Jumbo Loan Calculator
Compare jumbo loan payments against conforming loan limits.
Jumbo vs. Conforming Comparison
This tool is for informational and educational purposes only. It is not a substitute for professional financial, medical, legal, or engineering advice. See Terms of Service.
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This calculator helps you determine whether your mortgage qualifies as a jumbo loan and what that means for your monthly payment. Follow these steps:
- Enter the home price. This is the full purchase price of the property. Jumbo loans are common for homes priced above $900,000, depending on your down payment.
- Enter your down payment. The loan amount is the home price minus your down payment. If the loan amount exceeds the conforming limit, it qualifies as a jumbo loan.
- Set the interest rate. Jumbo loans typically carry a slightly higher rate than conforming loans, often 0.25% to 0.50% more. Enter the rate your lender has quoted.
- Choose the loan term. 30-year and 15-year terms are most common. Shorter terms mean higher payments but less total interest.
- Adjust the conforming limit if needed. The default is $766,550 (2024 baseline). High-cost areas like San Francisco, New York, and Los Angeles have higher limits up to $1,149,825.
The calculator shows your monthly payment and a side-by-side comparison with what you would pay at the conforming loan limit. Use the Share button to save your scenario.
About Jumbo Loans
A jumbo loan is any mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These loans cannot be purchased by Fannie Mae or Freddie Mac, which means lenders take on more risk. As a result, jumbo loans often require higher credit scores (typically 700+), larger down payments (10-20%), and may carry a slight interest rate premium.
The conforming loan limit is updated annually. For 2024, the baseline limit is $766,550 for most of the United States, with higher limits in designated high-cost areas. All calculations run in your browser. No data is stored or transmitted.
Frequently Asked Questions
What is the conforming loan limit for 2024?
The baseline conforming loan limit for 2024 is $766,550 for a single-family home in most areas. In high-cost areas, the limit can go up to $1,149,825. These limits are set by the FHFA and adjusted annually based on home price changes.
Do jumbo loans have higher interest rates?
Typically yes, though the difference has narrowed in recent years. Jumbo loans often carry rates 0.25% to 0.50% higher than conforming loans. Some lenders may offer competitive jumbo rates to attract high-net-worth borrowers, so it pays to shop around.
What credit score do I need for a jumbo loan?
Most lenders require a minimum credit score of 700 for jumbo loans, though some may require 720 or higher. Conforming loans may be available with scores as low as 620. The higher requirement reflects the greater risk lenders take with larger loan amounts.
Can I avoid a jumbo loan with a larger down payment?
Yes. If you increase your down payment so the loan amount falls at or below the conforming limit, you avoid jumbo loan classification. For example, on a $1,000,000 home, putting down $233,450 or more would keep the loan at $766,550, the conforming limit.