Dec

2025

SoFi Everyday Cash Rewards Terms & Conditions

By Nicholas Wong | Uncategorized | Comments Off

SoFi Everyday Cash Rewards Credit Card Terms & Conditions

SOFI CREDIT CARD TERMS OF OFFER INTEREST RATES AND INTEREST CHARGES
Annual Percentage Rate (APR) for Purchases	The standard variable APR for purchases is 29.24%, based on your creditworthiness. Your APR will vary with the market based on the Prime Rate.
Annual Percentage Rate (APR) for Balance Transfers	29.24%, based on your creditworthiness. Your APR will vary with the market based on the Prime Rate. SoFi is currently accepting Balance Transfers from recipients of promotional offers only. We will inform you when this feature is widely available.
Annual Percentage Rate (APR) for Cash Advances	30.74%. This APR will vary with the market based on the Prime Rate.
How to Avoid Paying Interest on Purchases	Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases made during the most recent billing cycle if you pay your entire balance (adjusted for any financing plan, if applicable) in full on or before the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date.
Minimum Interest Charge	If you are charged interest, the charge will be no less than $1.00.
For Credit Card Tips from the Consumer Financial Protection Bureau	To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/learnmore

FEES
Annual Fee	None
Transaction Fees Balance Transfer Fee Cash Advance Fee	The greater of $10 or 5% of the Balance Transfer The greater of $10 or 5% of the Cash Advance
Penalty Fees Late Payment Fee Returned Payment Fee	Up to $41 None

How We Will Calculate Your Balance

We use the “daily balance” method, including new transactions, to calculate the daily balance on which we will charge interest.

Loss of Introductory APR

We may revoke any promotional APR if you fail to make a payment of at least the minimum payment due within 60 days of the due date. Your new APR will be the Standard Purchase APR.

Variable Rates

Your Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) will change if the Prime Rate changes. If the Daily Periodic Rate(s) and corresponding Annual Percentage Rate(s) increase, your interest charges will increase, and your minimum payment will be greater. Complete details regarding how the variable rate is determined are set forth in the Cardholder Agreement.

Payment Allocation

We decide how to apply your payment, up to the minimum payment, to the balances on your account. We may apply the minimum payment first to interest charges, then to the balances with the lowest APR, and then to the balances with higher APRs.

If you pay more than the Minimum Payment, we’ll apply the amount over the Minimum Payment, first to the Balance with the highest APR, then to the Balance with the next highest APR, and so on, except as otherwise required by applicable law.

SoFi Everyday Cash Rewards Credit Card Terms & Conditions

The SoFi Everyday Cash Rewards Credit Card is issued by SoFi Bank, N.A. (“SoFi”, “we”, “us”, or “our”). By submitting this application, you request that we establish a card account (“SoFi Credit Card Account”) for you and any authorized users you have designated. You agree that all information provided in this application is verifiable and accurate. The SoFi Credit Card Account will be governed by the terms of the cardholder agreement (“Cardholder Agreement”), which will be provided when the SoFi Credit Card Account is issued.

Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by SoFi Bank, N.A., as issuer. Please allow thirty (30) days from the date of submission to process your application.

You must be at least 18 years of age (or of legal age in your state of residence). The card offer referenced in this communication is only available to individuals who reside in the United States. This communication is not and should not be construed as an offer to individuals outside of the United States.

Identity Verification

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a SoFi Credit Card Account. This means that we will ask for your name, address, date of birth, and other information that will allow us to identify you when you open a SoFi Credit Card Account. We may also ask to see your driver’s license or other identifying documents and obtain identification information about you or any authorized user you add to your SoFi Credit Card Account.

Credit Reports

Upon completion of your Credit Card application and submission, you authorize us to request a copy of your credit report from one or more consumer agencies. Upon receiving your completed application, we will conduct a soft credit pull, which will not impact your credit score. You hereby authorize us to conduct a soft credit pull upon receipt of your application. You understand that after evaluating your completed application and soft pull credit report, we may determine not to offer credit to you. If we approve your application, we will conduct a hard credit pull, which might impact your credit score. You hereby authorize us to conduct a hard credit pull following the approval of your application.

You authorize us to request credit reports and other information about you from consumer reporting agencies and other sources for such purposes as: (a) determining whether to issue you a SoFi Credit Card Account, (b) administering, reviewing, and renewing the SoFi Card Account, (c) credit line increases or decreases, (d) collection and other servicing of the SoFi Credit Card Account, (e) offering other products, (f) services, and (g) for any other uses permitted by law. We may report negative information about your SoFi Credit Card Account payment history, like delinquencies, to consumer reporting agencies.

Cardholder Agreement

If you are approved for a SoFi Credit Card Account, you’ll receive the Cardholder Agreement. By activating your SoFi Credit Card Account, using the SoFi Everyday Cash Rewards Credit Card or making any payment to your Account, you are agreeing to be bound by the terms of the Cardholder Agreement. We have the right to make changes to the terms of your SoFi Credit Card Account (including rates and fees) in accordance with the Cardholder Agreement.

In New York, this Agreement begins on the first date that you sign a sales slip or memorandum evidencing the purchase of goods or services.

Credit Eligibility

To receive a SoFi Credit Card Account, you must meet certain applicable criteria bearing on creditworthiness. Your revolving credit limit may be determined based on the following:

Your annual salary and wages
Any other annual income
A review of your debt, including the debt listed on your credit report.
A review of your credit history and other factors deemed relevant by the issuer

We’ll inform you of your revolving credit limit when you’re approved for your SoFi Credit Card Account. Some credit limits may be as low as $500.

About Adding An Authorized User

Before adding an authorized user to your SoFi Credit Card Account you should know that:

You’re responsible for all charges made to your SoFi Credit Card Account by the authorized user
Authorized users have access to your SoFi Credit Card Account information
Before adding an authorized user, you must first let them know that we may report SoFi Credit Card Account performance to the credit reporting agencies in the authorized user’s name
A review of your credit history and other factors deemed relevant by the issuer

If we ask for information about the authorized user, you must obtain their permission to share their information with us and for us to share it as allowed by applicable law.

Additional Information

Any benefit, reward, service, or feature offered in connection with your Card Account may change or be discontinued at any time for any reason except as otherwise expressly indicated. SoFi Bank isn’t responsible for products and services offered by other companies.

SoFi Everyday Cash Rewards Credit Card Rewards Program

With the SoFi Everyday Cash Rewards Credit Card, you can earn rewards points for purchases made using your card, rewards offered through the SoFi Member Rewards Program, or other rewards offered from time to time, and you can redeem those rewards points for statement credits and other redemption methods offered through the SoFi Member Rewards Program. More details on SoFi Everyday Cash Rewards Credit Card Rewards can be foundhere.

SoFi Member Rewards Program

As a SoFi Member, you can earn points by using features across SoFi products that are designed to help you Get Your Money Right. When you elect to redeem Rewards Points toward active SoFi accounts, including but not limited to your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Automated Invest account, SoFi Credit Card account, SoFi Personal Loan, Private Student Loan, Student Loan Refinance, or toward SoFi Travel purchases, your Rewards Points will redeem at a rate of 1 cent per every point.

Mastercard World Benefits

You are also eligible for more rewards through the World Mastercard Benefits program when shopping with eligible merchants. More details on the World Mastercard Benefits program can be found here.

Fraud, Misuse, Abuse, or Suspicious Activity

If we see evidence of fraud, misuse, abuse, or suspicious activity, we’ll investigate and, if we determine that fraud, misuse or abuse has occurred, we may take action against you. This action may include, without limitation and without prior notice:

Taking away the rewards points you earned because of fraud, misuse, or abuse
Suspending or closing your SoFi Credit Card Account
Taking legal action to recover our monetary losses, including litigation costs and damages

Some examples of fraud, misuse, abuse and suspicious activity include:

Using your SoFi Credit Card Account in an abusive manner for the primary purpose of acquiring rewards points
Using your SoFi Credit Card Account other than primarily for personal, consumer, or household purposes

SoFi Bank reserves the right to take action, including but not limited to those actions enumerated above, based on your activity across any SoFi product, as well as external information received from SoFi third-party vendors, external bureaus, or industry referrals.

Special Notices

California Residents:
If married, you may apply for a separate account.

Delaware Residents:
Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month.

Ohio Residents:
The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.

Wisconsin Residents:
If you are applying for individual credit or joint credit with someone other than your spouse, and your spouse also lives in Wisconsin, combine your financial information with your spouse’s financial information. No provision of any marital property agreement, unilateral statement under Section 766.59 of the Wisconsin statutes or court order under section 766.70 adversely affects the interest of the lender, unless the lender, prior to the time credit is granted, is furnished a copy of the agreement, statement of decree or has actual knowledge of the adverse provision when the obligation to the lender is incurred. If married, you understand that your lender must inform your spouse if a credit account is opened for you.

Additional documents

As a reminder, the SoFi Everyday Cash Rewards Credit Card is a completely digital product. All written communications related to the card will be online or in electronic format. The following is a link to the SoFi Esign terms and conditions that you must agree to in connection with your application for the SoFi Everyday Cash Rewards Credit Card.

Dec

2025

Want a Raise? Use Those Pay Transparency Laws

By Keith Wagstaff | | Comments Off

This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

Your performance review is coming up and you want a raise. But the job market isn’t exactly hot right now, so you’re not sure how much leverage you have with your employer.

Asking for a raise is no one’s idea of fun, and it can feel especially nerve-wracking as AI and economic uncertainty trigger more layoffs. At the same time, if you think you have a strong case for higher pay, you want to make it, especially if you’ve taken on new responsibilities, outperformed your peers, or aren’t being paid the going rate for your role.

The good news? Despite the uncertainty, companies see steady growth in salary budgets next year. According to the Conference Board’s annual survey, employers are expecting an average budget increase of 3.4% in 2026. That’s below the peak increases of the post-COVID years, but the same as 2025 and above the 3% pre-pandemic average.

Plus, there’s increasing transparency around pay, making it easier to know how yours compares to others. Over the past few years, laws in California, New York, and eight other states have required employers to include salary ranges when posting open positions. About 53% of monthly U.S. job postings now give a range, up from roughly 15% prior to 2018, according to an analysis by Liberty Street Economics.

(One caveat: Not everyone that’s required to be transparent has embraced the new trend. Liberty Street found that 24% of ads in Colorado, California, Washington and New York City — the earliest jurisdictions to adopt pay transparency — haven’t complied with the laws. And The Wall Street Journal reported in 2022 that some employers in NYC were defeating the purpose by posting a low and high end that differed by hundreds of thousands.)

So what?

If you think you deserve a raise, advocate for yourself and ask for one. But make sure you do your homework first. Research what your role pays at other employers and take the time to prepare talking points (or a brag sheet) that shows your boss why you’re worth it. You’d be surprised by what they may not realize.

Here are some other strategies that can help:

Quantify your accomplishments. Employers are becoming more performance-centric, according to the Conference Board’s survey. So be specific with how you’re advancing the company’s business objectives by quantifying your contributions as much as possible.

Practice what you’ll say. Pay is an awkward topic, and you may be nervous. The more you can script the language you want to use, the better. Maybe even do a little role play with a trusted friend or your partner.

Give some wiggle room. You’re being assertive by asking for a raise. It’s best to balance that by showing that you’re flexible and reasonable. Try sharing a range instead of a single number, suggests Harvard Law School’s Program on Negotiation. For example, instead of asking for a 3% raise, you might suggest a 4%-5% raise. Your manager will appreciate your flexibility if you accept less.

Find a win. It’s possible that you won’t get a raise. That doesn’t mean you can’t walk away with other benefits like a more flexible work schedule or tuition reimbursement. Think about what else would make your job better. If you’ve taken on new responsibilities, should you have a new job title or description? (It could make it easier to make a move when the job market is better.)

Make it count. If you get the raise, use the money wisely. Consider paying down debt, building up your emergency savings, or contributing to your retirement. Here are some other tips for maximizing your raise.

Utah Jumbo Mortgage Loan Calculator

By Dana Paltao | mortgage | Comments Off

Utah Jumbo Loan Calculator

By SoFi Editors | Updated November 21, 2025

Buying a home in Utah’s competitive real estate market often requires exploring financing options beyond traditional loan limits. A jumbo mortgage can help qualified borrowers purchase higher-priced homes, especially in desirable areas where property values exceed conventional loan thresholds. Understanding how these larger loans work — and how much they’ll cost — can help you make an informed decision.

The Utah jumbo mortgage calculator estimates your monthly payments, interest costs, and affordability based on your loan amount and rate. It helps you see how different terms or down payments affect your budget before you apply. Keep reading to learn more on Utah jumbo loans, how jumbo loans differ from conforming loans, and how to use the Utah jumbo mortgage calculator.

Key Points

• The Utah jumbo mortgage calculator helps estimate monthly mortgage payments, interest costs, and total cost of the loan.

• To use the calculator, input the home price, down payment amount, loan term, interest rate, and property tax rate.

• Jumbo loans often have stricter qualification criteria, including higher credit scores and significant cash reserves.

• Jumbo loans typically require a down payment of 10%. Higher down payments can improve loan terms and reduce monthly payments.

• The calculator allows you to see the impact of different interest rates and loan terms on monthly payments and total loan costs.

Utah Jumbo Loan Calculator

Calculator Definitions

• Jumbo loan: A jumbo loan is a mortgage that exceeds the conforming loan limits set by the FHFA.

• Home price: The home price is the agreed-upon purchase price between you and the seller. This amount may differ from the initial listing price or your initial offer.

• Down payment: The down payment is the initial upfront payment, typically 10% or more of the purchase price for a jumbo loan.

• Loan term: The loan term is the duration you have to repay the mortgage, usually 15 or 30 years.

• Interest rate: The interest rate is the cost of borrowing, expressed as a percentage of the loan amount. Interest rates vary based on borrower qualifications, market conditions, and the type of mortgage loan. It can be fixed or variable.

• Annual property tax: Annual property tax is a percentage of the property’s assessed value, which is an average of 0.55% in Utah.

How to Use the Utah Jumbo Loan Calculator

To use the Utah jumbo loan calculator, input the following details accurately to receive an estimate of your monthly payments, including principal, interest, and property tax.

Step 1: Enter Your Home Price

Input the agreed-upon home price into the calculator. This figure helps the calculator give an estimate of your home loan and monthly mortgage payments.

Step 2: Add a Down Payment Amount

Specify the down payment amount, typically 10% to 20% of the home price. 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 between 10 and 30 years. A 30-year term offers lower monthly payments, while a 15-year term (or lower) results in higher payments but less total interest.

Step 4: Enter an Interest Rate

Input the interest rate to the second or third decimal point. This rate will have a major affect on your monthly payments and total interest.

Step 5: Enter Your Annual Property Tax

Input the annual property tax rate, which is 0.55% on average in Utah. This helps you get a more accurate 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). In most Utah counties in 2026, the limit is $832,750 for a single-family home. In higher-priced areas like Summit and Wasatch counties, the limit is $1,150,000. If your home loan amount is above these limits, you need a jumbo loan.

When comparing jumbo loans vs. conventional loans, jumbo loans often come with stricter qualification criteria, such as higher credit scores and significant cash reserves. Lenders typically require a minimum down payment of 10%. Understanding these limits and requirements helps determine if a jumbo loan is the right choice for your home purchase.

Benefits of Using a Jumbo Loan Payment Calculator

Using a jumbo loan payment calculator offers several advantages. First, it helps you budget by providing a clear estimate of your monthly mortgage payments, including principal, interest, and property tax. This allows you to plan your finances and avoid surprises.

The calculator also shows how changes in the interest rate affect your payments, enabling informed decisions. For example, a 0.50% increase in the interest rate can significantly raise your monthly payment and total interest costs.

And finally, the tool allows you to compare offers from multiple lenders, including interest rates and terms, helping you find the best loan for your needs and financial goals.

Recommended: The Pros and Cons of Jumbo Loans

How to Use the Jumbo Loan Calculator to Compare Scenarios

You can use the jumbo loan mortgage calculator to compare different loan scenarios and meet your long-term financial goals. Specifically, you can:

• Adjust the home price to assess affordability and set a realistic monthly budget.

• Change the down payment to see how it affects your monthly payments and total interest.

• Explore different loan terms to see how they impact your payments. A 30-year term offers lower monthly payments, while a 15-year term results in higher payments but less total interest.

• Explore different interest rates to find the best option. To get the best rate, build your credit score before applying.

• 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 Utah

Before committing to a jumbo loan, it’s important to determine how much house you can afford based on your income. Lenders advise keeping mortgage payments below 28% of your gross monthly income. For example, a $1 million home might require a $250,000 income, assuming a 10% down payment, a 30-year mortgage at 6.75%, and a monthly payment of $5,837 before taxes and insurance.

Factoring in debts is also important when determining affordability. Lenders suggest keeping total debt payments within 36% of your 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.

Larger down payments and lower interest rates can significantly impact affordability. A larger down payment reduces the mortgage amount, while a lower interest rate increases the amount you can afford. Mortgage preapproval can clarify your financial standing and help you understand your budget.

Recommended: Jumbo Loan Requirements

Components of a Jumbo Loan Payment

Jumbo loan payments include principal and interest, similar to any mortgage. The principal is the amount you borrow, and the interest is the cost of borrowing that amount.

Payments may also include property tax, a percentage of the home’s value paid monthly. In Utah, the average effective property tax rate on owner-occupied, single-family housing is around 0.55%.

And finally, your monthly mortgage payment may include 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.

Calculate
Down payment calculator

Enter a few details about your home loan and we’ll provide your monthly mortgage payment.

Calculate
Home affordability calculator

Provide us with a few details and see how much you can afford to spend on a home purchase.

Calculate

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 Utah

Utah’s cost of living is ever-so-slightly below the national average. The average cost of living index in the U.S. is benchmarked at 100, and Utah’s is 99.1, which is less than 1% lower than the national average. Housing costs, however, are 7.6% higher than the national average.

In addition to housing costs, though, it’s important to consider other expenses like utilities, home maintenance, transportation, and groceries. These additional costs can add up and affect your overall financial stability. In Utah, utilities are 17% lower, transportation is almost 5% higher, and groceries are 3% lower.

You can use a home affordability calculator to get a general idea of what you can afford based on your income and current debts.

Tips on Reducing Your Jumbo Loan Payment

Even if the area of Utah that you want to live in necessitates a jumbo mortgage, there are strategies to make your mortgage payment more affordable. You can:

• Consider an adjustable-rate mortgage (ARM) for possibly a lower initial interest rate, which can reduce early monthly payments.

• Extend the term of your loan through a mortgage refinance. Refinancing to a longer term can lower monthly payments, though it will increase total interest paid over the life of the loan.

• Modify your loan during financial hardship to lower monthly payments, such as by extending the term or reducing the interest rate.

• Shop for a lower homeowners insurance rate by comparing quotes and increasing your deductible.

The Takeaway

When considering a jumbo loan in Utah, it’s important to use a Utah jumbo loan calculator to estimate your monthly payments and fully understand the financial commitment involved. To use the calculator, simply input the home price, down payment amount, interest rate, loan term, and property tax rate. You can adjust the numbers and compare loans to help you make the best decision for your financial situation.

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.

View your rate

FAQ

How much is a jumbo loan in Utah?

Jumbo loans exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). As of 2026, the limit for a single-family home is $832,750 in most counties in Utah, with higher limits in Summit ($1,149,825), Wasatch ($1,149,825), and Wayne ($997,050).

How much is a $900,000 mortgage payment for 30 years?

At a 7.00% interest rate, the monthly payment for a $900,000, 30-year mortgage would be approximately $5,988, excluding property taxes and other fees. You can use a jumbo loan calculator to estimate your payment based on your loan details.

Do you need 20% for a jumbo loan?

While a 20% down payment can be required for jumbo loans, some lenders accept 10%. A higher down payment can improve loan terms and reduce monthly payments.

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 cover fees like appraisal, title, and origination.

What is the jumbo loan limit?

The jumbo loan limit is a threshold that determines when a mortgage is considered a jumbo loan. In most U.S. counties, the limit for a single-family home is $832,750. In high-cost areas, the limit can be higher, up to $1,249,125.

Learn more about jumbo loans:

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-Q425-158

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Nov

2025

South Dakota Jumbo Mortgage Loan Calculator

By Dana Paltao | Uncategorized | Comments Off

South Dakota Jumbo Loan Calculator

By SoFi Editors | Updated November 21, 2025

A South Dakota jumbo loan calculator estimates the monthly payments and total cost of your jumbo loan, allowing you to make sure you can afford the cost before buying. In South Dakota, the conforming loan limit is $832,750 for single-family homes. Anything above this amount will require a jumbo loan.

Keep reading to learn more on jumbo loans versus conforming loans, how to use the South Dakota jumbo loan calculator, and how to save on your jumbo loan.

Key Points

• The South Dakota jumbo mortgage calculator helps estimate monthly mortgage payments and total interest accrued.

• To use the calculator, input the purchase price of the home, the down payment amount, the loan term, the interest rate, and the property tax rate.

• Jumbo loans often have stricter qualification criteria, including higher credit scores and significant cash reserves.

• Jumbo loans require a down payment of at least 10%. Higher down payments can improve loan terms and reduce monthly payments.

• The calculator allows you to compare different loan scenarios to find the best fit.

South Dakota 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 all South Dakota counties in 2026, the conforming loan limit for a single-family home is $832,750.

• Home price: The home price is the agreed-upon purchase price between the buyer and the seller. This helps determine the home loan amount and the monthly payments.

• Down payment: The down payment is the initial amount a homebuyer contributes upfront, typically expressed as a percentage of the home’s purchase price. For jumbo loans, lenders often require at least 10% of the purchase price.

• Loan term: The loan term is the duration over which you repay the mortgage, usually 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. Interest rates vary based on borrower qualifications, market conditions, 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 South Dakota Jumbo Loan Calculator

Using a South Dakota jumbo loan calculator is straightforward. It helps you estimate monthly payments, total interest, and other costs. Here’s a step-by-step guide on how to use it.