, a 30-year mortgage, and a 6.75% interest rate. This results in a monthly payment of about $5,837 before property taxes and insurance.
Lenders also recommended keeping total debt payments within 36% of 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 your maximum mortgage, simplifying the homebuying process. Though, only you can say what a comfortable budget is, based on your assets, lifestyle, and financial goals.
Jumbo home loan payments consist of principal and interest. 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 New York
The cost of living significantly impacts home affordability. New York’s cost of living index is 126.6, according to MERIC, which is almost 27% above the national average of 100. Housing costs are almost 79% higher, so factor this into affordability calculations.
Beyond the mortgage, consider utilities, transportation, and groceries. In New York, these are 4%, 6%, and 3% higher, respectively. If your mortgage stretches your budget, added expenses such as these can create financial strain.
Understanding all financial obligations helps determine realistic affordability in New York’s expensive environment. Consider the broader financial picture, not just the mortgage, to ensure financial stability in a high-cost state. You can use a home affordability calculator to ensure you’re making a well-informed decision.
Tips on Reducing Your Jumbo Loan Payment
Even if the area of New York that you want to live in necessitates a jumbo mortgage, it’s still worthwhile to explore ways to make your mortgage payment more affordable. Here’s what you can do to reduce your jumbo loan payment:
• Consider an adjustable-rate mortgage (ARM) for a possibly lower initial interest rate, which can result in lower monthly payments during the introductory period.
• Make a larger down payment to reduce the principal and potentially lower your interest rate.
• Make a lump sum payment toward your principal to recast your mortgage, reducing monthly payments.
• Shop for a lower homeowners insurance rate to reduce your monthly payment.
• Shop around for different lenders to find the best interest rate offers.
The Takeaway
When considering a high-value property in New York, a jumbo loan calculator can prove incredibly useful. It helps you estimate monthly payments, total interest paid over the life of the loan, and the overall cost of a home loan.
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 New York, a jumbo loan is a mortgage that exceeds the conforming loan limit of $806,500 in some counties and $1,209,750 in others.
What are the benefits of a jumbo loan?
Jumbo loans offer higher loan limits and more flexible underwriting guidelines, making them suitable for high-value properties. Despite the perception of higher risk, jumbo loans can sometimes have competitive interest rates. They also provide the opportunity to finance luxury homes without the complexity of multiple loans.
How much are closing costs on a jumbo loan?
Closing costs on a jumbo loan typically range from 2% to 5% of the total loan amount. For a $1 million jumbo loan, closing costs could range from $20,000 to $50,000. Common costs include loan origination fees, appraisal fees, title insurance, and attorney fees.
What credit score is needed for a jumbo loan?
Qualifying for a jumbo loan often requires a minimum credit score of 740, although some lenders may accept scores as low as 700. A higher credit score can improve loan terms and interest rates.
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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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