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A North Dakota jumbo loan calculator can help you estimate monthly payments, interest costs, and long-term affordability when financing a home that exceeds conforming loan limits. By entering details such as loan amount, interest rate, and term length, you can quickly compare scenarios and understand how different factors impact your payment.
Keep reading to learn the key components of a jumbo loan, how jumbo loans differ from conforming loans, and how to use our North Dakota jumbo loan calculator.
Key Points
• North Dakota’s conforming loan limit for a single-family home is $806,500 in all counties. A loan above this amount is a jumbo loan.
• A North Dakota jumbo loan calculator can estimate monthly payments and total interest.
• Jumbo loans have stricter qualification criteria, such as a minimum credit score of 740 and significant cash reserves.
• A down payment of 10% or more is typically required for jumbo loans.
• Property taxes are a significant component of your monthly payment and are factored into the calculator.
North Dakota Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage that exceeds the conforming loan limits set by the FHFA. In North Dakota, the limit is $806,500 for a single-family home.
• Home price: The home price is the agreed-upon purchase price between the buyer and seller. It helps determine the size of your home loan and the overall affordability of the property.
• Down payment: The down payment is the initial sum provided upfront, typically 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. 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. It is a percentage of the property’s assessed value.
How to Use the North Dakota Jumbo Loan Calculator
The North Dakota jumbo loan calculator helps estimate costs and payments for high-value home loans. Here’s a step-by-step guide on how to use it.
Step 1: Enter Your Home Price
Type in the home price from your purchase contract. This figure directly influences the home loan amount and monthly payments.
Step 2: Add a Down Payment Amount
Specify your down payment, typically at least 10% of the home price. A larger down payment can improve loan terms and reduce monthly payments. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select a loan term from 10 to 30 years. A longer term lowers monthly payments but increases total interest paid. A shorter term does the opposite.
Step 4: Enter an Interest Rate
Input your expected interest rate to the second or third decimal point. A better interest rate lowers the cost of borrowing, which reduces your monthly mortgage payment and the total interest you pay over the life of the loan.
Step 5: Enter Your Annual Property Tax
Enter your annual property tax rate as a percentage. In North Dakota, the average effective property tax rate is 0.99%.
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 all North Dakota counties in 2025, the conforming loan limit for a single-family home is $806,500. For loan amounts above this threshold, a jumbo loan is necessary.
When comparing jumbo loans vs. conventional loans, jumbo loans often come with stricter qualification criteria, such as a minimum credit score of 740 and significant cash reserves. Lenders typically require a down payment of 10% or more.
Using a jumbo loan mortgage calculator offers several advantages to homebuyers in North Dakota. First, it helps you budget effectively by providing a clear estimate of your anticipated monthly mortgage payments, including principal, interest, and property taxes. This detailed breakdown prevents unexpected financial surprises and ensures you’re prepared for the long-term commitment.
The calculator also allows you to see how small changes in interest rates or loan terms can significantly affect your payments. And finally, you can use the calculator to see how different down payment amounts affect your monthly payment and total cost of the loan.
It’s best to compare offers from multiple lenders to find the best loan that meets your financial needs and goals. By inputting different scenarios, you can identify the most cost-effective options and plan your finances with greater confidence.
How to Use the Jumbo Loan Calculator to Compare Scenarios
Use the jumbo loan calculator to compare different loan scenarios to make sure you’re finding a loan that best meets your needs. Here’s what you can do:
• Adjust the home price to assess affordability.
• Change the down payment to see how it impacts your monthly payments.
• Adjust the loan term to understand the effects on payments and 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 North Dakota
Home prices in North Dakota vary across the state, and lenders typically advise keeping mortgage payments below 28% of your gross monthly income. To afford a $1 million home, you’d likely need a $250,000 income, assuming a 10% down payment ($100,000) and a 6.75% interest rate on a 30-year mortgage. This translates to a $5,837 monthly payment (excluding 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 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.
The main components of a jumbo loan payment include the principal and interest. The mortgage 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 North Dakota
According to the Missouri Economic Research and Information Center (MERIC), the cost of living index in North Dakota is 91.3, which is about 9% lower than the national average of 100. Housing costs are approximately 23.5% lower than the national average, which is good news for those looking to buy a home in North Dakota.
Other expenses in North Dakota fall below the national average, too. Groceries are 6% lower, utilities are 19% lower, and transportation is 1.5% lower. Health care does run higher than the national average by 9%.
To find the best affordable places in North Dakota, use a home affordability calculator to factor in all these costs and determine a realistic price range for your new home.
Tips on Reducing Your Jumbo Loan Payment
Reducing your jumbo loan payment can make homeownership more manageable. Here are some strategies:
• Increase your down payment to reduce the loan amount and lower monthly payments.
• Shop for a lower interest rate to significantly reduce your monthly payment and total interest paid.
• Consider an adjustable-rate mortgage (ARM) for possible lower initial payments, but be prepared for potential rate increases.
• Recast your mortgage with a large lump-sum payment to reduce the outstanding balance and lower payments.
• Modify your loan during financial hardship to make payments more manageable.
• Refinance your mortgage to a longer term to lower monthly payments, though this increases total interest paid.
• Explore ways to secure a more favorable homeowners insurance rate, which can reduce your overall monthly payment.
The Takeaway
When considering a high-value property in North Dakota, a jumbo loan calculator helps you estimate your potential monthly payments, the total interest paid over the life of the loan, and the impact of different interest rates and varying loan terms. This can then help you decide if a jumbo loan fits within your budget and help you choose the right loan for your needs.
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.
As of 2025, the conforming loan limit for a single-family home in North Dakota is $806,500. A jumbo loan is any mortgage exceeding these limits.
Do you need 20% for a jumbo loan?
While a 20% down payment is ideal to avoid private mortgage insurance (PMI), it’s not always required. Some lenders accept a down payment as low as 10%. A larger down payment can improve loan terms and reduce monthly payments.
What are the benefits of a jumbo loan?
Jumbo loans offer higher loan limits, making them suitable for expensive properties. They can have interest rates similar to or lower than conforming loans, and provide more flexible underwriting options.
How much are closing costs on a jumbo loan?
Closing costs for jumbo loans range from 2% to 5% of the total loan amount. For a $1 million jumbo loan, closing costs could be between $20,000 and $50,000. These costs include fees for loan origination, appraisals, title searches, and attorney services.
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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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