Jumbo Loan Calculator

How to Use the Jumbo Loan Calculator

The Jumbo Loan Calculator is designed to help you estimate the potential costs and monthly payments associated with a jumbo mortgage loan, which is typically used for higher-priced properties. Follow these steps to effectively use the calculator:

Step 1: Enter Property Value

Start by entering the value of the property you are interested in purchasing in the Property Value ($) field. The value must be at least $100,000 to meet the calculator’s requirements.

Step 2: Specify Your Down Payment

Input the amount you plan to pay as a down payment in the Down Payment ($) field. The down payment should be a positive number or zero if you are not making a down payment.

Step 3: Provide the Interest Rate

Enter the annual interest rate you expect to incur on the loan in the Annual Interest Rate (%) field. The interest rate should be between 0.01% and 100%, and can be specified in increments of 0.125%.

Step 4: Choose a Loan Term

Select the number of years over which you plan to pay off the loan from the Loan Term dropdown menu. The available options are 15 Years, 20 Years, and 30 Years.

Step 5: Indicate Your Credit Score Range

Choose your credit score range from the given options in the Credit Score Range dropdown menu. The options include:

• Excellent (740+)
• Very Good (720-739)
• Good (700-719)
• Fair (680-699)

Understanding the Results

After entering all the necessary input fields, the calculator will display the following results:

• Loan Amount: This is the amount you need to borrow, calculated as the property value minus the down payment. It is displayed in USD with two decimal places.
• Down Payment Percentage: This percentage represents the portion of the property value that you are paying upfront. It is shown as a percentage with two decimal places.
• Monthly Principal & Interest: The calculator computes your monthly payment for principal and interest. This result is expressed in USD with two decimal places.
• Total Payment Over Loan Term: The total payment you will make over the life of the loan, including principal and interest, is calculated and displayed in USD with two decimal places.
• Total Interest Paid: This is the total amount of interest you will have paid over the entire loan term. It is presented in USD with two decimal places.

By following these steps and understanding the results, you can gain insights into your potential mortgage costs and make well-informed decisions regarding jumbo loans.