🏰 Jumbo Loan Calculator
Estimate the monthly payment on a jumbo mortgage and see how your loan amount compares to the conforming loan limit.
What Is a Jumbo Loan?
A jumbo loan is a mortgage that exceeds the conforming loan limit set for your area, meaning it cannot be purchased by Fannie Mae or Freddie Mac. Jumbo loans typically carry stricter qualification requirements and sometimes slightly different interest rates than conforming loans.
The Formula
The monthly principal and interest payment is calculated with the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the loan amount (home price minus down payment), r is the monthly interest rate, and n is the number of monthly payments. The calculator also compares your loan amount to the conforming loan limit you enter to flag whether the loan is jumbo.
Conforming loan limits vary by county and change annually, so update the limit field with the figure for your specific area. This tool is for general planning and educational purposes and does not replace a quote from a mortgage lender.