Jumbo Loan Calculator

By NerdWallet 
Edited by Alice Holbrook

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A jumbo loan is a conventional mortgage that exceeds conforming loan limits set each year by the Federal Housing Finance Agency.

Use our jumbo loan calculator to estimate your monthly mortgage payment.

Conforming loan limits

Conforming loans are conventional mortgages that stay under the FHFA loan limits and follow underwriting guidelines set by Fannie Mae and Freddie Mac, government-sponsored entities that purchase mortgages from lenders.

Jumbo loans are nonconforming because they exceed the loan limits. Jumbo loans often require down payments of 10% to 20% or more and have stricter credit requirements than other mortgages.

The conforming loan limit for 2024 in most counties is $766,550 but is more in high-cost areas. The upper threshold is $1,149,825 in the most expensive housing markets.

How to use the jumbo loan calculator

To see the estimate of monthly house payments enter the:

  • Home's price (or the price you expect to pay).

  • Down payment amount.

  • Interest rate. If you need help coming up with a number, follow the link under that field to see the rates that lenders currently offer.

  • Term — 15 or 30 years. A 15-year mortgage has higher monthly payments, but you pay it off quicker; a 30-year loan has more affordable payments, but you pay more interest over the life of the loan.

Under "Results," see the estimated monthly payments, including property taxes and homeowners insurance, as well as the total estimated payout over the life of the loan, including the down payment.

Select "Monthly," and you'll see the payment broken down by principal and interest, estimated property tax and estimated homeowners insurance.

Under "Total," see the down payment, the principal (which is the same as the loan amount), all of the interest paid and the total estimated homeowners insurance and property tax paid over the life of the loan.

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Monthly costs included in the jumbo loan calculator

The NerdWallet jumbo mortgage calculator includes four main factors in a large home loan:

  • Principal. This is the borrowed amount, equal to the home's price minus the down payment. Each mortgage payment repays a portion of the principal. A slightly larger amount goes toward your loan balance with each successive payment.

  • Interest. This is the price you pay the lender for borrowing the money. Your first mortgage payment goes mostly toward interest, and the proportion gradually falls every month.

  • Taxes. Typically, you pay one-twelfth of your annual property tax bill in each monthly payment. NerdWallet estimates that your annual tax bill will equal 1% of the home's value. Your tax rate will likely be different.

  • Insurance. Most mortgage borrowers pay for homeowners insurance in monthly installments, similar to how they pay property tax. The calculator estimates that annual homeowners insurance premiums will cost 0.4% of the home's value. Your insurance might cost less, and it might cost substantially more if you live in a disaster-prone area.

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