Model conventional loan payments and PMI
For conventional mortgage borrowers calculating payments with down payment, PMI thresholds, and rate comparisons across scenarios.
Conventional Mortgage Calculator
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Create Free AccountWhat it does
The Conventional Mortgage Calculator estimates your monthly payment on standard conforming loans — the most common financing for creditworthy borrowers — with adjustable PMI assumptions based on down payment percentage. Input down payment (5-20%+), loan amount, rate, and credit profile to see total payment and how PMI requirements vary by equity level.
Conventional financing dominates because favorable rates and standard terms attract volume, but PMI requirements penalize lower down payments. This calculator shows the monthly PMI cost of different down payment levels and reveals the exact equity threshold where PMI automatically drops off — helping buyers decide whether to save more for 20% down or buy sooner with PMI.
Who it's for
- Primary residence buyers comparing conventional financing to FHA, VA, and USDA alternatives
- Borrowers deciding between putting down 10%, 15%, or 20% based on PMI cost trade-offs
- Loan officers explaining PMI calculations and removal thresholds to conventional applicants
- Real estate agents pricing homes and qualifying buyers using conventional financing assumptions
How it works
Enter purchase price, down payment, and term
Conventional: 3–20% down typical; 15–30 year terms.
Input interest rate and property details
Rate, loan amount, credit score tier (affects PMI pricing).
Calculate payment and PMI
P&I, property taxes, insurance, HOA, PMI if down payment under 20%.
Why it matters
Calculate full conventional payment with PMI
Test different down payment amounts (5%, 10%, 15%, 20%)
Identify break-even point for extra down payment
Compare conventional versus government-backed loans
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Frequently asked questions
What down payment percentage eliminates PMI?
20% down eliminates PMI entirely. Some lenders allow 20% LTV without PMI at slightly higher rates.
How much does PMI cost?
Typical: 0.5–2% annually, divided by 12 for monthly payment. Cost varies by credit score and loan-to-value ratio.
When can I remove PMI?
Automatic removal at 78% LTV (22% equity); you can request removal at 80% LTV (20% equity) with strong payment history.
Is 15% down better than 20% down with PMI?
Run the math: extra cash invested at expected returns might beat PMI cost. But if returns are low, 20% down to avoid PMI wins.
Is this calculator free to use?
Yes — create a free Investor Starter account to run 1 calculator per day. No credit card required. Upgrade to Core ($49/mo) for unlimited access to all 67 calculators.
How accurate are the results?
Results are only as accurate as your inputs. The formulas use industry-standard real estate investment math. Always verify with a licensed professional before committing capital.
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Open calculatorLoan-to-Value (LTV) Calculator
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Open calculatorMortgage Payment Calculator
Break down your monthly P&I, taxes, insurance, and see the full amortization schedule.
Open calculatorHome Affordability Calculator
Find the maximum purchase price you can qualify for based on income, debts, and down payment.
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