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Buying a home in Rhode Island is exciting, especially if you’re considering a higher-priced property. A jumbo loan could be a good fit. Our Rhode Island jumbo loan calculator helps you estimate your potential monthly payment and total costs. Use this guide to make an informed decision about your future home in Rhode Island.
Key Points
• Jumbo loans are required for large amounts that exceed the conforming loan limit, which is $806,500 throughout Rhode Island.
• Qualifying for a jumbo loan usually requires both a sizable down payment (a minimum of 10%) and proof of significant funds in reserve.
• Our jumbo loan calculator can help you estimate your monthly payments, total interest, and overall costs of a jumbo mortgage.
• The Rhode Island jumbo mortgage calculator includes property tax, but not homeowners insurance or HOA fees.
Rhode Island Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage that is larger than the conforming loan limits set by the Federal Housing Finance Agency (FHFA).
• Home price: The home price is the agreed-upon purchase price. The home price affects your estimated monthly mortgage payment, total interest paid, and overall loan cost.
• Down payment: The down payment is the initial amount paid upfront. Jumbo loan requirements can be more strict, and you’ll typically need to put down at least 10% of the home price for this type of mortgage loan.
• Loan term: The loan term is the time period to repay the mortgage (typically 30 or 15 years). Terms of 10 or 20 years are also available. A longer term lowers monthly payments but increases total interest paid; a shorter term saves on interest but increases monthly payments.
• Interest rate: The interest rate, expressed as a percentage of the loan amount, is the cost of borrowing.
• Annual property tax: Property tax, levied by local governments on land and buildings, is typically a percentage of the property’s assessed value, which may differ from its market value.
Follow these steps to get the most out of the Rhode Island jumbo loan calculator:
Step 1: Enter Your Home Price
Start by entering the price of the home you wish to purchase. You will see this amount on your contract.
Step 2: Enter Your Down Payment Amount
Specify a down payment by typing in the amount or using the slider. A jumbo loan requires at least 10% of the home price upfront.
Step 3: Select a Loan Term
Use the drop-down window to choose a loan term, between 10 and 30 years.
Step 4: Enter Your Interest Rate
Indicate your anticipated interest rate, to the second or third decimal point.
Step 5: Enter Your Property Tax Rate
Finally, insert your annual property tax rate as a percentage. Rhode Island has some of the highest property tax rates in the country. The average rate in Rhode Island is 1.39%.
What Are Jumbo Loans and Conforming Loan Limits?
If you are looking to purchase a high-priced home, you will want to figure out what a jumbo loan is. It’s a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The conforming loan limit in 2025 for a single-family home in Rhode Island is $806,500. For any amount above this limit, you will need a jumbo loan.
When comparing jumbo loans vs. conventional loans, jumbo loans often have more stringent qualification criteria. Borrowers generally need a higher credit score (700+) and significant cash reserves to qualify. Lenders also typically require a down payment of 10%, though some look for 20%. Fortunately, private mortgage insurance (PMI) is typically not required for down payments less than 20%.
Using the Rhode Island jumbo loan mortgage calculator has many benefits. First, our tool helps homebuyers create a budget by estimating their total monthly mortgage payment, which includes principal, interest, and property taxes.
Also, begin using the calculator to compare offers from multiple lenders. That way you can make an informed decision and find a loan that serves your needs. Finally, the tool shows how changes in interest rates can affect your payments, allowing you to plan for different scenarios.
How to Use the Jumbo Loan Calculator to Compare Scenarios
Discover how to use the Rhode Island jumbo loan calculator to compare different financing options:
• Modify the home price to see how it affects affordability. Remember that you may qualify for a higher loan amount than you can comfortably afford.
• Consider a larger down payment to reduce your overall interest costs.
• Explore shorter loan terms to save on interest, although that will mean higher monthly payments.
• Type in different interest rates to explore the implications of an adjustable-rate loan.
• Refer to the calculator to evaluate how minor rate changes could affect a jumbo loan.
Current mortgage rates by state.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Deciding How Much House You Can Afford in Rhode Island
As you consider purchasing a home in Rhode Island, you will want to determine how much house you can comfortably afford. Lenders typically suggest that housing costs shouldn’t exceed 28% of your gross monthly income. Let’s say you’re looking at a $1 million home in Rhode Island, with a 10% down payment ($100,000) on a 30-year mortgage at 6.75% interest, then your monthly payment would be approximately $5,837, excluding taxes and insurance. You would need to earn an annual income of around $250,000, assuming no other debts.
The other rule of thumb says total debt payments should stay under 36% of gross monthly income; other debt shouldn’t exceed about $1,600 monthly in this case. If you want to factor in other debts, such as a car loan, student loan, or credit card payment, you can use a home affordability calculator.
A more reliable method to help you determine affordability is to go through the mortgage preapproval process with a lender, where you provide detailed financial information. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.
Even though there are different types of mortgage loans, the core elements of any mortgage payment remain the same: the principal and interest. The Rhode Island jumbo loan calculator also includes annual property tax, which may be part of your monthly payment.
Meantime, other financial commitments like homeowners insurance and homeowners association (HOA) dues may be a part of your mortgage bill. 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.
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 Rhode Island
You will want to research the cost of living in Rhode Island to get a sense of how far your dollar goes. Places with a higher cost of living usually have more expensive home prices. Similarly, you will also pay more for utilities, maintenance, and transportation.
With a cost of living index of 113.4, Rhode Island is about 13% more expensive than the national average. Housing costs (120.4) are pricier — by about 20% — and utilities (127.8) even more so than the national average, by 28%.
Tips on Reducing Your Jumbo Loan Payment
Here are ways to lower your monthly mortgage payment:
• Shop around for less expensive homeowners insurance, opt for a higher deductible, or combine policies to secure a discount.
• 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.
Use a Rhode Island jumbo loan calculator to estimate your monthly payments and total costs. This tool can help you experiment with different down payment amounts, various interest rates, and loan term options so you can make the right financial decision for your budget. By being proactive, you can be better prepared for homeownership in Rhode Island.
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.
The jumbo loan limit — also known as the conforming loan limit — is the threshold that determines when a mortgage exceeds the limits set by the Federal Housing Finance Agency (FHFA). In most counties in the U.S., the limit in 2025 for a single-family home is $806,500. In high-cost areas, the limit can be as high as $1,209,750. If you need a loan amount above the local limit, you will need to seek a jumbo loan.
Is $900,000 a jumbo loan?
Yes, a $900,000 mortgage is typically classified as a jumbo loan in most parts of the U.S. In 2025, the conforming loan limit for a single-family home is $806,500. This limit is higher in designated high-cost areas.
What credit score is needed for a jumbo loan?
A credit score of 700 or higher is required to secure a jumbo loan (it’s 620 for a conventional conforming mortgage), although some lenders prefer 720. Jumbo loans have stricter criteria, including a low debt-to-income ratio and significant cash reserves. To increase your chances of approval, work on improving your credit score by paying down credit card debt and higher-interest loans.
Do you need 20% for a jumbo loan?
While some lenders require a 20% down payment, many lenders now accept a down payment as low as 10% for a jumbo loan.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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