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A jumbo loan may be in your future if you are looking to purchase a higher-priced home in Texas. This guide can help you understand jumbo loans in Texas and how they differ from conforming loans. Learn how to use a jumbo loan calculator to help you estimate your potential monthly payment and total costs, and make an informative decision about buying your next home in Texas.
Key Points
• You will need a jumbo loan when your mortgage exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The conforming loan limit for a single-family home in 2026 in Texas is $832,750.
• A significant down payment (at least 10%) and substantial cash reserves are often necessary to qualify.
• A jumbo loan calculator helps homebuyers estimate monthly payments, total interest, and overall costs of a jumbo mortgage.
• Our Texas jumbo mortgage calculator figures in property tax, but not homeowners insurance or HOA fees.
Texas Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage that exceeds the Federal Housing Finance Agency’s (FHFA) conforming loan limits.
• Home price: The home price is the purchase price you’ve agreed upon with the home seller. It 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 (typically 30 or 15 years) is the duration to repay the mortgage. Terms of 10 or 20 years are also available. A longer term will reduce your monthly payments but increase your total interest paid; a shorter term saves on interest but increases monthly payments.
• Interest rate: The interest rate is the charge for borrowing money, calculated as a percentage of the total loan amount.
• Annual property tax: Property tax is a fee charged by local governments on land and structures, usually calculated as a percentage of the property’s assessed value, which may not be the same as its market value.
Follow these steps to use the Texas jumbo loan calculator:
Step 1: Enter Your Home Price
First, enter the home price listed on your contract.
Step 2: Enter Your Down Payment Amount
Next, specify your down payment. A jumbo loan requires at least 10% of the home price upfront.
Step 3: Select a Loan Term
Then choose a loan term between 10 and 30 years.
Step 4: Enter Your Interest Rate
Now enter your anticipated interest rate, to the second or third decimal point.
Step 5: Enter Your Property Tax Rate
Last, enter your annual property tax rate as a percentage. In Texas, the average rate is 1.63%.
What Are Jumbo Loans and Conforming Loan Limits?
Among the different types of mortgage loans is a jumbo loan — a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The conforming loan limit for a single-family home in 2026 in Texas is $832,750.
As you compare jumbo loans vs. conventional loans, you will see that jumbo loans often have more stringent qualification criteria. In general, borrowers need a higher credit score (700+) and significant cash reserves to qualify. Lenders also typically look for a down payment of 10%, although some look for 20%. Private mortgage insurance (PMI) is usually not required for down payments less than 20%.
The Texas jumbo loan mortgage calculator offers many benefits. First, it can help you estimate what your monthly mortgage payment will be (our calculator includes principal, interest, and property taxes).
Also, the calculator can help you compare offers from multiple lenders, so you can make informed decisions and find the loan that best serves your needs. The calculator shows you 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
Here is how to use the Texas jumbo loan calculator to compare loan scenarios:
• Enter different home prices and see how that adjustment 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.
• Try inputting different interest rates to explore the implications of an adjustable-rate loan.
• Use 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 Texas
Before buying, you will want to determine how much house you can comfortably afford in Texas. Start with the guideline that says housing costs shouldn’t exceed 28% of your gross monthly income. For example, say you’re looking at a $1 million home in Texas, 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.
Another rule of thumb from lenders: 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.
Or go through the mortgage preapproval process with a lender, where you provide detailed financial information. This can be a more reliable method to help you determine affordability. The lender will let you know whether you qualify for a loan and, if so, in what amount and under what terms.
As you ask what is a jumbo loan, you will want to explore all of the components of a jumbo loan payment. Like all mortgage payments, a jumbo loan payment includes principal and interest. Annual property tax may also be part of your monthly payment (our Texas jumbo loan calculator includes property tax).
Other financial considerations in your monthly mortgage payment may be homeowners insurance and homeowners association (HOA) dues. Getting a handle on all of these components helps you see the full 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 Texas
You can develop a housing budget by researching an area’s cost of living, which shows you how far your dollar goes. Places with a lower cost of living typically have lower home prices along with more affordable costs for utilities, maintenance, and transportation.
With a cost of living index of 90.8, Texas is almost 10% more affordable than the national average. Housing costs are even more affordable, at 78.7. Utility expenses (101.9) are slightly higher than average.
Tips on Reducing Your Jumbo Loan Payment
Here are some strategies you can explore to help you 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 your loan term to reduce monthly payments, although this move would increase the total interest you’ll pay.
• If interest rates drop, consider a mortgage refinance; just remember that to refinance a jumbo loan requires that you pay closing costs again.
• Loan modification may be something to pursue with your lender if you face financial hardship in the future.
Use a Texas 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 using this guide, you can be better prepared to locate and pay for the home of your dreams.
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.
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?
Not necessarily. While many lenders require a 20% down payment, some lenders accept a down payment as low as 10%.
What is the jumbo loan limit?
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 areas, the limit for a single-family home is $832,750. In high-cost areas, the limit can go to $1,249,125. If you need a loan amount above these limits, you will require a jumbo loan.
What are the benefits of a jumbo loan?
Jumbo loans offer several benefits, including the ability to finance high-value properties and gain access to certain interest rates. Despite the fact that they can be higher risk for a lender, jumbo loans can have competitive rates in favorable markets.
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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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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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