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Buying a pricey home in North Carolina is an exciting prospect, one that may require a jumbo loan. This guide helps homebuyers understand jumbo loans in North Carolina, 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. Use our tool to help you make an informed decision about purchasing a home in North Carolina.
Key Points
• Jumbo loans are required for large amounts that exceed the conforming loan limit, which is $806,500 throughout North Carolina.
• To quality, a significant down payment (at least 10%) and substantial cash reserves are often necessary.
• A jumbo loan calculator helps homebuyers estimate monthly payments, total interest, and overall costs of a jumbo mortgage.
• The North Carolina jumbo mortgage calculator includes property tax, but not homeowners insurance or HOA fees.
North Carolina 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 North Carolina, the conforming loan limit in 2025 for a single-family home is $806,500.
• Home price: The home price is the agreed-upon purchase price between the buyer and seller. It may differ from the initial listing price and your offer.
• 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. It is expressed as a percentage of the loan amount.
• Annual property tax: Property tax, a fee levied by local governments on land and buildings, is typically a percentage of the property’s assessed value, which may differ from its market value.
How to Use the North Carolina Jumbo Loan Calculator
Here are the steps to use the North Carolina jumbo loan calculator effectively:
Step 1: Enter Your Home Price
Start by entering 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
Opt for a loan term between 10 and 30 years.
Step 4: Enter Your Interest Rate
Enter your anticipated interest rate to the second or third decimal point.
Step 5: Enter Your Property Tax Rate
Key in your annual property tax rate as a percentage. North Carolina’s average rate is 0.73%.
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). The conforming loan limit in 2025 for a single-family home in North Carolina is $806,500. For loan amounts above this, you will need to seek a jumbo loan.
When comparing jumbo loans vs. conventional loans, you will want to know that jumbo loans often have more stringent qualification criteria. To quality, a borrower generally will need a higher credit score (700+) and significant cash reserves. Lenders also typically require a down payment of 10%, though some look for 20%. Fortunately, private mortgage insurance (PMI) is generally not mandatory for down payments that are less than 20%.
Using a jumbo loan mortgage calculator offers many benefits, especially for a first-time homebuyer in North Carolina. It can help you budget by providing an estimate of your monthly mortgage payment, including principal, interest, and property taxes.
You can also use the calculator to compare offers from multiple lenders, so you can make informed decisions and find the loan that best serves your needs. Our tool 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
When you are ready to use the North Carolina jumbo loan calculator, here’s how you can compare different loan scenarios to meet your financial goals:
• Adjust 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 making a larger down payment to reduce your overall interest costs.
• Opt for a shorter loan term to save money on total interest (but will result in 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 North Carolina
Now that you’re ready to determine what you can comfortably afford in North Carolina, start with the guideline that says housing costs shouldn’t exceed 28% of your gross monthly income. For example, if you’re looking at a $1 million home in North Carolina, with a 10% down payment ($100,000) on a 30-year mortgage at 6.75% interest, then your monthly payment would be around $5,837, excluding taxes and insurance. Your annual income would need to be 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. To factor in other debt — perhaps 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.
Although different types of mortgage loans, every monthly mortgage payment has the same basic parts: the principal (the loan amount) and interest (the cost to borrow). The North Carolina jumbo loan calculator also factors in annual property tax, which could be included in your monthly payment.
Other costs that might be added to your mortgage bill include homeowners insurance and homeowners association (HOA) dues. Knowing all these parts gives you a clearer view of your total monthly housing cost, so you can be fully ready for the financial side of owning a home.
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 North Carolina
As you seek out a property in North Carolina, you will want to review the local cost of living. States with a lower cost of living typically have cheaper home prices along with lower expenses for utilities, maintenance, and transportation, making homeownership more achievable.
North Carolina’s overall cost of living index is 97.4, which means it’s about 3% more affordable than the national average. Housing costs, at 100.3, are about average, and utilities, at 92.2, are also more affordable by about 8%.
Tips on Reducing Your Jumbo Loan Payment
If you’d like to reduce your monthly mortgage payment — to establish an emergency fund or allot funds to paying down other debt — here are some tips:
• Check with a variety of insurers and compare rates. Consider a higher deductible or ask if your insurer offers a discount when bundling policies (auto and home, for example).
• 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.
Our North Carolina jumbo loan calculator can help you estimate monthly payments and total costs as you pursue a jumbo mortgage loan. 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 in North Carolina.
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.
You will need a credit score of 700 or higher 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.
How much are closing costs on a jumbo loan?
Closing costs for a jumbo loan in North Carolina 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 is the jumbo loan limit?
The jumbo loan limit (also referred to as the conforming loan limit) is the threshold that determines when a mortgage exceeds the limits set by the Federal Housing Finance Agency (FHFA). In most counties, the limit in 2025 for a single-family home is $806,500. High-cost areas can have limits as high as $1,209,750. If you need a loan amount above these limits, you will require a jumbo loan.
How to get the best rate on a jumbo loan?
Getting the best rate usually requires shopping around and comparing offers from a variety of lenders. Also, monitor your credit score and work on reducing your debt-to-income ratio by paying down debts and increasing the size of your down payment. Our jumbo loan calculator can help you see how different rates affect monthly payments and total interest paid.
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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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