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If you’re looking to buy a higher-priced home in Virginia, a jumbo loan could be right for you. Our Virginia jumbo loan calculator can assist you in estimating your potential monthly payments and overall costs. Use this guide to make an informed decision about your future home in Virginia.
Key Points
• Jumbo loans are required for large amounts that exceed the conforming loan limit.
• Qualifying for a jumbo loan often requires a significant down payment (at least 10%) and substantial cash reserves.
• Our jumbo loan calculator can help you estimate monthly payments, total interest, and overall costs of a jumbo mortgage.
• The Virginia jumbo mortgage calculator figures in property tax, but not homeowners insurance or HOA fees.
Virginia Jumbo Loan Calculator
Calculator Definitions
• Jumbo loan: A jumbo loan is a mortgage exceeding the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The conforming loan limit in Virginia varies. In 2025, in most counties, the limit is $832,750 for a single-family home, while in some high-cost areas, it can be up to $1,249,125.
• Home price: This 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 is the duration to repay the mortgage, typically 30 or 15 years, though terms of 10 or 20 years are also available. A longer term lowers monthly payments but increases total interest paid while a shorter term saves on interest but increases monthly payments.
• Interest rate: The jumbo mortgage loan interest rate is the cost of borrowing, expressed as a percentage of the loan amount. A jumbo loan can have a fixed or variable rate, and this impacts the affordability of your mortgage. A jumbo mortgage calculator helps you understand how different mortgage rates affect monthly payments and total costs.
• Annual property tax: Property tax is levied by local governments on land and buildings. It is typically a percentage of the property’s assessed value, which may differ from its market value.
Follow these steps to use the Virginia jumbo loan calculator effectively:
Step 1: Enter Your Home Price
Enter the home price listed on your contract.
Step 2: Enter Your Down Payment Amount
Specify how much you will pay for a down payment. A jumbo mortgage loan requires at least 10% of the home price upfront.
Step 3: Select a Loan Term
Choose a loan term between 10 and 30 years.
Step 4: Enter Your Interest Rate
Input your anticipated interest rate to the second or third decimal point.
Step 5: Enter Your Property Tax Rate
Enter your annual property tax rate as a percentage. Virginia’s average rate is 0.76%.
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).
In 2026, in most counties in Virginia, the limit is $832,750 for a single-family home. In some areas, the limit can be as high as $1,249,125. Below you’ll find all the Virginia counties (and some cities) with limits over the baseline.
Virginia Counties and Cities Conforming Loan Limits Over Baseline
Arlington, Clarke, Culpeper, Fairfax, Fauquier, Loudoun, Madison, Prince William, Rappahannock, Spotsylvania, Stafford, Warren, Alexandria City, Fairfax City, Falls Church City, Fredericksburg City, Manassas City, Manassas Park City
$1,249,125
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.
Jumbo loan requirements also typically require a down payment of 10%, although some lenders look for 20%. Fortunately, private mortgage insurance (PMI) is typically not required for down payments less than 20%.
You will see that using the Virginia jumbo loan mortgage calculator has many benefits. First, it can assist your budgeting process by providing an estimate of your monthly mortgage payment, including principal, interest, and property taxes.
Also, using the calculator to compare offers from multiple lenders helps you find the loan that best serves your needs. Finally, this 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
You can use the Virginia jumbo loan calculator to compare loan scenarios that meet your budget and financial goals. Here’s the process::
• 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.
• Enter 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 Virginia
As you figure out how much house you can comfortably afford, consider the 28% rule: Lenders recommend your housing costs not exceed 28% of your gross monthly income. Let’s say you are considering purchasing a $1 million home in Virginia, putting 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. You would need to earn an annual income of around $250,000, assuming no other debts.
Another rule of thumb lenders suggest is that 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 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.
The main components of a jumbo loan payment are the principal and interest. Our Virginia jumbo loan calculator also includes annual property tax, which may be part of your monthly payment.
Other considerations that may be included in your monthly mortgage payment are homeowners insurance and homeowners association (HOA) dues. Getting a handle on 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 Virginia
As you’re eyeing a property in Virginia, you will want to research the cost of living to understand how much home you can afford and how far your dollar goes toward necessities. States with a lower cost of living typically have less expensive home prices, along with reduced expenses for utilities, maintenance, and transportation.
With a cost of living index of 100.1, Virginia is in line with the national average, and unsurprisingly, housing costs (99.7) are on par with the norm. Utilities (98.4) are a bit cheaper.
Tips on Reducing Your Jumbo Loan Payment
Here are some strategies to help you lower your monthly mortgage payment:
• You may be able to land a less expensive homeowners insurance policy by shopping around. Also, consider going with a higher deductible.
• 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; just remember that to refinance a jumbo loan requires that you pay closing costs again.
Use a Virginia 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 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.
There are many benefits to a jumbo loan, including the ability to finance high-value properties and gain access to certain interest rates. Jumbo loans can be higher risk for a lender, but these instruments can present competitive rates in favorable markets.
What credit score is needed for a jumbo loan?
Typically, you will see a credit score of 700 or higher to secure a jumbo loan (it’s 620 for a conventional conforming mortgage), although some lenders prefer to see 720. Jumbo loans have stricter criteria, including a low debt-to-income ratio and significant cash reserves.
Do you need 20% for a jumbo loan?
While many lenders require a 20% down payment, some lenders accept a down payment as low as 10%.
How can I get the best rate on a jumbo loan?
Shop around and compare offers from multiple lenders. Monitor your credit score and work on reducing your debt-to-income ratio by paying down debts and increasing the size of your down payment. The jumbo loan calculator can help you see how different rates affect monthly payments and total interest paid.
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.
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