What is a jumbo loan?

A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac — $766,550 for single-family homes in 2024 in most areas. They require stricter qualification standards.

What down payment do I need for a jumbo loan?

Most jumbo lenders require 10–20% down payment. Some luxury jumbo programs require 20–30%. The higher the loan amount, the more likely lenders want 20% or more.

Are jumbo loan rates higher than conventional rates?

Historically jumbo rates were 0.25–0.5% higher. In recent years rates have been similar or even slightly lower in some markets. Compare multiple jumbo lenders as rates vary significantly.

What credit score do I need for a jumbo loan?

Most jumbo lenders require a credit score of 700 or higher, with many preferring 720–740+. The better your credit, the more competitive rate you'll receive.

Is there PMI on a jumbo loan?

Jumbo loans do not have government-backed PMI, but some lenders require private mortgage insurance if your down payment is under 20%. Many jumbo borrowers avoid this by putting 20% down or using a piggyback loan structure.

Jumbo Loan Calculator

Calculate payments on mortgages above the $766,550 conforming limit. See your monthly payment, total cost, and how it compares to a conforming loan.

Home Price

Down Payment

$20%

Jumbo Loan Rate

Loan Term

Conforming Rate (for comparison)

Monthly Payment · Jumbo Loan

$6,387

$960,000 loan · 7.00% · 30 years

Down Payment: $240,000

Principal: $960,000

Total Interest: $1,339,285

Loan Amount

$960,000

Conforming Limit (2024)

$766,550

Amount Above Limit

$193,450

Total Interest

$1,339,285

Total Cost

$2,299,285

Down Payment

20.0%

Conforming Loan Comparison (at $766,550)

Conforming Monthly Payment

$4,972

Your Monthly Payment

$6,387

Monthly Difference

+$1,415

Total Interest Difference

+$315,977

How to Use This Jumbo Loan Calculator

Enter your home price, down payment, interest rate, and loan term to calculate your jumbo loan payment. The calculator automatically compares your loan to the conforming limit and shows the cost difference.

Home Price & Down Payment

Your loan amount (home price minus down payment) must exceed $766,550 to be a jumbo loan. Jumbo lenders typically require 10–20% down. The calculator warns you if your down payment falls below the minimum threshold.

Jumbo vs. Conforming Rate Comparison

Enter both your jumbo rate and the current conforming rate to see a side-by-side monthly payment and total interest comparison. This helps you understand the premium you're paying for a larger loan.

Jumbo Loan Payment Formula

Loan Amount = Home Price − Down Payment

Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]

Where:
P = Loan Amount
r = Monthly rate (annual rate ÷ 12)
n = Total months (years × 12)

Jumbo threshold (2024): $766,550

Example: $1,200,000 home with 20% down ($240,000) = $960,000 loan. At 7.0% for 30 years: monthly P&I = $6,391. A conforming loan of $766,550 at 6.75% costs $4,971/month — a difference of $1,420/month ($511,200 over 30 years).

Example: Jumbo Purchase in San Francisco

Elena's Jumbo Home Purchase

Buying a $1.5M home in San Francisco with 20% down. Credit score 760, dual income household of $400,000.

Home Price	$1,500,000
Down Payment (20%)	$300,000
Jumbo Loan Amount	$1,200,000
Interest Rate	7.0% (30-year jumbo)
Monthly Payment	$7,989
Total Interest (30 yrs)	$1,076,040
Total Loan Cost	$2,276,040
Conforming Limit Amount Over	$433,450 above limit

With a 760 credit score and 20% down, Elena qualifies for the best jumbo rates. She compared rates from 5 lenders and saved 0.375% off the initial offer, reducing her monthly payment by $410.

Frequently Asked Questions

A jumbo loan is a mortgage that exceeds the conforming loan limit — $766,550 for single-family homes in 2024 in most U.S. counties (higher limits apply in high-cost areas like Hawaii and Alaska). Jumbo loans can't be purchased by Fannie Mae or Freddie Mac, so lenders carry more risk and apply stricter qualification standards.

Most jumbo lenders require 10–20% down. On a $1M home, that's $100,000–$200,000. Loans above $1.5M often require 20–25%. Some portfolio lenders offer jumbo loans with 10% down for highly qualified borrowers. The more you put down, the better your rate and the easier you'll qualify.

Historically yes — jumbo rates were 0.25–0.5% higher. In 2022–2024, rates have been more volatile. In some periods, jumbo rates have actually been lower than conforming rates, especially for well-qualified borrowers. The best strategy is to get quotes from multiple jumbo lenders, including banks, credit unions, and mortgage brokers, as pricing varies more than on conforming loans.

Most jumbo lenders require a minimum credit score of 700, with preferred scores of 720–740 or higher. Lenders also scrutinize your debt-to-income ratio (usually 43% max), cash reserves (6–12 months of payments is common), and employment history. Self-employed borrowers often face extra documentation requirements.

In designated high-cost areas, the conforming limit can be up to 150% of the standard limit — $1,149,825 for single-family homes in 2024. This covers areas like Los Angeles, New York City, San Jose, and Hawaii. If you're in one of these areas, you may not need a jumbo loan even for a $1M+ purchase. Check FHFA's conforming loan limit map for your county.