Jumbo Loan Calculator
Estimate the monthly payment on a jumbo mortgage — principal, interest, taxes, insurance, HOA and PMI — check it against the 2026 conforming limit (1–4 units, high-cost areas), see the down payment that keeps you conforming, compare a conforming-plus-second-mortgage split, and get reserves, cash to close, DTI and a full schedule.
How it works
Loan = price − down payment · P&I = L × r ÷ (1 − (1 + r)^−n) · Monthly tax = tax% × price ÷ 12 · PITI = P&I + tax + insurance (+ HOA + PMI) · Jumbo if loan > conforming limit · Down payment to stay conforming = price − limit · Reserves = months × PITI
A jumbo loan is simply a mortgage larger than the conforming limit that FHFA sets each year for loans Fannie Mae and Freddie Mac can buy. For 2026 the one-unit baseline is $832,750 in most of the country and up to $1,249,125 in high-cost counties (two- to four-unit homes have higher limits). Because jumbo loans cannot be sold to the agencies, lenders hold more risk and demand stronger credit, larger cash reserves and often 20% or more down. The calculator adds property tax, insurance, HOA dues and any PMI to the principal and interest for the full payment, flags whether your loan crosses into jumbo territory for the limit you choose, and shows how much down payment would keep it conforming. Under More options you can compare the jumbo rate with a conforming rate, test a split into a conforming first mortgage plus a second loan, add points and closing costs, and see the cash reserves a lender may want on top of the cash to close. Yearly and monthly schedules and the debt-to-income check round it out.
Worked example
A $1,200,000 home with 20% down means a $960,000 loan — $127,250 above the $832,750 baseline limit, so it is jumbo. At 6.75% over 30 years the principal and interest is $6,226.54. Adding $1,100 of monthly property tax (1.1% of the price) and $200 of insurance brings the full payment to $7,526.54. To stay conforming you would need $367,250 down (30.6%). Lenders asking for 12 months of reserves would want about $90,300 in the bank after the $264,000 you need at closing (down payment plus 2% closing costs).
Sources: FHFA — Conforming loan limit values for 2026 · FHFA conforming loan limit data and county map
Frequently asked questions
What makes a loan “jumbo”?
A loan is jumbo when it exceeds the conforming loan limit — a baseline of $832,750 for one unit in 2026, with limits up to $1,249,125 in high-cost areas and higher limits for two- to four-unit homes. The threshold is about the loan amount, not the home price, so a large down payment can keep an expensive home’s loan under the limit; the calculator shows exactly how much.
Do jumbo loans have higher rates?
Not always. Historically jumbo rates ran higher, but strong borrowers sometimes get jumbo rates at or slightly below conforming rates, because lenders compete hard for affluent clients. Enter a conforming rate under More options to see what any difference costs per month and over the loan.
How much down payment do jumbo loans need?
Many jumbo lenders want 20% down, though some programs allow 10–15% for well-qualified borrowers, often with PMI or a higher rate. Larger loans and second homes typically require more.
How much cash reserves do I need for a jumbo loan?
Lenders commonly want 6 to 12 months of full mortgage payments left in savings or investment accounts after closing, and 18–24 months or more for very large loans or several properties. The calculator multiplies your payment by the months you enter.
Can I avoid a jumbo loan with a second mortgage?
Yes — borrowing up to the conforming limit on the first mortgage and the rest on a second mortgage or HELOC (a piggyback loan) avoids jumbo underwriting. It pays off when the conforming rate is low enough to offset the higher second-loan rate; turn on the comparison to check.
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This is an educational estimate, not financial advice. Lenders use their own rounding, fees, mortgage-insurance rules and credit terms — confirm exact figures with your lender or a licensed advisor.