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Is a jumbo loan right for you?
Need a bigger loan for your property? Then a jumbo loan might be right for you. While similar to conventional loans, jumbo mortgages exceed the amount of conventional conforming loan limits. With larger loans come increased risk, so keep in mind that jumbo loan qualification requirements can be stricter.
Benefits of a jumbo loan
- Purchasing a high end home: Consider a jumbo loan if you need a loan that exceeds your county’s conforming loan limit.
- Eliminate the need to have multiple loans:Â Provides the convenience of one loan for the entire loan amount, with a variety of options.
- Save on mortgage insurance: Since a 20% down payment is often required for jumbo loans, private mortgage insurance isn’t always required.
Jumbo loan eligibility requirements
- Good credit score
- A deposit of 20% or higher
- Proof that you are able to repay the loan
- Statement of assets
Principal & Interest (P&I)
$
Taxes & HOA
$
Homeowners Insurance
$
Purchase Price
$
Down Payment
$
Total Loan Amount
$
Estimated Taxes & Insurance
Property taxes are generally estimated to be 1.2% of the home's value, but may vary based on your location. Annual homeowners insurance is roughly 0.35% of the home's value but can change based on insurer. Your loan specialist can help you determine property tax and insurance rates in your area.
Estimated Payment
$ /mo
Loan amount
$
Down payment
$
Interest rate
Loan term
Taxes & insurance included?
Property tax
Homeowner's insurance
$
HOA dues
$
Payment Breakdown
Amortization
Principal vs. Interest
Amortization Schedule Breakdown
Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan.
Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
- Principal payments: $$240,000 (the amount borrowed)
- Interest payments: $$297,554 (the cost of borrowing)
