Calculators · Buying & Financing

Conventional Loan Calculator

Estimate a conventional loan payment with private mortgage insurance, see when PMI drops off, and check the result against the 2026 conforming loan limit.

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How this calculator works

Conventional loans follow Fannie Mae and Freddie Mac guidelines. With less than 20% down they usually carry private mortgage insurance (PMI). Under the federal Homeowners Protection Act, PMI on most loans ends automatically when the balance is scheduled to reach 78% of the original value, and you can ask to remove it at 80%.

For 2026 the baseline conforming limit for a one-unit home is $832,750 (FHFA). A larger loan is a jumbo loan with different pricing and requirements.

PMI is entered as an annual percent of the loan; the example rate is illustrative because real PMI pricing depends on credit score, down payment and the insurer.
The calculator stops PMI in the month the scheduled balance first reaches 78% of the price and shows the lower payment after that.
A warning appears if the loan is above the conforming limit.

Worked example

Example values are illustrative, not quotes or market data. These are the numbers the calculator above starts with.

Inputs

Loan type: Conventional
Home price: $350,000
Down payment: $17,500 (5%)
Interest rate: 6.5%
Loan length: 30 years
Property taxes per year: $7,000
Homeowners insurance per year: $2,400
HOA dues per month: $0

Results

Loan type: Conventional
Home price: $350,000
Down payment: $17,500 (5.0%)
Rate / length: 6.5% / 30 yrs
Total monthly housing cost: $3,024
Principal and interest: $2,102
Mortgage insurance (month 1): $139
Loan amount: $332,500
Cash to close (down payment only until costs are entered): $17,500
Total interest: $424,083
Balance after 5 years: $311,256

Common questions

How much down payment does a conventional loan need?

Some conventional programs allow as little as 3% down for eligible buyers; 5% is common. Putting 20% down avoids PMI. Your lender confirms what you qualify for.

When does PMI go away?

For most conventional loans on a primary home, PMI ends automatically when the balance is scheduled to reach 78% of the original value, and you can request removal at 80% if you meet the servicer's requirements. Extra principal payments can get you there sooner.

Is the PMI rate in the calculator what I will pay?

No. It is an example. Ask the lender for the actual PMI premium for your credit score, loan amount and down payment.

Related calculators

Estimate only. Actual loan terms, eligibility, insurance, taxes, and settlement charges require verification. These are planning estimates, not a lender Loan Estimate, Closing Disclosure, appraisal, or approval. Michael O'Neal is a real estate broker, not a lender, appraiser, attorney or tax adviser.

Next step

Want a real financing quote? Connect with Home Front Mortgage.

Andrew Fairleigh, Mortgage Loan Originator, Home Front Mortgage, NMLS #1878546. (979) 595-8979 · [email protected]

Start Your Application Andrew's profile

Rates in these calculators are examples, not Home Front quotes. Your application goes to Home Front's secure site. Do not send financial documents through this website.

Affiliated business arrangement disclosure. This is to give you notice that some agents and owners at Keller Williams Realty Northeast, including Michael O'Neal, have a business relationship with certain providers of services related to your purchase, sale or refinance of real estate, including Home Front Mortgage and Keystone Title & Escrow. Because of this relationship, a referral may provide some owners and agents at Keller Williams Realty Northeast a financial or other benefit. You are NOT required to use either company as a condition for your purchase, your financing or refinance, or any other transaction related to a property. There are frequently other providers available with similar services. You are free to shop around to determine that you are receiving the best services and the best rate for these services. You will be given the written Affiliated Business Arrangement Disclosure, including estimated charges, to review and sign.