New Hampshire Jumbo Mortgage Loan Calculator
New Hampshire Jumbo Loan Calculator
By SoFi Editors | Updated Novmeber 7, 2025
When considering a jumbo loan in New Hampshire, understanding the financial implications is important. A jumbo loan calculator can help you estimate monthly payments, calculate the total interest paid, and show total loan costs associated with financing a high-value property.
Simply enter in the purchase price, down payment amount, loan term, interest rate, and property tax rate. Keep reading to learn more on jumbo loans in New Hampshire and how to best use the calculator.
Key Points
• A jumbo loan is a mortgage option for loan amounts exceeding the conforming loan limits set by the Federal Housing Finance Agency.
• In New Hampshire, the conforming loan limit is $806,950 in most counties. In Rockingham and Strafford, it’s $914,250.
• A jumbo loan calculator helps estimate monthly payments, total interest, and other associated costs.
• Key factors include home price, down payment size, loan term, interest rate, and property tax rate.
• Qualifying for a jumbo loan often requires a higher credit score, significant cash reserves, and a down payment of at least 10%.
New Hampshire Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage for amounts exceeding the conforming loan limit, which is set by the Federal Housing Finance Agency (FHFA). In most New Hampshire counties in 2025, the limit is $806,500, but it increases to $914,250 in Rockingham and Strafford counties.
• Home price: The home price is the agreed-upon purchase price between the buyer and seller. It is crucial for determining the size of your home loan and the overall affordability of the property.
• Down payment: The down payment is the initial sum a homebuyer contributes upfront, typically a percentage of the home’s purchase price. Jumbo mortgage loans generally require a down payment of at least 10%.
• Loan term: The loan term is the duration over which you repay the mortgage, typically 15 or 30 years. A longer term lowers monthly payments but increases total interest paid. A shorter term raises monthly payments but reduces total interest.
• 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: Property tax is levied by local governments on land and buildings, typically a percentage of the assessed property value. In New Hampshire, the average effective property tax rate on owner-occupied housing is 1.89%.
How to Use the New Hampshire Jumbo Loan Calculator
The New Hampshire jumbo loan calculator helps estimate the costs of a jumbo loan. Here’s a step-by-step guide on how to use the calculator.
Step 1: Enter Your Home Price
Type in the final agreed-upon home price from your contract.
Step 2: Add a Down Payment Amount
Specify the amount you plan 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 the loan term that aligns with your financial goals. Common terms are 15 and 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 reduces total interest.
Step 4: Enter an Interest Rate
Input the anticipated interest rate to the second or third decimal point. Adjusting the interest rate helps you see how it impacts your monthly payments and total loan costs.
Step 5: Enter Your Annual Property Tax
Input your annual property tax rate, not the dollar value. In New Hampshire, the average effective property tax rate is 1.89%.
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. These limits are typically $806,500 for a single-family home, but they can be higher in high-cost areas. In most New Hampshire counties in 2025, the conforming loan limit is $806,500, while in Rockingham and Strafford counties, it is $914,250. If your loan amount surpasses these limits, you will need a jumbo loan.
When comparing jumbo loans vs. conventional loans, jumbo loans often have stricter qualification criteria, such as higher credit scores and significant cash reserves. Despite these requirements, jumbo loans offer flexibility and can be a viable option for financing expensive properties.
Recommended: The Pros and Cons of Jumbo Loans
Benefits of Using a Jumbo Loan Payment Calculator
Using a jumbo loan mortgage calculator offers several advantages. First, it helps you budget effectively by providing a clear estimate of your potential monthly mortgage payments, which includes principal, interest, and property tax.
Second, the calculator allows you to see how small changes in interest rates can significantly affect your monthly payments and total loan costs. And finally, it 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 meet your financial goals. Here’s how you can use it:
• Adjust the home price to see how it affects affordability.
• Explore various down payment amounts to see their impact on monthly payments.
• Consider different loan terms to understand the trade-offs between monthly payments and total interest paid.
• Explore different interest rates to find the best option.
• 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 Hampshire
Determining how much house you can afford in New Hampshire involves several key factors. Home prices vary, and lenders generally recommend that your mortgage payment should not exceed 28% of your gross monthly income. For a $1 million home, assuming a 10% down payment ($100,000) on a 30-year mortgage at 6.75%, the monthly mortgage payment would be approximately $5,837, excluding property taxes and insurance. To make this payment, lenders recommend an income of $250,000 per year.
Factoring in debts is also important, 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 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.
Recommended: Jumbo Loan Requirements
Components of a Jumbo Loan Payment
The main components of a jumbo loan payment include the principal amount borrowed and the interest charged on that principal. 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.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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 Hampshire
The cost of living in your area will significantly affect how much you can afford. Higher cost of living areas typically have higher average home prices, as well as increased costs for utilities, home maintenance, transportation, and other necessities. Even if you think your mortgage payment will be manageable, consider the broader financial picture.
According to MERIC, the cost of living in New Hampshire is 111.4, which is about 11% higher than the national average of 100. Housing and utilities are 17% higher than the national average, and transportation is almost 3% higher.
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
Reducing your jumbo loan payment can make homeownership more manageable. Here are some strategies to consider:
• Choose a longer loan term, such as a 30-year mortgage, to lower monthly payments.
• Shop for a lower interest rate to reduce monthly payments and total interest paid.
• Consider an adjustable-rate mortgage (ARM) for possibly a lower initial interest rate, but be prepared for potential rate increases.
• Make a larger down payment to reduce the loan-to-value ratio and improve loan terms.
• Recast your mortgage with a large lump-sum payment to lower your monthly payments.
• Modify your loan during financial hardship to make payments more affordable.
• Refinance your mortgage to a longer term if your current payments are too high.
• Shop around for a more favorable homeowners insurance rate.
The Takeaway
When considering a jumbo loan in New Hampshire, a jumbo loan calculator helps you estimate monthly payments, the total interest paid, and the overall cost associated with financing a more expensive home. Using the jumbo loan calculator helps you make well-informed decisions about your financial situation and how much house you can comfortably afford.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
How much is a jumbo loan in New Hampshire?
A jumbo loan is defined as a mortgage exceeding the conforming loan limits set by the Federal Housing Finance Agency. For single-family homes in Rockingham and Strafford counties, the limit is $914,250. For all other counties in New Hampshire, it’s $806,250.
How much is a $900,000 mortgage payment for 30 years?
To estimate the monthly payment for a $900,000 mortgage over 30 years, use a jumbo loan calculator. Assuming a fixed interest rate of 6.00%, the estimated monthly payment would be approximately $5,390, including principal and interest, but not property taxes or insurance.
Is $900,000 a jumbo loan?
Yes, a $900,000 mortgage is generally considered a jumbo loan because it exceeds the conforming loan limits set by the Federal Housing Finance Agency. In most areas, the limit is $806,500, but it can be higher in certain high-cost areas. Jumbo loans have stricter qualification requirements but can offer competitive interest rates and flexible terms.
Do you need 20% for a jumbo loan?
While a 20% down payment is ideal for a jumbo loan, it is not always required. Some lenders accept down payments as low as 10%, but this can lead to higher interest rates and additional costs. Use a down payment calculator to understand the impact of different down payment amounts on your monthly mortgage payments and overall financial health.
What credit score is needed for a jumbo loan?
To qualify for a jumbo loan, lenders typically require a higher credit score, often around 700, with some setting the bar at 740 or above. A strong credit score demonstrates responsible debt management, which is crucial for larger loan amounts. Higher scores can lead to more favorable loan terms, such as lower interest rates and reduced closing costs. Check your credit score and take steps to build it before applying for a jumbo loan.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
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.
SOHL-Q425-145
Get prequalified in minutes for a SoFi Home Loan.
Nebraska Jumbo Mortgage Loan Calculator
Nebraska Jumbo Loan Calculator
By SoFi Editors | Updated November 7, 2025
If you need a home loan for more than $806,500 in Nebraska, our Nebraska jumbo mortgage loan calculator can help you estimate your monthly payments, total interest paid, and total cost of the loan.
Keep reading to learn more on jumbo loans in Nebraska, how jumbo loans differ from conforming loans, and how to use our Nebraska jumbo loan calculator.
Key Points
• Jumbo loans exceed the conforming loan limit, which is $806,500 in Nebraska. If you need a loan for more than this amount, you’ll need a jumbo loan.
• A Nebraska jumbo mortgage calculator helps estimate monthly payments, total interest, and other costs.
• The calculator factors in the purchase price, down payment amount, loan term, interest rate, and property tax rate.
• Qualifying for a jumbo loan often requires 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.
Nebraska Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). In Nebraska in 2025, the conforming loan limit 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 directly affects the total loan amount and monthly payments.
• Down payment: The down payment is the initial amount a homebuyer contributes upfront, typically expressed as a percentage of the total purchase price. Jumbo mortgage loans usually require a down payment of at least 10%.
• Loan term: The loan term is the duration you have to repay your mortgage, typically 15 or 30 years. A longer term reduces monthly payments but increases total interest paid. A shorter term increases monthly payments but saves on interest.
• 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. Factors influencing the rate include credit history, market trends, and the type of mortgage loan.
• Annual property tax: The annual property tax is levied by local governments on land and buildings. It’s typically a percentage of the property’s assessed value, which may differ from the market value.
How to Use the Nebraska Jumbo Loan Calculator
The Nebraska jumbo loan calculator helps estimate the monthly payment and total cost of the loan. Here’s how to use it:
Step 1: Enter Your Home Price
Type in the agreed-upon home price or use the slider to specify the exact amount listed on your purchase contract. Accurately inputting this value helps determine your home loan amount.
Step 2: Add a Down Payment Amount
Specify your down payment amount, typically 10% or more of the purchase price for a jumbo loan. A higher 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 based on your financial goals and how long you plan to stay in the home. Common terms are 15 and 30 years, but the calculator allows you to select a term as low as 10 years.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. A lower rate can significantly reduce monthly payments and total interest paid.
Step 5: Enter Your Annual Property Tax
Enter your annual property tax rate as a percentage. In Nebraska, the average effective property tax rate is 1.54%.
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 Nebraska, the conforming loan limit for a single-family home is $806,500. If your loan amount surpasses this limit, you’ll need a jumbo loan.
When comparing jumbo loans vs. conventional loans, qualifying for a jumbo loan often involves stricter criteria, such as a credit score of 700 or higher and significant cash reserves. Lenders typically require a down payment of at least 10%, but a 20% down payment can improve loan terms.
Jumbo loans are essential for financing high-value properties and offer flexibility for those with complex financial situations. They can be used for luxury homes, investment properties, or vacation homes, making them a viable option for a wide range of buyers.
Recommended: The Pros and Cons of Jumbo Loans
Benefits of Using a Jumbo Loan Payment Calculator
Using a jumbo loan mortgage calculator offers several advantages. It helps you estimate monthly mortgage payments, including principal, interest, and property taxes, allowing you to budget more effectively.
The calculator also shows how minor changes in interest rates and loan terms can significantly impact your payments, making it easier to compare offers from different lenders. And finally, it shows you how down payments affect your loan, with higher down payments lowering both the loan amount and the monthly payment.
By understanding the total financial commitment, you can make informed decisions about your mortgage, ensuring it aligns with your long-term financial goals.
How to Use the Jumbo Loan Calculator to Compare Scenarios
The Minnesota jumbo loan calculator allows you to compare different loan scenarios and meet your long-term financial goals. Here’s what you can do with it:
• Adjust the home price to see what you can afford.
• Consider a larger down payment to reduce monthly payments.
• Choose a longer loan term for lower monthly payments.
• Explore different interest rates to find the best option.
• 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 Nebraska
Determining how much house you can afford in Nebraska involves more than just median home prices. Lenders generally recommend that your mortgage payment should not exceed 28% of your gross monthly income. For example, a $1 million home with a 10% down payment and a 30-year mortgage at 6.75% interest would require an income of about $250,000. The monthly payment would be around $5,837, excluding property taxes and insurance.
Lenders also advise staying within a 36% debt-to-income ratio, including your mortgage. 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.
Going through the mortgage preapproval process can help you gauge affordability — though only you can say what a comfortable budget is, based on your assets, lifestyle, and financial goals.
Recommended: Jumbo Loan Requirements
Components of a Jumbo Loan Payment
The main components of a jumbo loan payment include the principal and interest. The principal is the portion of your payment that goes toward reducing the loan balance. Interest is the cost of borrowing money, calculated as a percentage of the remaining loan balance.
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.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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 Nebraska
The cost of living in Nebraska can vary significantly depending on the area you choose to live in. According to MERIC, the cost of living index in Nebraska is 92.6, which is about 7% lower than the national average of 100. Housing costs in Nebraska are almost 21% lower than the national average, and utilities are 11% lower. This is good news for homebuyers who may already be stretching themselves to meet a jumbo mortgage payment each month.
To find the best affordable places in Nebraska, research local market conditions and use a home affordability calculator to ensure that your chosen area aligns with your budget and financial goals.
Tips on Reducing Your Jumbo Loan Payment
Reducing your jumbo loan payment can make homeownership more manageable. Here are some strategies to consider:
• Consider an adjustable-rate mortgage (ARM) for possibly lower initial payments.
• Refinance your jumbo loan if interest rates have dropped.
• Use a lump sum to recast your mortgage, lowering monthly payments.
• Modify your loan during financial hardship to change terms like the interest rate or repayment schedule.
• Shop for a lower homeowners insurance rate.
The Takeaway
When considering a jumbo loan in Nebraska, a jumbo loan calculator can help you estimate what your monthly payments might be, the total interest paid over the life of the loan, and the overall cost of the mortgage. By using a Nebraska jumbo loan calculator, you can make well-informed decisions about your financial situation and determine the best mortgage options for your specific 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.
FAQ
How much is a jumbo loan in Nebraska?
A jumbo loan in Nebraska is a mortgage that exceeds the conforming loan limit set by the FHFA. For 2025, the standard limit for a single-family home is $806,500 in Nebraska.
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 result in a monthly payment of approximately $6,000. This includes principal and interest, but not property taxes or insurance.
Do you need 20% for a jumbo loan?
While a 20% down payment is ideal for a jumbo loan, it is not always required. Some lenders may accept a minimum down payment of 10%. A larger down payment can lead to better loan terms and lower monthly payments.
What are the benefits of a jumbo loan?
Jumbo loans offer higher loan limits, flexible underwriting options, and can sometimes have competitive interest rates. They are suitable for luxury homes, investment properties, or vacation homes. A strong credit score and significant cash reserves can improve your loan terms.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
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.
SOHL-Q425-141
Get prequalified in minutes for a SoFi Home Loan.
Missouri Jumbo Mortgage Loan Calculator
Missouri Jumbo Loan Calculator
By SoFi Editors | Updated November 7, 2025
When considering a high-value property purchase in Missouri, securing a jumbo loan may be necessary. In all counties in Missouri, the conforming loan limit is $806,500. That means if you need a loan for more than that, you’ll need a jumbo loan.
Our Missouri jumbo loan calculator can help you navigate the financial implications of purchasing an expensive home. By inputting a few key details, the calculator will estimate your monthly payment, total interest paid, and total cost of the loan.
Keep reading to learn more about jumbo loans in Missouri, how jumbo loans differ from conforming loans, and how to use our Missouri jumbo loan calculator.
Key Points
• A Missouri jumbo loan calculator helps estimate monthly mortgage payments, total interest paid, and total cost of the loan.
• To use the calculator, input the purchase price, down payment amount, loan term, interest rate, and property tax rate.
• The conforming loan limit in Missouri is $806,500. If you need a loan larger than this amount, you’ll need a jumbo loan.
• Qualifying for a jumbo loan often requires 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.
Missouri 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). In Missouri in 2025, 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 is crucial for determining the size of your home loan and monthly payments.
• Down payment: The down payment is the initial sum a homebuyer provides upfront, typically expressed as a percentage of the home’s purchase price. For jumbo mortgage loans, a down payment of at least 10% is typically required.
• Loan term: The loan term is the duration over which a borrower repays the mortgage, commonly 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 impacts monthly payments and total interest costs. 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 as a percentage of the property’s assessed value.
How to Use the Missouri Jumbo Loan Calculator
The Missouri jumbo loan calculator helps estimate monthly payments and total costs. Here’s a step-by-step guide on how to use the calculator.
Step 1: Enter Your Home Price
Type in the agreed-upon home price from your purchase contract.
Step 2: Add a Down Payment Amount
Specify the amount you plan to put down as a down payment. For jumbo loans, a minimum of 10% is typically required, but 20% is recommended to improve loan terms. A down payment calculator can help you decide on your number.
Step 3: Choose a Loan Term
Select a loan term. Common terms are 15 and 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 reduces total interest.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. Fixed-rate mortgages offer stable rates, while adjustable-rate mortgages (ARMs) have rates that can change over time. A lower rate reduces monthly payments and total interest paid.
Step 5: Enter Your Annual Property Tax
Enter your annual property tax rate as a percentage. In Missouri, the average effective property tax rate is 0.91%. This rate is applied to the assessed value of your property to determine your annual tax obligation.
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 a single-family home in Missouri is $806,500. Loans above these thresholds are classified as jumbo loans.
When comparing jumbo loans vs. conventional loans, qualifying for a jumbo loan involves meeting stringent criteria, such as a credit score of 700 or higher and cash reserves of up to 12 months. Lenders also require a down payment of 10% to 20%. Despite these requirements, jumbo loans offer competitive interest rates and the financial flexibility needed to finance more expensive properties.
Recommended: The Pros and Cons of Jumbo Loans
Benefits of Using a Jumbo Loan Payment Calculator
Using a jumbo loan mortgage calculator offers several advantages for prospective homebuyers. First, it provides a clear estimate of your monthly mortgage payments, including principal, interest, and property taxes. This helps prevent financial surprises and ensures you make well-informed decisions.
Second, a jumbo loan calculator allows you to see how small changes in interest rates or loan terms affect your monthly payments and total interest costs. And finally, it 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
The Missouri jumbo loan calculator allows you to compare different loan scenarios, helping you decide which option is best for you. Here’s how you can use it:
• Adjust the home price to see what you can afford with comfortable monthly payments.
• Alter the down payment to see its impact on your payments.
• Experiment with loan terms to understand how they affect monthly payments and total interest.
• Explore different interest rates to find the best option.
• 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 Missouri
To determine how much house you can afford in Missouri, consider median home prices and your financial situation. Lenders suggest that your mortgage should not exceed 28% of your gross monthly income. For example, a $1 million home might require a $250,000 annual income, assuming a 10% down payment and a 30-year mortgage at 6.75%. This results in a monthly payment of approximately $5,837 before taxes and insurance.
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.
Recommended: Jumbo Loan Requirements
Components of a Jumbo Loan Payment
The main components of a jumbo loan payment include the principal and interest, which form the core of your monthly mortgage obligation. 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.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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 Missouri
Missouri’s cost of living impacts home affordability, especially in pricier areas where housing costs are elevated. Luckily, the state’s cost of living index is 89.0, or 11% lower than the national average.
However, it’s important to budget beyond just the mortgage; utilities, maintenance, transportation, and groceries can add up significantly, even in areas like Missouri where the cost of living is relatively low compared to the national average. Here’s how Missouri’s cost of living stacks up in other areas:
• Housing: 78.6 (21.4% lower than the national average)
• Groceries: 96.5
• Utilities: 96.1
• Transportation: 88.4
• Health care: 94.3
• Miscellaneous: 91.8
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 Missouri 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 monthly payments during the introductory period.
• Make a lump sum payment to recast your mortgage, which can lower your monthly payments without extending the loan term or changing the interest rate.
• Modify your loan during financial hardship to change terms and make payments more manageable.
• Refinance your mortgage to a longer term to lower monthly payments, though this will increase total interest paid over the life of the loan.
• Shop for a lower homeowners insurance rate by increasing your deductible or bundling policies.
The Takeaway
Understanding the financial implications of a jumbo loan is crucial for anyone considering a high-value property purchase in Missouri. A jumbo loan mortgage calculator can provide valuable insights into monthly payments, total interest costs accrued over the life of the loan, and the overall cost of the loan.
To use the Missouri 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.
FAQ
How much is a jumbo loan in Missouri?
A jumbo loan in Missouri is a mortgage that exceeds the conforming loan limits set by the FHFA. In 2025, the limit is $806,500 for all counties in Missouri.
Do you need 20% for a jumbo loan?
While a 20% down payment is often recommended for a jumbo loan, some lenders may accept a minimum of 10%. A larger down payment can improve loan terms and potentially secure a more favorable interest rate. Lenders typically look for a high credit score and a low debt-to-income ratio to increase your chances of approval.
What credit score is needed for a jumbo loan?
Qualifying for a jumbo loan typically requires a higher credit score, often 700 or above, with some lenders setting the bar at 740 or higher. A strong credit score demonstrates responsible debt management, which is crucial for larger loan amounts. A higher score can lead to more favorable loan terms, such as lower interest rates and better repayment options.
How to get the best rate on a jumbo loan?
To secure the best rate on a jumbo loan, shop around and compare offers from multiple lenders. Factors like credit score, debt-to-income ratio, and down payment size influence the rate. A higher credit score and a lower debt-to-income ratio can improve your chances of getting a competitive rate.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
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.
SOHL-Q425-139
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Minnesota Jumbo Mortgage Loan Calculator
Minnesota Jumbo Loan Calculator
By SoFi Editors | Updated November 7, 2025
Our Minnesota jumbo loan calculator is designed to assist you in navigating the complexities of home financing with a large loan. It estimates your monthly payments, total interest paid, and total cost of the loan. Simply input the home price, down payment amount, loan term, interest rate, and property tax rate to instantly receive your estimates. This will help you determine how much house you can afford and the actual costs of purchasing a higher priced home in Minnesota.
Keep reading to learn more on jumbo loans in Minnesota, how jumbo loans differ from conforming loans, and how to use our Minnesota jumbo loan calculator.
Key Points
• Jumbo loans exceed the conforming loan limits set by the FHFA. In Minnesota, the conforming loan limit for a single-family home is $806,500.
• Jumbo loans have stricter qualification requirements, including higher credit scores 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.
• A Minnesota jumbo loan calculator provides insights into total costs and monthly payments.
• The calculator factors in the purchase price, down payment amount, loan term, interest rate, and property tax rate.
Minnesota Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage for amounts exceeding the conforming loan limits set by the Federal Housing Finance Agency (FHFA). In all Minnesota counties in 2025, the limit is $806,500, but it can be higher in expensive areas.
• Home price: The home price is the agreed-upon purchase price with the seller. It directly affects the total loan amount and monthly payments.
• Down payment: The down payment is the initial amount paid, typically a percentage of the home price. Jumbo mortgage loans often require a minimum 10% down payment, but a higher down payment can improve loan terms and reduce monthly payments.
• Loan term: The loan term is the duration to repay the mortgage, usually 15 or 30 years. A 30-year term offers lower monthly payments, while a 15-year term saves on total interest.
• 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 is influenced by borrower qualifications, 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 Minnesota Jumbo Loan Calculator
The Minnesota jumbo loan calculator helps estimate the financial implications of a jumbo loan. Here’s how to use it:
Step 1: Enter Your Home Price
Type in the agreed-upon home price or use the slider to specify the exact amount listed on your purchase contract. Accurately inputting this value helps determine your home loan amount.
Step 2: Add a Down Payment Amount
Specify the amount you’ve saved for the down payment, typically 10% or more of the purchase price for a jumbo loan. A higher 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 based on your financial goals and how long you plan to stay in the home. Common terms are 15 and 30 years, but the calculator allows you to select a term as low as 10 years.
Step 4: Enter an Interest Rate
Input your desired interest rate to the second or third decimal point. A lower rate can significantly reduce monthly payments and total interest paid.
Step 5: Enter Your Annual Property Tax
Enter your annual property tax rate as a percentage. For example, in Minnesota, the average property tax rate is 1.05%. Accurate input ensures an estimate of your total monthly housing costs.
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 Minnesota, the conforming loan limit for a single-family home is $806,500.
When comparing jumbo loans vs. conventional loans, jumbo loans typically have stricter qualifications, such as a 700+ credit score and up to 12 months of cash reserves. Lenders usually require a 10%-20% down payment.
Knowing local jumbo loan limits helps determine if you need one and how to prepare. Jumbo loans offer higher loan limits and can be a viable option for financing expensive properties, especially in high-cost areas. They can come with competitive interest rates and flexible underwriting options, making them suitable for individuals with strong financial profiles.
Recommended: The Pros and Cons of Jumbo Loans
Benefits of Using a Jumbo Loan Payment Calculator
Using a jumbo loan mortgage calculator offers several key benefits for prospective homebuyers. First, it helps with budgeting by providing a clear estimate of your anticipated monthly mortgage payment, including principal, interest, and property taxes.
The calculator also allows you to see how small changes in the interest rate and loan term can significantly affect your future payments. And finally, it shows you how down payments affect your loan, with higher down payments lowering both the loan amount and the monthly payment.
By inputting different scenarios, you can see which loan terms and down payment options work best for your budget.
How to Use the Jumbo Loan Calculator to Compare Scenarios
The Minnesota jumbo loan calculator allows you to compare different loan scenarios and meet your long-term financial goals. Here’s what you can do with it:
• Adjust the home price to assess affordability.
• Change the down payment to reveal insights into how a larger down payment can reduce your monthly payment and interest costs.
• Compare 15-year and 30-year loan terms to see their impact on monthly payments and total interest paid.
• Input different interest rates to see how lower rates affect payments.
• Consider the effect of property tax rates.
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 Minnesota
In Minnesota, affording a home involves more than just median prices. Lenders suggest that mortgage payments shouldn’t exceed 28% of your gross monthly income. For a $1 million home with a 10% down payment and a 30-year mortgage at 6.75%, the monthly payment would be around $5,837 (excluding property taxes and insurance). The 28% rule implies that a $250,000 annual income is needed to comfortably afford this payment.
Lenders also advise staying within a 36% debt-to-income ratio, including your mortgage. 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.
Going through the mortgage preapproval process can help you gauge affordability — though only you can say what a comfortable budget is, based on your assets, lifestyle, and financial goals.
Recommended: Jumbo Loan Requirements
Components of a Jumbo Loan Payment
The main components of a jumbo loan payment are the principal and interest. The Minnesota jumbo loan calculator also factors in property tax, which is a significant portion of your monthly payment.
Other components may 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.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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 Minnesota
The cost of living in Minnesota will significantly impact how much you can afford to spend on a home. Higher cost of living areas typically have higher average home prices, but they also come with increased expenses for utilities, home maintenance, transportation, and groceries.
Fortunately, according to MERIC, the cost of living index in Minnesota is 94.6, or 5.4% below the national average. Housing costs are 19.1% lower than the national average, and utilities are almost 4% lower. This is great news for homebuyers who may already be stretching themselves to meet a jumbo mortgage payment each month.
Tips on Reducing Your Jumbo Loan Payment
Reducing your jumbo loan payment can make homeownership more manageable. Here are some strategies to consider:
&\#8226; Consider an adjustable-rate mortgage (ARM) for possibly a lower initial interest rate, making your initial monthly payments more affordable.
&\#8226; Consider mortgage recasting, which involves making a lump sum payment to reduce your principal, resulting in lower monthly payments.
&\#8226; Modify your loan during financial hardship to change terms like the interest rate or repayment schedule.
&\#8226; Extend the term of your loan through a mortgage refinance to reduce monthly payments, though this will increase the total interest paid over the life of the loan.
&\#8226; Shop for a lower homeowners insurance rate by increasing your deductible, bundling policies, or making home upgrades to enhance security or storm resistance.
The Takeaway
When considering a high-value property in Minnesota, a jumbo loan calculator is vital for prospective buyers. It helps estimate monthly mortgage payments, total interest accrued, and the total cost of the loan, empowering you to make well-informed decisions throughout your home-buying journey.
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.
FAQ
How much is a jumbo loan in Minnesota?
In Minnesota, a jumbo loan is any mortgage exceeding the conforming loan limits set by the FHFA. For 2025, the limit is $806,500.
How much is a $900,000 mortgage payment for 30 years?
To estimate a $900,000 mortgage payment over 30 years, use a jumbo loan calculator. Assuming a 7.00% interest rate, the monthly payment would be around $6,000, including principal and interest, but not property taxes or insurance.
Is $900,000 a jumbo loan?
A $900,000 mortgage is generally considered a jumbo loan, as it exceeds the conforming loan limits set by the FHFA. For 2025, the limit is $806,500 in most areas.
How much are closing costs on a jumbo loan?
Closing costs on a jumbo loan can range from 2% to 5% of the loan amount, translating to thousands of dollars. For a $1 million jumbo loan, closing costs could be between $20,000 and $50,000. That covers the cost of appraisals, title searches, loan origination fees, attorney fees, and more. Your lender will provide you with an itemized list before your closing.
What credit score is needed for a jumbo loan?
Qualifying for a jumbo loan typically requires a credit score of at least 740, though some lenders may accept scores as low as 700. A strong credit score demonstrates financial reliability and can lead to more favorable loan terms. Before applying, check your credit report for errors and address them promptly.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
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.
SOHL-Q425-137
Get prequalified in minutes for a SoFi Home Loan.
Maryland Jumbo Mortgage Loan Calculator
Maryland Jumbo Loan Calculator
By SoFi Editors | Updated November 7, 2025
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.
Recommended: The Pros and Cons of Jumbo Loans
Benefits of Using a Jumbo Loan Payment Calculator
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.
• Compare 15-year and 30-year loan terms to find the best balance between monthly payments and total interest.
• 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.
Recommended: Jumbo Loan Requirements
Components of a Jumbo Loan Payment
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.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
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.
FAQ
How much is a jumbo loan in Maryland?
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.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
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.
SOHL-Q425-134
Get prequalified in minutes for a SoFi Home Loan.
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