Jumbo Loan Calculator
Calculate your jumbo loan payments for high-value properties exceeding conforming loan limits.
Loan Details
Jumbo loans typically require 10–20% down payment
What is a jumbo loan?
A jumbo loan is any mortgage larger than the conforming loan limit set for the baseline market — $806,000 in most markets for 2026. Conforming loans can be sold to Fannie Mae or Freddie Mac, which means a government-sponsored guarantee and a deep, liquid secondary market. Jumbo loans exceed that ceiling, cannot be sold on standard terms, and are usually held on the originating lender's portfolio or placed privately with investors. That one fact — no easy secondary market — drives everything else: stricter credit requirements, larger cash reserves, heavier documentation, and pricing that can sit above conforming rates.
Jumbo describes a loan size, not a lifestyle. A $900,000 mortgage on a $1,000,000 home with 10% down is jumbo, and so is a $960,000 loan on a $1,200,000 property bought with 20% down. On that $1,000,000 purchase the line between conforming and jumbo is your down payment: 20% down produces an $800,000 loan, which sits under the $806,000 baseline and can be written as a standard conforming loan, while 10% down produces a $900,000 loan and requires jumbo terms. High-cost counties carry higher limits — often above $1.2 million — so the first step in any purchase is checking your county's number rather than assuming you are over or under it.
Because the lender keeps the loan on its own books, jumbo underwriting reads like a job application. Expect a minimum credit score near 700, with 720 or higher earning better pricing, a down payment of 10% to 20%, a debt-to-income ratio at 43% or below, two years of documented income, and six to twelve months of mortgage payments held in liquid assets after closing. Most jumbo programs do not charge monthly mortgage insurance even below 80% loan-to-value, which is one reason buyers accept the stricter rules: on a $900,000 loan, conventional PMI at 0.5% to 1.5% a year would cost $4,500 to $13,500 annually, and most jumbo products charge none.
How to use this calculator
- Enter the loan amount — purchase price minus down payment. If the result exceeds your county's conforming limit, you are pricing a jumbo loan.
- Enter the interest rate. Jumbo rates commonly sit 0.125% to 0.5% above conforming; today's conforming quotes are on our mortgage rates page, and the worked examples here use 6.75%.
- Choose the term — 360 months for a standard jumbo fixed. Shorter terms price lower but raise the payment.
- Optionally add property taxes, homeowners insurance, and HOA dues. High-value properties usually carry both tax and HOA lines, and lenders qualify you on the total.
- Click Calculate to see the monthly payment, total interest, total repaid, and the full amortization schedule.
A realistic input set: a $1,200,000 home with 20% down is $240,000 cash and a $960,000 loan — above the baseline, so jumbo. At 6.75% over 360 months the payment is $6,226.54 and lifetime interest is $1,281,555. Budget property tax at 1.0% to 1.3% of value a year — $1,000 to $1,300 a month on $1,200,000 — and homeowners insurance at $2,000 to $4,000 a year, or $167 to $333 a month, then add HOA dues if the property has them. Plan closing costs at 2% to 5% of the loan amount, which is $19,200 to $48,000 on $960,000, and expect a full interior appraisal at $600 to $1,200. Reserves are measured against that total payment, after the down payment has already left the account.
How it is calculated
Jumbo underwriting changes who qualifies for the loan; it does not change the arithmetic. The lender divides the annual rate by 12 and solves the same question any mortgage answers: what level payment, made 360 times, exactly exhausts the balance?
M = P × [ i (1 + i)ⁿ ] ÷ [ (1 + i)ⁿ − 1 ]
Here M is the monthly principal and interest payment, P is the jumbo loan amount, i is the monthly interest rate (annual rate ÷ 12), and n is the number of payments — 360 on a 30-year jumbo. Larger balances produce larger payments on identical math: the formula is linear in P, so doubling the loan doubles both the payment and the lifetime interest.
Worked example: $900,000 at 6.75% for 30 years
Step 1: the monthly rate is 6.75% ÷ 12 = 0.005625. Step 2: n = 30 × 12 = 360 payments. Step 3: the compounding factor is (1 + 0.005625)³⁶⁰ = 7.533245. Step 4: multiply and divide — 900,000 × 0.005625 = 5,062.50, then 5,062.50 × 7.533245 = 38,137.06 and 7.533245 − 1 = 6.533245, so M = 38,137.06 ÷ 6.533245 = $5,837.38. Step 5: total repayment is $5,837.38 × 360 = $2,101,457, which makes lifetime interest $2,101,457 − $900,000 = $1,201,457.
Step 6 shows how slowly a large balance amortizes at the start. Payment 1 is $5,062.50 of interest and only $774.88 of principal — 86.7% interest. During year 1 you send $70,049 to the lender — $60,457 of it interest and only $9,592 of principal, leaving $890,408 owed after month 12. On the same rate and term, a conforming-sized loan of $400,000 would carry a payment of $2,594.39 and total interest of $533,981; the extra $500,000 borrowed costs $3,242.99 more each month and $667,477 more in interest over 30 years.
Worked scenarios
The three inputs that move a jumbo payment are the amount borrowed, the rate, and the down payment, which sets the loan size in the first place. Each table holds two constant so one change is visible at a time. All figures are principal and interest only; taxes, insurance, and HOA dues are separate lines.
Down payment scenarios: $1,000,000 home, 6.75%, 30-year term
| Down payment | Cash down | Loan amount | Monthly P&I | Total interest |
|---|---|---|---|---|
| 10% | $100,000 | $900,000 | $5,837.38 | $1,201,457 |
| 20% | $200,000 | $800,000 | $5,188.78 | $1,067,961 |
| 30% | $300,000 | $700,000 | $4,540.19 | $934,468 |
Two things are worth reading off that table. First, 20% down on a $1,000,000 home produces an $800,000 loan, which falls under the $806,000 conforming baseline — you escape jumbo underwriting entirely with cash. Second, the 10% row costs $648.60 a month more than the 20% row and $133,496 more in lifetime interest, and it is the only row where mortgage insurance or a rate premium may apply. The down payment calculator runs this trade at your own price point.
Rate scenarios: $900,000 jumbo, 30-year fixed
| Interest rate | Monthly P&I | Total repaid | Total interest |
|---|---|---|---|
| 6.50% | $5,688.61 | $2,047,900 | $1,147,900 |
| 6.75% | $5,837.38 | $2,101,457 | $1,201,457 |
| 7.00% | $5,987.72 | $2,155,579 | $1,255,579 |
A quarter-percent of rate is worth $148.77 a month on this loan — $53,557 across 360 payments. That is the size of the typical jumbo-versus-conforming spread, which is why the middle row of this table is the number to negotiate. Portfolio lenders price the same file differently, so take three to five quotes on the same day and compare the rate, the points, and the lock window together.
Jumbo versus conforming requirements
| Requirement | Conforming | Jumbo |
|---|---|---|
| Loan limit | $806,000 baseline, higher in some counties | Above the county limit, no ceiling |
| Minimum down payment | 3% to 5% | 10% to 20% |
| Minimum credit score | 620 | 700, commonly 720 for best pricing |
| Debt-to-income | Often approved at 45% to 50% | Usually 43% or lower |
| Post-closing reserves | 0 to 2 months | 6 to 12 months of payments |
| Mortgage insurance | PMI below 20% down | None on most jumbo products |
| Documentation | Standard verification | Two years of returns, full asset trail |
The jumbo column is stricter in every row except one — mortgage insurance — and that single exception is often the reason a borrower accepts the other six.
Key jumbo loan requirements
- Loan amount. Anything above the $806,000 baseline conforming limit for 2026. High-cost counties carry higher limits, often above $1.2 million, so confirm your county's figure before assuming you need jumbo terms.
- Credit score. 700 is the typical minimum, 720 earns materially better pricing, and 740+ sits in the top tier. Below 700 you will need compensating factors — low loan-to-value, substantial reserves, or a lower debt ratio — and some lenders will not consider the file at all.
- Down payment. 10% to 20% is the standard range. On $1,000,000 that is $100,000 to $200,000 cash; 20% keeps the loan at 80% loan-to-value, which secures the best rates and removes any mortgage insurance question.
- Reserves. Six to twelve months of the housing payment in liquid assets after closing. On the $5,837.38 payment in this example that is $35,024 to $70,049 counted on principal and interest alone, or about $38,624 for six months of PITI once $600 of taxes and insurance is included.
- Debt-to-income ratio. 43% or lower is typical, against the 45% to 50% commonly approved on conforming loans. On $25,000 of gross monthly income, 43% caps total monthly debt at $10,750 — the $5,837.38 mortgage plus every car, student, and card payment must fit inside that number.
- Documentation. Two years of tax returns and W-2s, or 1099s plus a year-to-date profit and loss statement for the self-employed, full asset statements, and a paper trail for every large deposit in the 60 to 90 days before closing.
- Mortgage insurance. Most jumbo programs charge no monthly mortgage insurance; the risk is priced into the rate or carried as lender-paid mortgage insurance instead. A removable PMI policy, the kind conventional borrowers get below 20% down, is generally not available.
- Pricing. Jumbo rates often run slightly above conforming — commonly 0.125% to 0.5% higher, narrowing for 740+ profiles. On $900,000 a 0.25% gap costs $148.77 a month and $53,557 over the full term, which is why the spread should be quoted, not assumed.
- Closing costs. 2% to 5% of the loan amount: $18,000 to $45,000 on a $900,000 loan, funded at closing alongside the down payment and the appraisal.
Tips for 2026
- Check the county conforming limit before you assume jumbo. On a $1,000,000 purchase, 20% down yields an $800,000 loan — under the $806,000 baseline — so a conforming loan is available. Request both a conforming and a jumbo quote on the same file: conforming underwriting is faster, cheaper, and usually priced better.
- Shop the portfolio market, not just your bank. Jumbo loans stay with whoever originates them, so pricing varies more between lenders than it does on conforming loans. Three to five same-day quotes matter: a quarter-percent on $900,000 is $148.77 a month and $53,557 over 30 years.
- Verify reserves before you make an offer. Lenders count liquid assets remaining after closing — six to twelve months of PITI, which is $35,024 to $70,049 on principal and interest alone in this example. Retirement funds are commonly counted at 60% of vested value, and gift or bonus deposits need a documented source.
- Model the conforming-plus-second structure. If the loan only modestly exceeds the limit, a first mortgage at the conforming ceiling with a HELOC for the balance can keep the first loan in conforming pricing. Compare the combined rate, the HELOC's variable rate, and the second loan's fees against a single jumbo fixed before committing.
- Price the ARM honestly. Jumbo ARM initial rates often start below the 30-year fixed, and lenders generally qualify you at the fully indexed rate anyway. If you will sell or refinance inside seven years the saving can be real — run the post-reset payment in the ARM calculator and confirm you could carry it.
- Budget cash to close, not just the down payment. Closing costs of 2% to 5% add $18,000 to $45,000 on $900,000, plus a $600 to $1,200 appraisal. Ask each lender for a Loan Estimate and compare the fee lines alongside the rate rather than after it.
- Settle the lock conversation up front. Jumbo locks run 30 to 60 days and extensions cost more than conforming ones because the loan is harder to hedge. Confirm lock length, extension pricing, and the policy if closing slips before you apply, not once you are in underwriting.
Common jumbo loan mistakes
- Assuming jumbo means luxury. Jumbo means above the conforming limit — $806,000 in most markets for 2026. An $850,000 loan in an ordinary suburb attracts full jumbo underwriting, while a $1,000,000 home bought with 25% down ($750,000 financed) is a conforming loan.
- Shopping a single lender. Portfolio pricing on the same borrower can differ by a quarter-percent or more between lenders, which is $148.77 a month on $900,000. Without two or three same-day quotes you have no way to know whether your rate is competitive.
- Spending the reserves to make the down payment. Six to twelve months of payments must still be there after closing — $35,024 to $70,049 on the $5,837.38 example. Draining the account to reach 20% down is a denial waiting to happen, so size the cash plan before the offer.
- Applying conforming debt-to-income expectations. Jumbo caps near 43%, so on $25,000 of gross monthly income the ceiling is $10,750 of total monthly debt. A pre-approval run at 45% to 50% tells you nothing about whether the jumbo file clears.
- Counting on mortgage insurance to rescue a small down payment. Most jumbo products do not sell monthly PMI the conventional way. With 10% down you are more likely to face a higher rate or a lender-paid insurance price than a removable premium you can cancel at 80% loan-to-value.
- Underestimating cash to close. Closing costs run 2% to 5% — $18,000 to $45,000 on $900,000 — and jumbo appraisals cost $600 to $1,200, sometimes with a second report above $1 million. Buyers who budget the down payment alone arrive at closing short and scramble for funds that then need their own paper trail.
Frequently asked questions
What is the 2026 conforming loan limit? The baseline limit is $806,000 in most markets, and any loan above that figure is jumbo. High-cost counties carry higher limits, often above $1.2 million, so the number that matters is the one set for your county — check it before you assume you need jumbo terms or that you avoid them.
What credit score do I need for a jumbo loan? 700 is the typical minimum, 720 earns noticeably better pricing, and 740+ sits in the top tier. A 680 profile can still clear with compensating factors such as 25% down, twelve months of reserves, or a debt-to-income ratio well under 40%.
How much down payment does a jumbo loan require? Typically 10% to 20%. On a $1,000,000 home, 10% down is $100,000 cash and a $900,000 jumbo loan, while 20% down is $200,000 cash and an $800,000 loan — under the $806,000 baseline, so conforming terms apply.
How many reserves do I need? Six to twelve months of the housing payment after closing. On the $5,837.38 payment calculated here, that is $35,024 to $70,049 counted on principal and interest, or about $38,624 for six months of PITI once $600 of monthly taxes and insurance is included.
Do jumbo loans require mortgage insurance? Most do not charge monthly mortgage insurance, even below 80% loan-to-value; lenders price the risk into the rate or carry lender-paid insurance instead. Conventional PMI on a $900,000 loan at 0.5% to 1.5% a year would cost $4,500 to $13,500 annually.
Are jumbo rates higher than conforming rates? Often by 0.125% to 0.5%, and the gap narrows for 740+ borrowers. On a $900,000 loan over 30 years, a 0.25% difference is $148.77 a month and $53,557 of interest, which is why three to five same-day quotes are worth the hour.
Can I refinance a jumbo loan? Yes, but the underwriting is stricter than a conforming refinance: full appraisal, complete income documentation, and real equity. Some lenders do not offer jumbo refinancing at all, so confirm the product exists with your lender before counting on a future rate drop.
Is there a way to avoid jumbo requirements? Sometimes. A piggyback structure — a first mortgage at the $806,000 conforming limit plus a HELOC or second loan for the balance — keeps the first loan conforming. Compare the combined rate and the second product's fees against a single jumbo fixed before you commit.