Jumbo loan calculator – NerdWallet
When you buy a luxury home or a regular home in an expensive market, you might find that you need a jumbo loan. If so, this calculator is for you.
A jumbo loan is too large a mortgage to be secured by mortgage giants Fannie Mae and Freddie Mac. The amount varies by county. It is higher in counties where housing is expensive. In 2021, the jumbo loan limit ranges from $ 548,250 to $ 822,375.
NerdWallet’s giant mortgage calculator lets you enter the price of a house, the down payment amount, and the interest rate. The results show how much you’ll pay each month for principal and interest, as well as your estimated property taxes and home insurance costs.
How we got here
What’s behind the numbers in our giant mortgage calculator?
Jumbo mortgages are simple: they’re like conforming loans, but bigger. Most jumbo lenders require a down payment of at least 20% for these loans.
Our jumbo loan calculator provides an estimate of the cost of a large mortgage loan – not only principal and interest, but also an estimate of property taxes and home insurance, which are large expenses that other calculators do. not include. This gives you a more complete view of how much you’ll pay for a home with a jumbo mortgage.
What is the jumbo loan calculator for
NerdWallet’s giant mortgage calculator provides an estimate of how much you can expect to pay each month for a given loan amount and interest rate. The estimated monthly payment overview is useful when determining how much you can afford.
The calculator has a particularly cool feature: you can switch between 15 and 30 year terms and see the difference in the total interest paid over the life of the loan.
How to use our jumbo loan calculator
To see the estimated monthly house payments:

Fill the house the price (or the price you expect to pay).

Enter the size of the advance payment.

Enter the interest rate. If you need help finding a number, follow the link under that field to see the rates currently offered by lenders.

Select a 15 or 30 year old term of the loan. A 15year loan has higher monthly payments, but you pay it back faster; a 30 year loan has more affordable payments, but you pay more interest over the life of the loan.

Choose the range of your credit rating.
Under “Results“you will see the estimated monthly payments, including property taxes and home insurance, as well as your estimated total payment over the term of the loan, including the down payment.
Select the “Monthly“and you’ll see the payment broken down by principal and interest, estimated property tax, and finally, estimated home insurance.
Select “Total“and you’ll see the down payment, principal (which is the same as the loan amount), all interest paid, and the estimated total home insurance and property tax paid over the life of the loan.
Jumbo loans 101
What monthly costs are included in the jumbo mortgage calculator?
You get an incomplete financial picture if you use a mortgage calculator that only calculates principal and interest. The giant NerdWallet mortgage calculator understands the four main factors of a large home loan:

Main. This is the amount you borrowed. It is equal to the price of the house minus the down payment. Each mortgage payment repays part of the capital. A slightly larger amount goes towards your loan balance with each successive payment.

The interest. This is the price you pay the lender for borrowing the money. Your first mortgage payment is mainly used to pay interest, and the amount gradually decreases each month.

Taxes. Typically, you pay onetwelfth of your annual property tax bill in each monthly payment. NerdWallet estimates that your annual tax bill will be equal to 1% of the value of the home. Your tax rate will likely be different.

Assurance. Most mortgage borrowers pay for home insurance the same way they pay property tax: onetwelfth of the annual bill for each monthly home payment. NerdWallet estimates that annual home insurance premiums will cost 0.3% of the home’s value. Your insurance can cost less, and it can cost a lot more if you live in a disasterprone area.
How to interpret your results
NerdWallet’s Giant Mortgage Calculator is a valuable tool in answering the question every homeowner has: “How many houses can I afford?“It allows you to browse scenarios:

Should you take out a loan over 30 or 15 years? You can compare the impact of different loan terms on the monthly mortgage payments. Simply enter the house price, down payment amount, interest rate, and credit score range, then switch between loan terms. The differences will be immediately reflected below.

What is the difference in the monthly payment between the asking price and the amount you want to offer? Change the dollar amount of the house price and see how the payments are affected.

How would a larger down payment affect your monthly costs? Keep the price of the house the same, but enter different down payment amounts to see the changes in the payments.

What if interest rates go up or down? You can enter different interest rate percentages to see how these would affect your costs.

Is the deposit sufficient? The calculator automatically calculates the down payment percentage. Most jumbo lenders require a down payment of at least 20%.

Should I refinance my jumbo loan? Plug your outstanding mortgage balance and the current interest rate into the jumbo mortgage calculator to see the effect on your monthly payment. You can also see the total interest you would pay if you refinanced into a loan with a different term.
Principal and interest calculations are actual costs rounded to the nearest dollar. Property tax and home insurance are estimates, and actual costs will vary.
What is the jumbo limit in 2021?
A jumbo loan in most counties is a mortgage over $ 548,250. But in the more expensive markets (think Manhattan), a jumbo is a home loan over $ 822,375. In some places, the giant limit is between these dollar amounts.
Take Florida, for example. In all but one county, a jumbo loan is a mortgage over $ 548,250. The exception is Monroe County, where Key West is located. Homes in Key West are more expensive than the rest of the state, and anything over $ 608,350 is considered a jumbo loan.
Next steps
Use the jumbo mortgage calculator several times during the home buying process:

Get a qualified verdict on how much home you can afford. Start with our home accessibility calculator, then tweak it with the giant mortgage calculator. Make sure the estimated payments match your budget.

Make offers and counteroffers intelligently. Plug in the numbers for price, down payment, and interest rate, and see how various situations would affect monthly payments.

Compare lenders. The jumbo mortgage calculator recommends highly rated lenders; you can enter their interest rate quotes into the calculator and then run the numbers.