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Jumbo Mortgage Calculator
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Check Today's Mortgage Rates |
Jumbo Mortgage Calculator to calculate the monthly payment for your jumbo loan. The jumbo loan calculator can calculate the mortgage payments with options such as HOA, property taxes and home insurance, down payment, PMI, extra payments, biweekly and monthly payments.
Mortgage Calculator Results |
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| Home Value: | $1,400,000.00 | |||||
| Mortgage Amount: | $980,000.00 | |||||
| Monthly Principal & Interest: | $4,265.02 | |||||
| Monthly Extra Payment: | $0.00 | |||||
| Monthly Property Tax: | $391.67 | |||||
| Monthly Home Insurance: | $70.83 | |||||
| Monthly PMI: | PMI not required | |||||
| Monthly HOA Fees: | $0.00 | |||||
Total Monthly Payment: |
$4,727.52 |
|||||
| Total # Of Payments: | 360 | |||||
| Start Date: | Sep, 2024 | |||||
| Payoff Date: | Aug, 2054 | |||||
| Down Payment: | $420,000.00 | |||||
| Principal: | $980,000.00 | |||||
| Total Extra Payment: | $0.00 | |||||
| Total Interest Paid: | $555,407.89 | |||||
| Total Tax, Insurance, PMI and Fees: | $166,500.00 | |||||
Total of all Payments: |
$2,121,907.89 |
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Mortgage Amortization Schedule |
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| Payment Date | Payment # | Interest | Principal | Tax, Insurance, PMI & Fees | Total Payment | Balance |
|---|---|---|---|---|---|---|
| Sep, 2024 | 1 | $2,654.17 | $1,610.86 | $462.50 | $4,727.52 | $978,389.14 |
| Oct, 2024 | 2 | $2,649.80 | $1,615.22 | $462.50 | $4,727.52 | $976,773.93 |
| Nov, 2024 | 3 | $2,645.43 | $1,619.59 | $462.50 | $4,727.52 | $975,154.33 |
| Dec, 2024 | 4 | $2,641.04 | $1,623.98 | $462.50 | $4,727.52 | $973,530.36 |
| Jan, 2025 | 5 | $2,636.64 | $1,628.38 | $462.50 | $4,727.52 | $971,901.98 |
| Feb, 2025 | 6 | $2,632.23 | $1,632.79 | $462.50 | $4,727.52 | $970,269.19 |
| Mar, 2025 | 7 | $2,627.81 | $1,637.21 | $462.50 | $4,727.52 | $968,631.98 |
| Apr, 2025 | 8 | $2,623.38 | $1,641.64 | $462.50 | $4,727.52 | $966,990.34 |
| May, 2025 | 9 | $2,618.93 | $1,646.09 | $462.50 | $4,727.52 | $965,344.25 |
| Jun, 2025 | 10 | $2,614.47 | $1,650.55 | $462.50 | $4,727.52 | $963,693.70 |
| Jul, 2025 | 11 | $2,610.00 | $1,655.02 | $462.50 | $4,727.52 | $962,038.68 |
| Aug, 2025 | 12 | $2,605.52 | $1,659.50 | $462.50 | $4,727.52 | $960,379.18 |
| Sep, 2025 | 13 | $2,601.03 | $1,663.99 | $462.50 | $4,727.52 | $958,715.19 |
| Oct, 2025 | 14 | $2,596.52 | $1,668.50 | $462.50 | $4,727.52 | $957,046.68 |
| Nov, 2025 | 15 | $2,592.00 | $1,673.02 | $462.50 | $4,727.52 | $955,373.66 |
| Dec, 2025 | 16 | $2,587.47 | $1,677.55 | $462.50 | $4,727.52 | $953,696.11 |
| Jan, 2026 | 17 | $2,582.93 | $1,682.09 | $462.50 | $4,727.52 | $952,014.02 |
| Feb, 2026 | 18 | $2,578.37 | $1,686.65 | $462.50 | $4,727.52 | $950,327.37 |
| Mar, 2026 | 19 | $2,573.80 | $1,691.22 | $462.50 | $4,727.52 | $948,636.15 |
| Apr, 2026 | 20 | $2,569.22 | $1,695.80 | $462.50 | $4,727.52 | $946,940.35 |
| May, 2026 | 21 | $2,564.63 | $1,700.39 | $462.50 | $4,727.52 | $945,239.96 |
| Jun, 2026 | 22 | $2,560.02 | $1,705.00 | $462.50 | $4,727.52 | $943,534.96 |
| Jul, 2026 | 23 | $2,555.41 | $1,709.61 | $462.50 | $4,727.52 | $941,825.35 |
| Aug, 2026 | 24 | $2,550.78 | $1,714.24 | $462.50 | $4,727.52 | $940,111.10 |
| Sep, 2026 | 25 | $2,546.13 | $1,718.89 | $462.50 | $4,727.52 | $938,392.21 |
| Oct, 2026 | 26 | $2,541.48 | $1,723.54 | $462.50 | $4,727.52 | $936,668.67 |
| Nov, 2026 | 27 | $2,536.81 | $1,728.21 | $462.50 | $4,727.52 | $934,940.46 |
| Dec, 2026 | 28 | $2,532.13 | $1,732.89 | $462.50 | $4,727.52 | $933,207.57 |
| Jan, 2027 | 29 | $2,527.44 | $1,737.58 | $462.50 | $4,727.52 | $931,469.98 |
| Feb, 2027 | 30 | $2,522.73 | $1,742.29 | $462.50 | $4,727.52 | $929,727.69 |
| Mar, 2027 | 31 | $2,518.01 | $1,747.01 | $462.50 | $4,727.52 | $927,980.68 |
| Apr, 2027 | 32 | $2,513.28 | $1,751.74 | $462.50 | $4,727.52 | $926,228.94 |
| May, 2027 | 33 | $2,508.54 | $1,756.49 | $462.50 | $4,727.52 | $924,472.46 |
| Jun, 2027 | 34 | $2,503.78 | $1,761.24 | $462.50 | $4,727.52 | $922,711.21 |
| Jul, 2027 | 35 | $2,499.01 | $1,766.01 | $462.50 | $4,727.52 | $920,945.20 |
| Aug, 2027 | 36 | $2,494.23 | $1,770.80 | $462.50 | $4,727.52 | $919,174.41 |
| Sep, 2027 | 37 | $2,489.43 | $1,775.59 | $462.50 | $4,727.52 | $917,398.82 |
| Oct, 2027 | 38 | $2,484.62 | $1,780.40 | $462.50 | $4,727.52 | $915,618.41 |
| Nov, 2027 | 39 | $2,479.80 | $1,785.22 | $462.50 | $4,727.52 | $913,833.19 |
| Dec, 2027 | 40 | $2,474.96 | $1,790.06 | $462.50 | $4,727.52 | $912,043.14 |
| Jan, 2028 | 41 | $2,470.12 | $1,794.91 | $462.50 | $4,727.52 | $910,248.23 |
| Feb, 2028 | 42 | $2,465.26 | $1,799.77 | $462.50 | $4,727.52 | $908,448.46 |
| Mar, 2028 | 43 | $2,460.38 | $1,804.64 | $462.50 | $4,727.52 | $906,643.82 |
| Apr, 2028 | 44 | $2,455.49 | $1,809.53 | $462.50 | $4,727.52 | $904,834.30 |
| May, 2028 | 45 | $2,450.59 | $1,814.43 | $462.50 | $4,727.52 | $903,019.87 |
| Jun, 2028 | 46 | $2,445.68 | $1,819.34 | $462.50 | $4,727.52 | $901,200.52 |
| Jul, 2028 | 47 | $2,440.75 | $1,824.27 | $462.50 | $4,727.52 | $899,376.25 |
| Aug, 2028 | 48 | $2,435.81 | $1,829.21 | $462.50 | $4,727.52 | $897,547.04 |
| Sep, 2028 | 49 | $2,430.86 | $1,834.17 | $462.50 | $4,727.52 | $895,712.88 |
| Oct, 2028 | 50 | $2,425.89 | $1,839.13 | $462.50 | $4,727.52 | $893,873.74 |
| Nov, 2028 | 51 | $2,420.91 | $1,844.11 | $462.50 | $4,727.52 | $892,029.63 |
| Dec, 2028 | 52 | $2,415.91 | $1,849.11 | $462.50 | $4,727.52 | $890,180.52 |
| Jan, 2029 | 53 | $2,410.91 | $1,854.12 | $462.50 | $4,727.52 | $888,326.40 |
| Feb, 2029 | 54 | $2,405.88 | $1,859.14 | $462.50 | $4,727.52 | $886,467.27 |
| Mar, 2029 | 55 | $2,400.85 | $1,864.17 | $462.50 | $4,727.52 | $884,603.09 |
| Apr, 2029 | 56 | $2,395.80 | $1,869.22 | $462.50 | $4,727.52 | $882,733.87 |
| May, 2029 | 57 | $2,390.74 | $1,874.28 | $462.50 | $4,727.52 | $880,859.59 |
| Jun, 2029 | 58 | $2,385.66 | $1,879.36 | $462.50 | $4,727.52 | $878,980.23 |
| Jul, 2029 | 59 | $2,380.57 | $1,884.45 | $462.50 | $4,727.52 | $877,095.78 |
| Aug, 2029 | 60 | $2,375.47 | $1,889.55 | $462.50 | $4,727.52 | $875,206.22 |
| Sep, 2029 | 61 | $2,370.35 | $1,894.67 | $462.50 | $4,727.52 | $873,311.55 |
| Oct, 2029 | 62 | $2,365.22 | $1,899.80 | $462.50 | $4,727.52 | $871,411.75 |
| Nov, 2029 | 63 | $2,360.07 | $1,904.95 | $462.50 | $4,727.52 | $869,506.80 |
| Dec, 2029 | 64 | $2,354.91 | $1,910.11 | $462.50 | $4,727.52 | $867,596.69 |
| Jan, 2030 | 65 | $2,349.74 | $1,915.28 | $462.50 | $4,727.52 | $865,681.41 |
| Feb, 2030 | 66 | $2,344.55 | $1,920.47 | $462.50 | $4,727.52 | $863,760.94 |
| Mar, 2030 | 67 | $2,339.35 | $1,925.67 | $462.50 | $4,727.52 | $861,835.27 |
| Apr, 2030 | 68 | $2,334.14 | $1,930.88 | $462.50 | $4,727.52 | $859,904.39 |
| May, 2030 | 69 | $2,328.91 | $1,936.11 | $462.50 | $4,727.52 | $857,968.27 |
| Jun, 2030 | 70 | $2,323.66 | $1,941.36 | $462.50 | $4,727.52 | $856,026.92 |
| Jul, 2030 | 71 | $2,318.41 | $1,946.62 | $462.50 | $4,727.52 | $854,080.30 |
| Aug, 2030 | 72 | $2,313.13 | $1,951.89 | $462.50 | $4,727.52 | $852,128.41 |
| Sep, 2030 | 73 | $2,307.85 | $1,957.17 | $462.50 | $4,727.52 | $850,171.24 |
| Oct, 2030 | 74 | $2,302.55 | $1,962.47 | $462.50 | $4,727.52 | $848,208.76 |
| Nov, 2030 | 75 | $2,297.23 | $1,967.79 | $462.50 | $4,727.52 | $846,240.97 |
| Dec, 2030 | 76 | $2,291.90 | $1,973.12 | $462.50 | $4,727.52 | $844,267.85 |
| Jan, 2031 | 77 | $2,286.56 | $1,978.46 | $462.50 | $4,727.52 | $842,289.39 |
| Feb, 2031 | 78 | $2,281.20 | $1,983.82 | $462.50 | $4,727.52 | $840,305.57 |
| Mar, 2031 | 79 | $2,275.83 | $1,989.19 | $462.50 | $4,727.52 | $838,316.38 |
| Apr, 2031 | 80 | $2,270.44 | $1,994.58 | $462.50 | $4,727.52 | $836,321.79 |
| May, 2031 | 81 | $2,265.04 | $1,999.98 | $462.50 | $4,727.52 | $834,321.81 |
| Jun, 2031 | 82 | $2,259.62 | $2,005.40 | $462.50 | $4,727.52 | $832,316.41 |
| Jul, 2031 | 83 | $2,254.19 | $2,010.83 | $462.50 | $4,727.52 | $830,305.58 |
| Aug, 2031 | 84 | $2,248.74 | $2,016.28 | $462.50 | $4,727.52 | $828,289.30 |
| Sep, 2031 | 85 | $2,243.28 | $2,021.74 | $462.50 | $4,727.52 | $826,267.56 |
| Oct, 2031 | 86 | $2,237.81 | $2,027.21 | $462.50 | $4,727.52 | $824,240.35 |
| Nov, 2031 | 87 | $2,232.32 | $2,032.70 | $462.50 | $4,727.52 | $822,207.64 |
| Dec, 2031 | 88 | $2,226.81 | $2,038.21 | $462.50 | $4,727.52 | $820,169.43 |
| Jan, 2032 | 89 | $2,221.29 | $2,043.73 | $462.50 | $4,727.52 | $818,125.70 |
| Feb, 2032 | 90 | $2,215.76 | $2,049.26 | $462.50 | $4,727.52 | $816,076.44 |
| Mar, 2032 | 91 | $2,210.21 | $2,054.81 | $462.50 | $4,727.52 | $814,021.62 |
| Apr, 2032 | 92 | $2,204.64 | $2,060.38 | $462.50 | $4,727.52 | $811,961.24 |
| May, 2032 | 93 | $2,199.06 | $2,065.96 | $462.50 | $4,727.52 | $809,895.28 |
| Jun, 2032 | 94 | $2,193.47 | $2,071.56 | $462.50 | $4,727.52 | $807,823.73 |
| Jul, 2032 | 95 | $2,187.86 | $2,077.17 | $462.50 | $4,727.52 | $805,746.56 |
| Aug, 2032 | 96 | $2,182.23 | $2,082.79 | $462.50 | $4,727.52 | $803,663.77 |
| Sep, 2032 | 97 | $2,176.59 | $2,088.43 | $462.50 | $4,727.52 | $801,575.34 |
| Oct, 2032 | 98 | $2,170.93 | $2,094.09 | $462.50 | $4,727.52 | $799,481.25 |
| Nov, 2032 | 99 | $2,165.26 | $2,099.76 | $462.50 | $4,727.52 | $797,381.49 |
| Dec, 2032 | 100 | $2,159.57 | $2,105.45 | $462.50 | $4,727.52 | $795,276.04 |
| Jan, 2033 | 101 | $2,153.87 | $2,111.15 | $462.50 | $4,727.52 | $793,164.89 |
| Feb, 2033 | 102 | $2,148.15 | $2,116.87 | $462.50 | $4,727.52 | $791,048.03 |
| Mar, 2033 | 103 | $2,142.42 | $2,122.60 | $462.50 | $4,727.52 | $788,925.43 |
| Apr, 2033 | 104 | $2,136.67 | $2,128.35 | $462.50 | $4,727.52 | $786,797.08 |
| May, 2033 | 105 | $2,130.91 | $2,134.11 | $462.50 | $4,727.52 | $784,662.96 |
| Jun, 2033 | 106 | $2,125.13 | $2,139.89 | $462.50 | $4,727.52 | $782,523.07 |
| Jul, 2033 | 107 | $2,119.33 | $2,145.69 | $462.50 | $4,727.52 | $780,377.38 |
| Aug, 2033 | 108 | $2,113.52 | $2,151.50 | $462.50 | $4,727.52 | $778,225.88 |
| Sep, 2033 | 109 | $2,107.70 | $2,157.33 | $462.50 | $4,727.52 | $776,068.56 |
| Oct, 2033 | 110 | $2,101.85 | $2,163.17 | $462.50 | $4,727.52 | $773,905.39 |
| Nov, 2033 | 111 | $2,095.99 | $2,169.03 | $462.50 | $4,727.52 | $771,736.36 |
| Dec, 2033 | 112 | $2,090.12 | $2,174.90 | $462.50 | $4,727.52 | $769,561.46 |
| Jan, 2034 | 113 | $2,084.23 | $2,180.79 | $462.50 | $4,727.52 | $767,380.66 |
| Feb, 2034 | 114 | $2,078.32 | $2,186.70 | $462.50 | $4,727.52 | $765,193.96 |
| Mar, 2034 | 115 | $2,072.40 | $2,192.62 | $462.50 | $4,727.52 | $763,001.34 |
| Apr, 2034 | 116 | $2,066.46 | $2,198.56 | $462.50 | $4,727.52 | $760,802.78 |
| May, 2034 | 117 | $2,060.51 | $2,204.51 | $462.50 | $4,727.52 | $758,598.27 |
| Jun, 2034 | 118 | $2,054.54 | $2,210.48 | $462.50 | $4,727.52 | $756,387.78 |
| Jul, 2034 | 119 | $2,048.55 | $2,216.47 | $462.50 | $4,727.52 | $754,171.31 |
| Aug, 2034 | 120 | $2,042.55 | $2,222.47 | $462.50 | $4,727.52 | $751,948.84 |
| Sep, 2034 | 121 | $2,036.53 | $2,228.49 | $462.50 | $4,727.52 | $749,720.34 |
| Oct, 2034 | 122 | $2,030.49 | $2,234.53 | $462.50 | $4,727.52 | $747,485.81 |
| Nov, 2034 | 123 | $2,024.44 | $2,240.58 | $462.50 | $4,727.52 | $745,245.23 |
| Dec, 2034 | 124 | $2,018.37 | $2,246.65 | $462.50 | $4,727.52 | $742,998.58 |
| Jan, 2035 | 125 | $2,012.29 | $2,252.73 | $462.50 | $4,727.52 | $740,745.85 |
| Feb, 2035 | 126 | $2,006.19 | $2,258.84 | $462.50 | $4,727.52 | $738,487.01 |
| Mar, 2035 | 127 | $2,000.07 | $2,264.95 | $462.50 | $4,727.52 | $736,222.06 |
| Apr, 2035 | 128 | $1,993.93 | $2,271.09 | $462.50 | $4,727.52 | $733,950.97 |
| May, 2035 | 129 | $1,987.78 | $2,277.24 | $462.50 | $4,727.52 | $731,673.73 |
| Jun, 2035 | 130 | $1,981.62 | $2,283.41 | $462.50 | $4,727.52 | $729,390.33 |
| Jul, 2035 | 131 | $1,975.43 | $2,289.59 | $462.50 | $4,727.52 | $727,100.74 |
| Aug, 2035 | 132 | $1,969.23 | $2,295.79 | $462.50 | $4,727.52 | $724,804.95 |
| Sep, 2035 | 133 | $1,963.01 | $2,302.01 | $462.50 | $4,727.52 | $722,502.94 |
| Oct, 2035 | 134 | $1,956.78 | $2,308.24 | $462.50 | $4,727.52 | $720,194.70 |
| Nov, 2035 | 135 | $1,950.53 | $2,314.49 | $462.50 | $4,727.52 | $717,880.20 |
| Dec, 2035 | 136 | $1,944.26 | $2,320.76 | $462.50 | $4,727.52 | $715,559.44 |
| Jan, 2036 | 137 | $1,937.97 | $2,327.05 | $462.50 | $4,727.52 | $713,232.39 |
| Feb, 2036 | 138 | $1,931.67 | $2,333.35 | $462.50 | $4,727.52 | $710,899.04 |
| Mar, 2036 | 139 | $1,925.35 | $2,339.67 | $462.50 | $4,727.52 | $708,559.37 |
| Apr, 2036 | 140 | $1,919.01 | $2,346.01 | $462.50 | $4,727.52 | $706,213.36 |
| May, 2036 | 141 | $1,912.66 | $2,352.36 | $462.50 | $4,727.52 | $703,861.00 |
| Jun, 2036 | 142 | $1,906.29 | $2,358.73 | $462.50 | $4,727.52 | $701,502.27 |
| Jul, 2036 | 143 | $1,899.90 | $2,365.12 | $462.50 | $4,727.52 | $699,137.15 |
| Aug, 2036 | 144 | $1,893.50 | $2,371.53 | $462.50 | $4,727.52 | $696,765.62 |
| Sep, 2036 | 145 | $1,887.07 | $2,377.95 | $462.50 | $4,727.52 | $694,387.68 |
| Oct, 2036 | 146 | $1,880.63 | $2,384.39 | $462.50 | $4,727.52 | $692,003.29 |
| Nov, 2036 | 147 | $1,874.18 | $2,390.85 | $462.50 | $4,727.52 | $689,612.44 |
| Dec, 2036 | 148 | $1,867.70 | $2,397.32 | $462.50 | $4,727.52 | $687,215.12 |
| Jan, 2037 | 149 | $1,861.21 | $2,403.81 | $462.50 | $4,727.52 | $684,811.31 |
| Feb, 2037 | 150 | $1,854.70 | $2,410.32 | $462.50 | $4,727.52 | $682,400.98 |
| Mar, 2037 | 151 | $1,848.17 | $2,416.85 | $462.50 | $4,727.52 | $679,984.13 |
| Apr, 2037 | 152 | $1,841.62 | $2,423.40 | $462.50 | $4,727.52 | $677,560.73 |
| May, 2037 | 153 | $1,835.06 | $2,429.96 | $462.50 | $4,727.52 | $675,130.77 |
| Jun, 2037 | 154 | $1,828.48 | $2,436.54 | $462.50 | $4,727.52 | $672,694.23 |
| Jul, 2037 | 155 | $1,821.88 | $2,443.14 | $462.50 | $4,727.52 | $670,251.08 |
| Aug, 2037 | 156 | $1,815.26 | $2,449.76 | $462.50 | $4,727.52 | $667,801.33 |
| Sep, 2037 | 157 | $1,808.63 | $2,456.39 | $462.50 | $4,727.52 | $665,344.93 |
| Oct, 2037 | 158 | $1,801.98 | $2,463.05 | $462.50 | $4,727.52 | $662,881.89 |
| Nov, 2037 | 159 | $1,795.31 | $2,469.72 | $462.50 | $4,727.52 | $660,412.17 |
| Dec, 2037 | 160 | $1,788.62 | $2,476.41 | $462.50 | $4,727.52 | $657,935.76 |
| Jan, 2038 | 161 | $1,781.91 | $2,483.11 | $462.50 | $4,727.52 | $655,452.65 |
| Feb, 2038 | 162 | $1,775.18 | $2,489.84 | $462.50 | $4,727.52 | $652,962.81 |
| Mar, 2038 | 163 | $1,768.44 | $2,496.58 | $462.50 | $4,727.52 | $650,466.23 |
| Apr, 2038 | 164 | $1,761.68 | $2,503.34 | $462.50 | $4,727.52 | $647,962.89 |
| May, 2038 | 165 | $1,754.90 | $2,510.12 | $462.50 | $4,727.52 | $645,452.77 |
| Jun, 2038 | 166 | $1,748.10 | $2,516.92 | $462.50 | $4,727.52 | $642,935.85 |
| Jul, 2038 | 167 | $1,741.28 | $2,523.74 | $462.50 | $4,727.52 | $640,412.11 |
| Aug, 2038 | 168 | $1,734.45 | $2,530.57 | $462.50 | $4,727.52 | $637,881.54 |
| Sep, 2038 | 169 | $1,727.60 | $2,537.43 | $462.50 | $4,727.52 | $635,344.11 |
| Oct, 2038 | 170 | $1,720.72 | $2,544.30 | $462.50 | $4,727.52 | $632,799.81 |
| Nov, 2038 | 171 | $1,713.83 | $2,551.19 | $462.50 | $4,727.52 | $630,248.62 |
| Dec, 2038 | 172 | $1,706.92 | $2,558.10 | $462.50 | $4,727.52 | $627,690.52 |
| Jan, 2039 | 173 | $1,700.00 | $2,565.03 | $462.50 | $4,727.52 | $625,125.50 |
| Feb, 2039 | 174 | $1,693.05 | $2,571.97 | $462.50 | $4,727.52 | $622,553.52 |
| Mar, 2039 | 175 | $1,686.08 | $2,578.94 | $462.50 | $4,727.52 | $619,974.58 |
| Apr, 2039 | 176 | $1,679.10 | $2,585.92 | $462.50 | $4,727.52 | $617,388.66 |
| May, 2039 | 177 | $1,672.09 | $2,592.93 | $462.50 | $4,727.52 | $614,795.73 |
| Jun, 2039 | 178 | $1,665.07 | $2,599.95 | $462.50 | $4,727.52 | $612,195.78 |
| Jul, 2039 | 179 | $1,658.03 | $2,606.99 | $462.50 | $4,727.52 | $609,588.79 |
| Aug, 2039 | 180 | $1,650.97 | $2,614.05 | $462.50 | $4,727.52 | $606,974.74 |
| Sep, 2039 | 181 | $1,643.89 | $2,621.13 | $462.50 | $4,727.52 | $604,353.61 |
| Oct, 2039 | 182 | $1,636.79 | $2,628.23 | $462.50 | $4,727.52 | $601,725.38 |
| Nov, 2039 | 183 | $1,629.67 | $2,635.35 | $462.50 | $4,727.52 | $599,090.03 |
| Dec, 2039 | 184 | $1,622.54 | $2,642.49 | $462.50 | $4,727.52 | $596,447.54 |
| Jan, 2040 | 185 | $1,615.38 | $2,649.64 | $462.50 | $4,727.52 | $593,797.90 |
| Feb, 2040 | 186 | $1,608.20 | $2,656.82 | $462.50 | $4,727.52 | $591,141.08 |
| Mar, 2040 | 187 | $1,601.01 | $2,664.01 | $462.50 | $4,727.52 | $588,477.06 |
| Apr, 2040 | 188 | $1,593.79 | $2,671.23 | $462.50 | $4,727.52 | $585,805.83 |
| May, 2040 | 189 | $1,586.56 | $2,678.46 | $462.50 | $4,727.52 | $583,127.37 |
| Jun, 2040 | 190 | $1,579.30 | $2,685.72 | $462.50 | $4,727.52 | $580,441.65 |
| Jul, 2040 | 191 | $1,572.03 | $2,692.99 | $462.50 | $4,727.52 | $577,748.66 |
| Aug, 2040 | 192 | $1,564.74 | $2,700.29 | $462.50 | $4,727.52 | $575,048.37 |
| Sep, 2040 | 193 | $1,557.42 | $2,707.60 | $462.50 | $4,727.52 | $572,340.77 |
| Oct, 2040 | 194 | $1,550.09 | $2,714.93 | $462.50 | $4,727.52 | $569,625.84 |
| Nov, 2040 | 195 | $1,542.74 | $2,722.29 | $462.50 | $4,727.52 | $566,903.56 |
| Dec, 2040 | 196 | $1,535.36 | $2,729.66 | $462.50 | $4,727.52 | $564,173.90 |
| Jan, 2041 | 197 | $1,527.97 | $2,737.05 | $462.50 | $4,727.52 | $561,436.85 |
| Feb, 2041 | 198 | $1,520.56 | $2,744.46 | $462.50 | $4,727.52 | $558,692.38 |
| Mar, 2041 | 199 | $1,513.13 | $2,751.90 | $462.50 | $4,727.52 | $555,940.49 |
| Apr, 2041 | 200 | $1,505.67 | $2,759.35 | $462.50 | $4,727.52 | $553,181.14 |
| May, 2041 | 201 | $1,498.20 | $2,766.82 | $462.50 | $4,727.52 | $550,414.31 |
| Jun, 2041 | 202 | $1,490.71 | $2,774.32 | $462.50 | $4,727.52 | $547,640.00 |
| Jul, 2041 | 203 | $1,483.19 | $2,781.83 | $462.50 | $4,727.52 | $544,858.17 |
| Aug, 2041 | 204 | $1,475.66 | $2,789.36 | $462.50 | $4,727.52 | $542,068.80 |
| Sep, 2041 | 205 | $1,468.10 | $2,796.92 | $462.50 | $4,727.52 | $539,271.88 |
| Oct, 2041 | 206 | $1,460.53 | $2,804.49 | $462.50 | $4,727.52 | $536,467.39 |
| Nov, 2041 | 207 | $1,452.93 | $2,812.09 | $462.50 | $4,727.52 | $533,655.30 |
| Dec, 2041 | 208 | $1,445.32 | $2,819.71 | $462.50 | $4,727.52 | $530,835.59 |
| Jan, 2042 | 209 | $1,437.68 | $2,827.34 | $462.50 | $4,727.52 | $528,008.25 |
| Feb, 2042 | 210 | $1,430.02 | $2,835.00 | $462.50 | $4,727.52 | $525,173.25 |
| Mar, 2042 | 211 | $1,422.34 | $2,842.68 | $462.50 | $4,727.52 | $522,330.57 |
| Apr, 2042 | 212 | $1,414.65 | $2,850.38 | $462.50 | $4,727.52 | $519,480.20 |
| May, 2042 | 213 | $1,406.93 | $2,858.10 | $462.50 | $4,727.52 | $516,622.10 |
| Jun, 2042 | 214 | $1,399.18 | $2,865.84 | $462.50 | $4,727.52 | $513,756.26 |
| Jul, 2042 | 215 | $1,391.42 | $2,873.60 | $462.50 | $4,727.52 | $510,882.67 |
| Aug, 2042 | 216 | $1,383.64 | $2,881.38 | $462.50 | $4,727.52 | $508,001.28 |
| Sep, 2042 | 217 | $1,375.84 | $2,889.19 | $462.50 | $4,727.52 | $505,112.10 |
| Oct, 2042 | 218 | $1,368.01 | $2,897.01 | $462.50 | $4,727.52 | $502,215.09 |
| Nov, 2042 | 219 | $1,360.17 | $2,904.86 | $462.50 | $4,727.52 | $499,310.23 |
| Dec, 2042 | 220 | $1,352.30 | $2,912.72 | $462.50 | $4,727.52 | $496,397.51 |
| Jan, 2043 | 221 | $1,344.41 | $2,920.61 | $462.50 | $4,727.52 | $493,476.90 |
| Feb, 2043 | 222 | $1,336.50 | $2,928.52 | $462.50 | $4,727.52 | $490,548.38 |
| Mar, 2043 | 223 | $1,328.57 | $2,936.45 | $462.50 | $4,727.52 | $487,611.92 |
| Apr, 2043 | 224 | $1,320.62 | $2,944.41 | $462.50 | $4,727.52 | $484,667.52 |
| May, 2043 | 225 | $1,312.64 | $2,952.38 | $462.50 | $4,727.52 | $481,715.14 |
| Jun, 2043 | 226 | $1,304.65 | $2,960.38 | $462.50 | $4,727.52 | $478,754.76 |
| Jul, 2043 | 227 | $1,296.63 | $2,968.39 | $462.50 | $4,727.52 | $475,786.36 |
| Aug, 2043 | 228 | $1,288.59 | $2,976.43 | $462.50 | $4,727.52 | $472,809.93 |
| Sep, 2043 | 229 | $1,280.53 | $2,984.50 | $462.50 | $4,727.52 | $469,825.44 |
| Oct, 2043 | 230 | $1,272.44 | $2,992.58 | $462.50 | $4,727.52 | $466,832.86 |
| Nov, 2043 | 231 | $1,264.34 | $3,000.68 | $462.50 | $4,727.52 | $463,832.17 |
| Dec, 2043 | 232 | $1,256.21 | $3,008.81 | $462.50 | $4,727.52 | $460,823.36 |
| Jan, 2044 | 233 | $1,248.06 | $3,016.96 | $462.50 | $4,727.52 | $457,806.41 |
| Feb, 2044 | 234 | $1,239.89 | $3,025.13 | $462.50 | $4,727.52 | $454,781.28 |
| Mar, 2044 | 235 | $1,231.70 | $3,033.32 | $462.50 | $4,727.52 | $451,747.95 |
| Apr, 2044 | 236 | $1,223.48 | $3,041.54 | $462.50 | $4,727.52 | $448,706.42 |
| May, 2044 | 237 | $1,215.25 | $3,049.78 | $462.50 | $4,727.52 | $445,656.64 |
| Jun, 2044 | 238 | $1,206.99 | $3,058.04 | $462.50 | $4,727.52 | $442,598.60 |
| Jul, 2044 | 239 | $1,198.70 | $3,066.32 | $462.50 | $4,727.52 | $439,532.29 |
| Aug, 2044 | 240 | $1,190.40 | $3,074.62 | $462.50 | $4,727.52 | $436,457.67 |
| Sep, 2044 | 241 | $1,182.07 | $3,082.95 | $462.50 | $4,727.52 | $433,374.72 |
| Oct, 2044 | 242 | $1,173.72 | $3,091.30 | $462.50 | $4,727.52 | $430,283.42 |
| Nov, 2044 | 243 | $1,165.35 | $3,099.67 | $462.50 | $4,727.52 | $427,183.75 |
| Dec, 2044 | 244 | $1,156.96 | $3,108.07 | $462.50 | $4,727.52 | $424,075.68 |
| Jan, 2045 | 245 | $1,148.54 | $3,116.48 | $462.50 | $4,727.52 | $420,959.20 |
| Feb, 2045 | 246 | $1,140.10 | $3,124.92 | $462.50 | $4,727.52 | $417,834.27 |
| Mar, 2045 | 247 | $1,131.63 | $3,133.39 | $462.50 | $4,727.52 | $414,700.89 |
| Apr, 2045 | 248 | $1,123.15 | $3,141.87 | $462.50 | $4,727.52 | $411,559.01 |
| May, 2045 | 249 | $1,114.64 | $3,150.38 | $462.50 | $4,727.52 | $408,408.63 |
| Jun, 2045 | 250 | $1,106.11 | $3,158.92 | $462.50 | $4,727.52 | $405,249.71 |
| Jul, 2045 | 251 | $1,097.55 | $3,167.47 | $462.50 | $4,727.52 | $402,082.24 |
| Aug, 2045 | 252 | $1,088.97 | $3,176.05 | $462.50 | $4,727.52 | $398,906.19 |
| Sep, 2045 | 253 | $1,080.37 | $3,184.65 | $462.50 | $4,727.52 | $395,721.54 |
| Oct, 2045 | 254 | $1,071.75 | $3,193.28 | $462.50 | $4,727.52 | $392,528.27 |
| Nov, 2045 | 255 | $1,063.10 | $3,201.92 | $462.50 | $4,727.52 | $389,326.34 |
| Dec, 2045 | 256 | $1,054.43 | $3,210.60 | $462.50 | $4,727.52 | $386,115.75 |
| Jan, 2046 | 257 | $1,045.73 | $3,219.29 | $462.50 | $4,727.52 | $382,896.45 |
| Feb, 2046 | 258 | $1,037.01 | $3,228.01 | $462.50 | $4,727.52 | $379,668.44 |
| Mar, 2046 | 259 | $1,028.27 | $3,236.75 | $462.50 | $4,727.52 | $376,431.69 |
| Apr, 2046 | 260 | $1,019.50 | $3,245.52 | $462.50 | $4,727.52 | $373,186.17 |
| May, 2046 | 261 | $1,010.71 | $3,254.31 | $462.50 | $4,727.52 | $369,931.86 |
| Jun, 2046 | 262 | $1,001.90 | $3,263.12 | $462.50 | $4,727.52 | $366,668.74 |
| Jul, 2046 | 263 | $993.06 | $3,271.96 | $462.50 | $4,727.52 | $363,396.78 |
| Aug, 2046 | 264 | $984.20 | $3,280.82 | $462.50 | $4,727.52 | $360,115.96 |
| Sep, 2046 | 265 | $975.31 | $3,289.71 | $462.50 | $4,727.52 | $356,826.25 |
| Oct, 2046 | 266 | $966.40 | $3,298.62 | $462.50 | $4,727.52 | $353,527.63 |
| Nov, 2046 | 267 | $957.47 | $3,307.55 | $462.50 | $4,727.52 | $350,220.08 |
| Dec, 2046 | 268 | $948.51 | $3,316.51 | $462.50 | $4,727.52 | $346,903.57 |
| Jan, 2047 | 269 | $939.53 | $3,325.49 | $462.50 | $4,727.52 | $343,578.08 |
| Feb, 2047 | 270 | $930.52 | $3,334.50 | $462.50 | $4,727.52 | $340,243.58 |
| Mar, 2047 | 271 | $921.49 | $3,343.53 | $462.50 | $4,727.52 | $336,900.05 |
| Apr, 2047 | 272 | $912.44 | $3,352.58 | $462.50 | $4,727.52 | $333,547.47 |
| May, 2047 | 273 | $903.36 | $3,361.66 | $462.50 | $4,727.52 | $330,185.80 |
| Jun, 2047 | 274 | $894.25 | $3,370.77 | $462.50 | $4,727.52 | $326,815.03 |
| Jul, 2047 | 275 | $885.12 | $3,379.90 | $462.50 | $4,727.52 | $323,435.14 |
| Aug, 2047 | 276 | $875.97 | $3,389.05 | $462.50 | $4,727.52 | $320,046.08 |
| Sep, 2047 | 277 | $866.79 | $3,398.23 | $462.50 | $4,727.52 | $316,647.85 |
| Oct, 2047 | 278 | $857.59 | $3,407.43 | $462.50 | $4,727.52 | $313,240.42 |
| Nov, 2047 | 279 | $848.36 | $3,416.66 | $462.50 | $4,727.52 | $309,823.76 |
| Dec, 2047 | 280 | $839.11 | $3,425.92 | $462.50 | $4,727.52 | $306,397.84 |
| Jan, 2048 | 281 | $829.83 | $3,435.19 | $462.50 | $4,727.52 | $302,962.65 |
| Feb, 2048 | 282 | $820.52 | $3,444.50 | $462.50 | $4,727.52 | $299,518.15 |
| Mar, 2048 | 283 | $811.19 | $3,453.83 | $462.50 | $4,727.52 | $296,064.32 |
| Apr, 2048 | 284 | $801.84 | $3,463.18 | $462.50 | $4,727.52 | $292,601.14 |
| May, 2048 | 285 | $792.46 | $3,472.56 | $462.50 | $4,727.52 | $289,128.58 |
| Jun, 2048 | 286 | $783.06 | $3,481.97 | $462.50 | $4,727.52 | $285,646.62 |
| Jul, 2048 | 287 | $773.63 | $3,491.40 | $462.50 | $4,727.52 | $282,155.22 |
| Aug, 2048 | 288 | $764.17 | $3,500.85 | $462.50 | $4,727.52 | $278,654.37 |
| Sep, 2048 | 289 | $754.69 | $3,510.33 | $462.50 | $4,727.52 | $275,144.03 |
| Oct, 2048 | 290 | $745.18 | $3,519.84 | $462.50 | $4,727.52 | $271,624.19 |
| Nov, 2048 | 291 | $735.65 | $3,529.37 | $462.50 | $4,727.52 | $268,094.82 |
| Dec, 2048 | 292 | $726.09 | $3,538.93 | $462.50 | $4,727.52 | $264,555.89 |
| Jan, 2049 | 293 | $716.51 | $3,548.52 | $462.50 | $4,727.52 | $261,007.37 |
| Feb, 2049 | 294 | $706.89 | $3,558.13 | $462.50 | $4,727.52 | $257,449.25 |
| Mar, 2049 | 295 | $697.26 | $3,567.76 | $462.50 | $4,727.52 | $253,881.48 |
| Apr, 2049 | 296 | $687.60 | $3,577.43 | $462.50 | $4,727.52 | $250,304.06 |
| May, 2049 | 297 | $677.91 | $3,587.12 | $462.50 | $4,727.52 | $246,716.94 |
| Jun, 2049 | 298 | $668.19 | $3,596.83 | $462.50 | $4,727.52 | $243,120.11 |
| Jul, 2049 | 299 | $658.45 | $3,606.57 | $462.50 | $4,727.52 | $239,513.54 |
| Aug, 2049 | 300 | $648.68 | $3,616.34 | $462.50 | $4,727.52 | $235,897.20 |
| Sep, 2049 | 301 | $638.89 | $3,626.13 | $462.50 | $4,727.52 | $232,271.07 |
| Oct, 2049 | 302 | $629.07 | $3,635.95 | $462.50 | $4,727.52 | $228,635.11 |
| Nov, 2049 | 303 | $619.22 | $3,645.80 | $462.50 | $4,727.52 | $224,989.31 |
| Dec, 2049 | 304 | $609.35 | $3,655.68 | $462.50 | $4,727.52 | $221,333.63 |
| Jan, 2050 | 305 | $599.45 | $3,665.58 | $462.50 | $4,727.52 | $217,668.06 |
| Feb, 2050 | 306 | $589.52 | $3,675.50 | $462.50 | $4,727.52 | $213,992.55 |
| Mar, 2050 | 307 | $579.56 | $3,685.46 | $462.50 | $4,727.52 | $210,307.09 |
| Apr, 2050 | 308 | $569.58 | $3,695.44 | $462.50 | $4,727.52 | $206,611.65 |
| May, 2050 | 309 | $559.57 | $3,705.45 | $462.50 | $4,727.52 | $202,906.21 |
| Jun, 2050 | 310 | $549.54 | $3,715.48 | $462.50 | $4,727.52 | $199,190.72 |
| Jul, 2050 | 311 | $539.47 | $3,725.55 | $462.50 | $4,727.52 | $195,465.17 |
| Aug, 2050 | 312 | $529.38 | $3,735.64 | $462.50 | $4,727.52 | $191,729.54 |
| Sep, 2050 | 313 | $519.27 | $3,745.75 | $462.50 | $4,727.52 | $187,983.78 |
| Oct, 2050 | 314 | $509.12 | $3,755.90 | $462.50 | $4,727.52 | $184,227.88 |
| Nov, 2050 | 315 | $498.95 | $3,766.07 | $462.50 | $4,727.52 | $180,461.81 |
| Dec, 2050 | 316 | $488.75 | $3,776.27 | $462.50 | $4,727.52 | $176,685.54 |
| Jan, 2051 | 317 | $478.52 | $3,786.50 | $462.50 | $4,727.52 | $172,899.04 |
| Feb, 2051 | 318 | $468.27 | $3,796.75 | $462.50 | $4,727.52 | $169,102.29 |
| Mar, 2051 | 319 | $457.99 | $3,807.04 | $462.50 | $4,727.52 | $165,295.25 |
| Apr, 2051 | 320 | $447.67 | $3,817.35 | $462.50 | $4,727.52 | $161,477.91 |
| May, 2051 | 321 | $437.34 | $3,827.69 | $462.50 | $4,727.52 | $157,650.22 |
| Jun, 2051 | 322 | $426.97 | $3,838.05 | $462.50 | $4,727.52 | $153,812.17 |
| Jul, 2051 | 323 | $416.57 | $3,848.45 | $462.50 | $4,727.52 | $149,963.72 |
| Aug, 2051 | 324 | $406.15 | $3,858.87 | $462.50 | $4,727.52 | $146,104.85 |
| Sep, 2051 | 325 | $395.70 | $3,869.32 | $462.50 | $4,727.52 | $142,235.53 |
| Oct, 2051 | 326 | $385.22 | $3,879.80 | $462.50 | $4,727.52 | $138,355.73 |
| Nov, 2051 | 327 | $374.71 | $3,890.31 | $462.50 | $4,727.52 | $134,465.42 |
| Dec, 2051 | 328 | $364.18 | $3,900.84 | $462.50 | $4,727.52 | $130,564.57 |
| Jan, 2052 | 329 | $353.61 | $3,911.41 | $462.50 | $4,727.52 | $126,653.16 |
| Feb, 2052 | 330 | $343.02 | $3,922.00 | $462.50 | $4,727.52 | $122,731.16 |
| Mar, 2052 | 331 | $332.40 | $3,932.63 | $462.50 | $4,727.52 | $118,798.54 |
| Apr, 2052 | 332 | $321.75 | $3,943.28 | $462.50 | $4,727.52 | $114,855.26 |
| May, 2052 | 333 | $311.07 | $3,953.96 | $462.50 | $4,727.52 | $110,901.30 |
| Jun, 2052 | 334 | $300.36 | $3,964.66 | $462.50 | $4,727.52 | $106,936.64 |
| Jul, 2052 | 335 | $289.62 | $3,975.40 | $462.50 | $4,727.52 | $102,961.24 |
| Aug, 2052 | 336 | $278.85 | $3,986.17 | $462.50 | $4,727.52 | $98,975.07 |
| Sep, 2052 | 337 | $268.06 | $3,996.96 | $462.50 | $4,727.52 | $94,978.11 |
| Oct, 2052 | 338 | $257.23 | $4,007.79 | $462.50 | $4,727.52 | $90,970.32 |
| Nov, 2052 | 339 | $246.38 | $4,018.64 | $462.50 | $4,727.52 | $86,951.67 |
| Dec, 2052 | 340 | $235.49 | $4,029.53 | $462.50 | $4,727.52 | $82,922.14 |
| Jan, 2053 | 341 | $224.58 | $4,040.44 | $462.50 | $4,727.52 | $78,881.70 |
| Feb, 2053 | 342 | $213.64 | $4,051.38 | $462.50 | $4,727.52 | $74,830.32 |
| Mar, 2053 | 343 | $202.67 | $4,062.36 | $462.50 | $4,727.52 | $70,767.96 |
| Apr, 2053 | 344 | $191.66 | $4,073.36 | $462.50 | $4,727.52 | $66,694.60 |
| May, 2053 | 345 | $180.63 | $4,084.39 | $462.50 | $4,727.52 | $62,610.21 |
| Jun, 2053 | 346 | $169.57 | $4,095.45 | $462.50 | $4,727.52 | $58,514.76 |
| Jul, 2053 | 347 | $158.48 | $4,106.54 | $462.50 | $4,727.52 | $54,408.22 |
| Aug, 2053 | 348 | $147.36 | $4,117.67 | $462.50 | $4,727.52 | $50,290.55 |
| Sep, 2053 | 349 | $136.20 | $4,128.82 | $462.50 | $4,727.52 | $46,161.73 |
| Oct, 2053 | 350 | $125.02 | $4,140.00 | $462.50 | $4,727.52 | $42,021.73 |
| Nov, 2053 | 351 | $113.81 | $4,151.21 | $462.50 | $4,727.52 | $37,870.52 |
| Dec, 2053 | 352 | $102.57 | $4,162.46 | $462.50 | $4,727.52 | $33,708.06 |
| Jan, 2054 | 353 | $91.29 | $4,173.73 | $462.50 | $4,727.52 | $29,534.33 |
| Feb, 2054 | 354 | $79.99 | $4,185.03 | $462.50 | $4,727.52 | $25,349.30 |
| Mar, 2054 | 355 | $68.65 | $4,196.37 | $462.50 | $4,727.52 | $21,152.93 |
| Apr, 2054 | 356 | $57.29 | $4,207.73 | $462.50 | $4,727.52 | $16,945.20 |
| May, 2054 | 357 | $45.89 | $4,219.13 | $462.50 | $4,727.52 | $12,726.07 |
| Jun, 2054 | 358 | $34.47 | $4,230.56 | $462.50 | $4,727.52 | $8,495.52 |
| Jul, 2054 | 359 | $23.01 | $4,242.01 | $462.50 | $4,727.52 | $4,253.50 |
| Aug, 2054 | 360 | $11.52 | $4,253.50 | $462.50 | $4,727.52 | $0.00 |
Compare Monthly vs. Bi-weekly |
||||||
| Payment Frequency | Monthly | Bi-weekly | ||||
| Payments / Year | 12 | 26 | ||||
| Each Payment | $4,727.52 | $2,345.97 | ||||
| Total Extra Payments | $0.00 | $0.00 | ||||
| Total Interest | $555,407.89 | $478,439.08 | ||||
| Total Tax, Insurance, PMI & Fees | $166,500.00 | $145,580.77 | ||||
| Total Payment | $2,121,907.89 | $2,024,019.85 | Total Savings | $0 | $97,888.04 | |
| Payoff Date | Aug, 2054 | Nov, 2050 | ||||
What is a jumbo mortgage?
A jumbo mortgage is a loan that is larger than the conventional conforming mortgage where the maximum loan size is $647,200. It was $548,250 in 2021, so the limit is likely to change again in the future. When a borrower needs to finance an expensive house, they may need to get a jumbo loan. With the cost of housing rising rapidly in recent years, it is not uncommon to see 1 family house over 1 million dollars in a hot area. If a borrower put down 20% or less on a million-dollar house, he would have to get a jumbo loan.
Jumbo Mortgage vs Conventional Mortgage
The main difference between a jumbo mortgage and a conventional is the size of the mortgage. Everything else basically stays the same. Just like a conventional mortgage, jumbo loans come with fixed and variable interest rates. On a fixed interest rate, the borrower pays the same amount every month for the life of the loan whereas the monthly payments change on a jumbo loan with variable interest. Jumbo loans are usually viewed as riskier to lenders because they are non-conforming loans that are guaranteed by Fannie Mae and Freddie Mac. Therefore, some lenders charge a higher interest rate for jumbo loans. However, that's not always the case as some banks actually prefer jumbo loans as they offer lower interest rates for jumbo loans than on their conventional mortgages.
Jumbo Loan Limit
The limit for a jumbo loan varies from state to state, and lender to lender. In New York, a state with a hot real estate market, some lenders offer jumbo loans of over 1.5 million for qualified borrowers. The best way to find out how much you qualify is to contact a few banks and get an idea or estimate before you go out shopping for a house.
Pros and cons of jumbo loans
While there are many benefits of a jumbo loan, there are also downsides to it. Here are the pros and cons of jumbo loans.
Pros of jumbo loans
- More money available to borrow - Since the loan size of jumbo loans is larger than a traditional mortgage, there is more money available for borrowers who need it.
- Afford more expensive houses - With a jumbo loan, borrowers can afford more expensive houses that they can't afford with a conventional mortgage. They can own houses in a more competitive or hotter area.
- Lower down payment - The down payment requirement may be lower with a jumbo loan. Borrowers can often put down less than 20% but need to pay for private mortgage insurance. In some markets, lenders only required a 10% down payment.
- Tie up less capital - Some borrowers may not want to tie up too much capital upfront on their houses. They may have other business ventures or investment opportunities that require capital. Getting a jumbo loan allows them to get leverage from the bank and tie up less capital of their own.
- One loan only - Without jumbo loans, borrowers may have to get multiple loans to finance their property which is more complicated, and often the underwriting process is much longer as there are more parties involved.
Cons of jumbo loans
- Higher Interest - Oftentimes, the interest rate that bank charges for jumbo loans are higher than they do with a conventional loan because jumbo loans are not backed by Fannie Mae and Freddie Mac. However, borrowers should still compare the rates from different banks and lenders as there are still banks that afford competitive rates for jumbo loans.
- Higher interest payments - The total costs of a jumbo loan are much higher than a conventional mortgage because borrowers will have more money to pay back plus interest.
- Higher monthly payment - Since the mortgage size is larger, that means borrowers will have to pay higher monthly payments.
- Higher-income requirements - to qualify for a jumbo loan, borrowers must have a higher income. Banks need to protect themselves and make sure borrowers are able to pay them back. They want to make sure the borrowers have higher income with a lower debt-to-income ratio.
- Higher credit score - the credit score requirement for jumbo loans is higher than for conventional mortgages. Borrowers with low credit scores may not qualify for jumbo loans or they may come with much higher interest rates.
How to qualify for a jumbo loan?
The first thing to qualify for a jumbo loan is of course to find a lender that offers jumbo loans. Borrowers should shop around and do some comparisons between the lenders and find one that offers the best interest rate with affordable closing costs, and make sure there are no hidden fees. The size of a jumbo loan is large, and any savings on interest may be substantial. You may be surprised at how much money you can save in the long term with this simple step of comparing the mortgage rates from different lenders. One strategy is to get a quote from one bank and go to another to see if they can beat that rate without extra costs. Once you find a lender that gives you the best interest rate and the least closing costs, be sure to have the following documents ready for the approval process.
- Proof of Income - You need to provide the bank with your tax filings and W2 wages from the past two or three years. Recent pay stubs to show that you are still employed. Some banks may need to see your employment history and verify with your current employer.
- Credit Score - Lenders will pull your credit score to verify that you are in good standing in paying back your other bills and loans, such as credit cards and auto loans.
- Cash Reserves - Some banks like to see that you have cash reserves for the next 12 months.
- Debt-to-income ratio - They check your assets and debts and see what your debt-to-income ratio (LTV) is. The lower the better. Before applying for a jumbo loan, borrowers may consider paying off their credit card bills or auto loan balance to reduce their LTV.
- Bank Statements - You need to offer bank statements from the previous few months to show that you can afford the down payment and the closing costs.
Some banks may have other requirements, make sure that you submit any documents they asked for promptly to keep the approving process smooth. Keep in touch with the loan originator to see where you are standing.
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