Tools
Jumbo mortgage calculator.
The monthly payment on a large home loan, the interest you will pay over its life, and how an interest-only payment on the same loan compares.
Loan amount $3,200,000
- Monthly payment
- $19,391.83principal and interest
- Loan amount
- $3,200,00080% of the price
- Down payment
- $800,000
- Total of 360 payments
- $6,981,060
- Total interest
- $3,781,060
- Interest only on the same loan, at any term
- $16,266.67
Principal and interest only; property taxes, home insurance and association dues are not included. The interest-only figure is the loan × the rate ÷ 12, so it does not move with the term. A jumbo loan is one above the conforming limit for its county; pricing and terms vary by lender.
How it works
What makes a loan jumbo
A jumbo loan is larger than the conforming limit set each year for its county, so it cannot be sold to Fannie Mae or Freddie Mac. Lenders hold these loans or sell them privately, and set their own terms.
The payment
Principal and interest on a level schedule: the same payment every month, with more of it going to principal as the years pass.
What is not included
Property taxes, home insurance and association dues. On a home at this level they are a meaningful part of the monthly cost and vary widely by location.
Questions
How do I calculate a jumbo mortgage payment?
The same way as any fixed-rate loan: loan amount × r ÷ (1 − (1 + r) to the power of −n), where r is the annual rate divided by twelve and n is the number of monthly payments.
How much is the payment on a $3,200,000 mortgage?
At 6.1% over 30 years, principal and interest come to $19,391.83 a month. An interest-only payment on the same loan would be $16,266.67.
Are jumbo mortgage rates higher than conforming rates?
Not always. Pricing depends on the lender, the borrower’s assets and the relationship. Compare quotes rather than assume.
How much do I need to put down on a jumbo loan?
Requirements vary by lender. Twenty percent is common, and larger loans often require more. This calculator lets you test from 10% to 60%.
By qualification
Find out if it is open to you.
Three ranges tell you where you stand against the published criteria. If you meet them, Kent Chesley will speak with you personally.
Prefer to talk? Call him directly at 949-293-8686.