How to Use the North Dakota Jumbo Loan Calculator

Deciding How Much House You Can Afford in North Dakota

Home prices in North Dakota vary across the state, and lenders typically advise keeping mortgage payments below 28% of your gross monthly income. To afford a $1 million home, you’d likely need a $250,000 income, assuming a 10% down payment ($100,000) and a 6.75% interest rate on a 30-year mortgage. This translates to a $5,837 monthly payment (excluding property taxes and insurance).

Lenders also recommended keeping total debt payments within 36% of gross monthly income. In the example above, if your debts exceed about $1,600 a month — think student loans, credit cards, and car payments — the income needed for a $900,000 mortgage would be higher.

Mortgage preapproval can clarify your maximum mortgage, simplifying the homebuying process. Though, only you can say what a comfortable budget is, based on your assets, lifestyle, and financial goals.

Recommended: Jumbo Loan Requirements

Components of a Jumbo Loan Payment

The main components of a jumbo loan payment include the principal and interest. The mortgage principal is the amount borrowed, and the interest is the cost of borrowing that amount.

Other components include property tax — which is included in our calculator — as well as homeowners insurance and homeowners association (HOA) fees. Knowing how these expenses factor in gives you a clearer view of your overall financial commitment and helps you prepare for the true costs of homeownership.

Cost of Living in North Dakota

According to the Missouri Economic Research and Information Center (MERIC), the cost of living index in North Dakota is 91.3, which is about 9% lower than the national average of 100. Housing costs are approximately 23.5% lower than the national average, which is good news for those looking to buy a home in North Dakota.

Other expenses in North Dakota fall below the national average, too. Groceries are 6% lower, utilities are 19% lower, and transportation is 1.5% lower. Health care does run higher than the national average by 9%.

To find the best affordable places in North Dakota, use a home affordability calculator to factor in all these costs and determine a realistic price range for your new home.

Tips on Reducing Your Jumbo Loan Payment

Reducing your jumbo loan payment can make homeownership more manageable. Here are some strategies:

•  Increase your down payment to reduce the loan amount and lower monthly payments.

•  Shop for a lower interest rate to significantly reduce your monthly payment and total interest paid.

•  Consider an adjustable-rate mortgage (ARM) for possible lower initial payments, but be prepared for potential rate increases.

•  Recast your mortgage with a large lump-sum payment to reduce the outstanding balance and lower payments.

•  Modify your loan during financial hardship to make payments more manageable.

•  Refinance your mortgage to a longer term to lower monthly payments, though this increases total interest paid.

•  Explore ways to secure a more favorable homeowners insurance rate, which can reduce your overall monthly payment.

The Takeaway

When considering a high-value property in North Dakota, a jumbo loan calculator helps you estimate your potential monthly payments, the total interest paid over the life of the loan, and the impact of different interest rates and varying loan terms. This can then help you decide if a jumbo loan fits within your budget and help you choose the right loan for your needs.

When you’re ready to take the next step, consider what SoFi Home Loans have to offer. Jumbo loans are offered with competitive interest rates, no private mortgage insurance, and down payments as low as 10%.

How to Use the Kansas Jumbo Loan Calculator

Deciding How Much House You Can Afford in Kansas

As you begin your homebuying journey, you will want to figure out how much home you can comfortably afford. To help you determine this, consider the 28% rule: Lenders recommend your housing costs not exceed 28% of your gross monthly income. Let’s say you have your eye on a $1 million home in Kansas, and you decide to put down a 10% down payment ($100,000) on a 30-year mortgage at 6.75% interest. Your monthly payment would be approximately $5,837, excluding taxes and insurance. Your annual income would need to be around $250,000, assuming you hold no other debts.

To further assist you in determining affordability, lenders also recommend your total debt payments be less than 36% of your gross monthly income; other debt shouldn’t exceed about $1,600 monthly in this case. If you have other debt (like a car loan, student loan, or credit card payment), you can use a home affordability calculator.

Another avenue to help you establish affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.

Recommended: Income Needed for a $900,000 Mortgage

Components of a Jumbo Loan Payment

Even though there are different types of mortgage loans, the main elements of a jumbo loan payment remain: the principal and interest. The Kansas jumbo loan calculator also includes annual property tax, which may be part of your monthly payment.

You may also need to factor into your mortgage bill homeowners insurance and homeowners association (HOA) dues. Understanding all of these components helps you get a more accurate picture of your total commitment, ensuring you are well-prepared for the financial responsibilities of homeownership.

Cost of Living in Kansas

As you’re eyeing a property in Kansas, it’s a good idea to research the cost of living to get a sense of how far your dollar goes. States like Kansas with a lower cost of living typically have cheaper home prices, along with lower costs for utilities, maintenance, and transportation.

With a cost of living index of 88.5, Kansas is ranked the 5th most economical place to live in the U.S. Housing costs (77.5) tend to be even lower, by more than 20%, while utilities (97.7) are about 2.3% less expensive than the national average.

If you locate a pricier property to buy in Kansas — one that’s above the conforming loan limit — you will want to seek out a jumbo loan.

Tips on Reducing Your Jumbo Loan Payment

To reduce your monthly mortgage payment after moving into your new home, consider these options:

•  Check with a variety of insurers and compare rates. Consider a higher deductible or ask if your insurer offers a discount when bundling policies (auto and home, for example).

•  Extend the term of your loan to reduce monthly payments (though this increases the total interest you’ll pay).

•  If you face financial hardship in the future, talk to your lender about a loan modification.

•  If interest rates drop, consider a mortgage refinance. To refinance a jumbo loan, you must pay closing costs again.

The Takeaway

Use our Kansas jumbo loan calculator to help you estimate your monthly payments and total costs. The tool can help you experiment with different down payment amounts, various interest rates, and loan term options so you can make the right financial decision for your budget. By being proactive, you will be better equipped to secure and comfortably afford your dream home.

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%.

How to Use the Missouri Mortgage Refinance Calculator

Typical Closing Costs for a Refinance in Missouri

Mortgage refinancing costs typically range from 2% to 5% of the new loan amount. These costs include lender, credit report, home appraisal, recording, and attorney fees. Some fees, like title insurance and inspection, may not be required for refinances.

For a $500,000 loan, for example, closing costs could fall between $10,000 and $25,000. For a $300,000 loan, closing costs could range from $6,000 to $15,000. The smaller the loan, the less you’ll pay in closing costs. To lower costs, shop around and negotiate with multiple lenders, and maintain a strong credit score.

While “no-closing-cost refinance” promotions are eye-catching, they’re a bit misleading, since many lenders will increase your interest rate to cover the cost of closing fees.

Recommended: How and When to Refinance a Jumbo Loan

Tips on Reducing Your Mortgage Refinance Payment

There are ways to reduce your mortgage refinance payment, including:

•  Building up your credit score to secure better interest rates and terms.

•  Extending the term of your loan to lower monthly payments, though this increases total interest paid.

•  Adjusting your homeowners insurance policy to decrease your monthly premium.

•  Shopping around for the best rates and terms to find the most competitive offers.

The Takeaway

Refinancing your mortgage may help you save money, but it requires careful consideration. A Missouri mortgage refi calculator helps estimate potential savings and costs, ensuring your decision aligns with your financial goals. Whether you aim to lower monthly payments, shorten the loan term, or access home equity, the calculator provides a clear financial impact.

If you plan to stay in your home long-term and can secure a better rate, refinancing might be a smart move. However, if the costs outweigh the benefits, explore other options like making extra payments or recasting your loan.

SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.