Jumbo Loan Calculator
Estimate the monthly payment and total interest on a jumbo mortgage above the conforming loan limit. Enter the amount, rate, and term.
Independently verified for accuracy
Calculator by Toolsloft ↗- Monthly payment
- 5987.72
- Loan type
- Jumbo (above the limit)
- Total interest
- 1255580.08
- Total paid
- 2155580.08
Estimate the monthly payment on a jumbo mortgage, a home loan larger than the conforming limit that Fannie Mae and Freddie Mac will buy. Enter the loan amount, rate, term, and the conforming limit for your area, and the calculator returns the payment, total interest, and whether the loan counts as jumbo.
How this is calculated
The payment uses the standard amortizing-mortgage formula, Payment = P*r*(1+r)^n / ((1+r)^n - 1), where r is the monthly rate and n is the number of months. The loan is flagged jumbo when its amount exceeds the conforming limit you enter; the 2024 baseline limit is $766,550 for a one-unit home, higher in costly counties.
How to use
- Enter the loan amount.
- Enter the annual interest rate and the term in years.
- Enter the conforming loan limit for your area (2024 baseline is $766,550).
- Read the monthly payment, total interest, and the jumbo flag.
Examples
- $900,000 at 7% for 30 years:
payment $5,987.72, jumbo - $500,000 at 6.5% for 30 years:
payment $3,160.34, not jumbo
FAQ
- What makes a loan a jumbo loan?
- A mortgage above the conforming loan limit set each year by the Federal Housing Finance Agency. The 2024 baseline is $766,550 for a one-unit home, with higher limits in high-cost areas.
- Do jumbo loans have higher rates?
- Sometimes. Because they cannot be sold to Fannie Mae or Freddie Mac, lenders often ask for a larger down payment, stronger credit, and cash reserves, and the rate can differ from a conforming loan. Enter the actual rate you are quoted.
- Is the conforming limit the same everywhere?
- No. The baseline applies to most of the country, but counties with high home prices have higher limits. Enter the limit for your area to get the right jumbo flag.