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Analyze break-even timelines, compare monthly payments across 30-year fixed, 15-year fixed, and ARM products, and evaluate rate-and-term vs cash-out options for your jumbo mortgage.
Calculate break-even timelines, compare payment scenarios, and analyze rate-and-term vs cash-out options for jumbo refinancing.
Above $766,550 conforming limit
High-cost areas: parts of CA, CO, HI, AK, etc.
This calculator provides estimates only. Actual rates, terms, and qualification requirements depend on your credit profile, property type, loan amount, and lender. Contact us for a personalized jumbo refinance quote.
Key Takeaways
Jumbo refinance decisions require more analysis than standard conforming loans because the dollar amounts involved magnify both savings and costs. A 0.75% rate reduction that saves $50 per month on a $200,000 conforming loan saves $500 per month on a $1 million jumbo mortgage.
Refinancing typically makes sense when you can lower your rate by at least 0.50% to 0.75% and plan to stay in the home long enough to recoup closing costs. On a $1 million jumbo loan, a 0.75% rate reduction saves roughly $500 per month. With closing costs of $7,500 (0.75% of loan), you break even in about 15 months.
The 2026 conforming loan limit is $766,550 for most U.S. counties. High-cost areas in states like California, Colorado, Hawaii, and Alaska have limits up to $1,149,825. Any mortgage above these limits requires jumbo financing, which carries different qualification requirements and rate structures.
Rate-and-term refinancing replaces your existing mortgage with a new one at a lower rate or different term, without extracting equity. Cash-out refinancing lets you borrow more than your current balance and receive the difference in cash, but typically carries a rate premium of 0.125% to 0.375% and a lower maximum LTV (75% vs 80%).
No. Jumbo loans do not require private mortgage insurance (PMI) regardless of down payment or LTV ratio. This is one advantage of jumbo financing, as PMI on a conforming loan at 90-95% LTV can add $300 to $600 per month. However, jumbo loans have stricter qualification requirements including higher credit scores, larger reserves, and more documentation.
Jumbo refinance closing costs typically range from 0.50% to 1.50% of the loan amount, including origination fees, appraisal, title insurance, and recording fees. On a $1 million loan, expect $5,000 to $15,000 in closing costs. Some lenders offer no-cost refinance options where closing costs are rolled into the rate (typically adding 0.125% to 0.250%).
This calculator provides estimates. Actual rates, terms, and qualification requirements vary based on your credit profile, property type, and lender. Our team connects you with 50+ jumbo lenders who compete for your business.
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