Is a jumbo loan right for you?
If you’re planning to purchase a higher-priced property and need a loan that goes beyond standard limits, a jumbo loan may be the right option.
Jumbo loans are used to finance homes that exceed the conforming loan limits set by traditional mortgage programs. While they share many features with conventional loans, jumbo mortgages often have more detailed qualification standards due to the larger loan amounts involved.
Benefits of a jumbo loan
Jumbo loans are designed for borrowers who need access to more financing, with the flexibility to cover the full cost of high-value homes.
-
Finance homes above conforming loan limits in a single mortgage
-
Avoid taking out multiple loans to cover one property purchase
-
Private mortgage insurance may not be required with a large enough down payment
-
Flexible loan terms and fixed or adjustable-rate options may be available
Jumbo loan eligibility requirements
Because of the larger loan amount, lenders often look for stronger financial profiles when reviewing jumbo loan applications. Common criteria may include:
-
A strong credit score
-
A larger down payment
-
Verifiable income and employment
-
Documentation of assets and reserves
-
Ability to manage a higher monthly payment
Want to see if a jumbo loan fits your plans? Our team can walk you through the options.
Check out what your monthly payment could be by using our Jumbo Mortgage Calculator…
Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!
Principal & Interest (P&I)
$
Taxes & HOA
$
Homeowners Insurance
$
Purchase Price
$
Down Payment
$
Total Loan Amount
$
Estimated Taxes & Insurance
Property taxes are generally estimated to be 1.2% of the home's value, but may vary based on your location. Annual homeowners insurance is roughly 0.35% of the home's value but can change based on insurer. Your loan specialist can help you determine property tax and insurance rates in your area.
Estimated Payment
$ /mo
Loan amount
$
Down payment
$
Interest rate
Loan term
Taxes & insurance included?
Property tax
Homeowner's insurance
$
HOA dues
$
Payment Breakdown
Amortization
Principal vs. Interest
Amortization Schedule Breakdown
Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan.
Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
- Principal payments: $$240,000 (the amount borrowed)
- Interest payments: $$297,554 (the cost of borrowing)
Resources
Get started by using one of our FREE tools!
No matter what your situation is, there is a home financing solution for you. We are ready to guide you through your options and get you the best deal possible!
Experts
Check out our other mortgage calculators
Access our top-rated mortgage calculators to expertly assess your financing options, compare various loan types, and make informed decisions for your home buying journey.
