Jumbo Loan Calculator
Calculate a jumbo mortgage payment and see the total interest over 15, 20, or 30 years. Built around the 2026 baseline conforming limit of $806,500 — anything above that is jumbo unless your county is high-cost.
Loan Details
2026 conforming limit: $806,500 (one-unit). High-cost ceiling: $1,209,750.
Monthly Principal & Interest
$6,653
Above the baseline limit — jumbo unless your county is high-cost
Total Interest
$1,395,089
Total Paid Over Term
$2,395,089
Payments
360
Conforming limits vary by county.
The 2026 baseline conforming limit is $806,500 for a one-unit property. High-cost counties (parts of California, New York, DC, Hawaii, and others) have higher limits up to $1,209,750. Check the FHFA county limit lookup to see whether your specific loan size crosses into jumbo territory in your area.
What Makes a Loan “Jumbo”
A jumbo loan is simply a mortgage that exceeds the conforming loan limits set each year by the Federal Housing Finance Agency (FHFA). For 2026 the baseline limit for a one-unit property is $806,500. Loans at or below that amount can be sold to Fannie Mae or Freddie Mac and follow standardized underwriting rules. Loans above it are non-conforming — the lender either holds the loan on its own balance sheet or sells it into the private (non-agency) secondary market, which means each lender writes its own jumbo rulebook.
The limit isn't flat across the country. In FHFA-designated high-cost counties — parts of California, the New York metro, the DC suburbs, Seattle, Boston, Hawaii, and others — the ceiling rises to 150% of the baseline, or about $1.21M. A $900,000 loan is jumbo in most of the country but conforming in San Francisco. Always check the FHFA county lookup before assuming a loan crosses into jumbo territory; in many expensive metros, what looks like a jumbo balance is still conforming.
Jumbo Qualification Differences
Because there's no agency standard, jumbo underwriting is set by each lender — and lenders tend to be stricter than they are on conforming loans. Common requirements:
- Credit score 700+ — many programs want 720 or 740 to access the best rates. Sub-700 jumbo lending exists but is narrower and more expensive.
- 20%+ down payment is the standard. Some lenders go to 10–15% with strong-credit borrowers, often via a piggyback second or lender-paid mortgage insurance.
- Larger cash reserves — typically 6 to 12 months of full PITI payments after closing, sometimes 18+ months on the largest loans. Conforming loans usually want 2 months or less.
- Lower DTI — most jumbo lenders cap debt-to-income near 43%, with the strongest programs going to 45%. Conforming loans can sometimes reach 50%.
- Two appraisals are common on loans above ~$1.5M to validate the property value, since a single bad appraisal on a high-balance loan represents real risk to the lender.
On the income side, expect documentation requirements similar to conforming but scrutinized harder — full tax returns, two years of W-2s or business returns, verified asset statements, and a credible explanation for any unusual deposits.
Jumbo vs. Conforming Rate Spreads
For decades, jumbo loans carried a meaningful rate premiumover conforming — roughly 25 to 50 basis points — because they couldn't be sold to Fannie or Freddie. That relationship has flipped at times. Big national banks compete aggressively for jumbo borrowers as “relationship” customers (they tend to bring deposits, brokerage accounts, and other business), and for stretches in the last decade jumbo rates actually quoted lower than conforming.
In today's environment the spread varies by lender. The practical advice is: shop at least three lenders, and include at least one big national bank where you have an existing relationship, one wholesale broker, and one direct jumbo specialist. The quote variance between them is much wider on jumbo than on conforming, and you can save a meaningful amount on a multi-million-dollar loan by getting the spread right. The rate range shown by any single calculator (including this one) is illustrative — actual jumbo quotes are individualized.
Frequently Asked Questions
What is the 2026 jumbo loan limit, and does it vary by county?
The 2026 baseline conforming loan limit set by the FHFA is $806,500 for a one-unit property. Any loan above that is technically non-conforming, but in designated high-cost counties — parts of California, New York, the DC metro, Hawaii, Alaska, and others — the ceiling rises to 150% of the baseline, or about $1.21M. A loan only becomes a true jumbo when it exceeds the limit that applies in your specific county. Check the FHFA's county limit lookup before assuming a loan size is jumbo.
Do jumbo loans require PMI?
Not in the same way conventional loans do. Because jumbo loans aren't backed by Fannie Mae or Freddie Mac, lenders don't use the standard PMI structure. Most jumbo programs simply require 20% down or more — eliminating PMI by design. A few lenders offer jumbos with 10–15% down, and those typically use lender-paid mortgage insurance (rolled into the rate) or a piggyback second mortgage instead of monthly PMI. Either way, the borrower usually doesn't see a separate PMI line item.
Should I take a fixed-rate or ARM jumbo loan?
Fixed-rate jumbos give you payment certainty for the full term, which matters at jumbo balances where a rate increase translates into a much larger dollar increase in monthly payment. ARMs (5/6, 7/6, 10/6) typically start at a lower rate than fixed jumbos and make sense if you have a strong reason to expect a sale, refinance, or major balance paydown before the fixed period ends. Many high-income borrowers use 7/1 or 10/1 ARMs intentionally because they expect to move or refinance well before adjustment.
Can I refinance a jumbo loan?
Yes — and the same math applies as a conforming refinance: how much will the rate drop, what are the closing costs, and how long until you break even. Jumbo closing costs are often higher in absolute dollars because some fees scale with loan size (origination, title insurance). If your county's conforming limit has risen since you took the loan out — they're reset every year and have gone up sharply in recent years — you may now qualify for a conforming refinance at a lower rate. That's a meaningful win and worth checking yearly.
Can I get a jumbo loan with less than 20% down?
Yes, but options narrow. Some lenders offer 10–15% down jumbos to strong-credit borrowers (typically 740+ credit, large cash reserves, and clean income documentation). The trade-off is usually a slightly higher rate, a piggyback second mortgage, or lender-paid mortgage insurance. Doctors, attorneys, and certain other professionals can sometimes find specialty jumbo programs with as little as 5–10% down with no PMI. The lowest-rate jumbos almost always require 20%+ down.