Conventional Loan Calculator
A conventional loan is a mortgage that is not insured by a federal agency. When the loan is at or below the FHFA conforming limit — $832,750 in most counties and up to $1,249,125 in high-cost areas for 2026 — lenders can sell it to Fannie Mae or Freddie Mac, which is why conforming loans usually carry the lowest rates.
Down payments can be as low as 3%. Below 20% down, the lender requires private mortgage insurance (PMI), priced mainly on your loan-to-value ratio and credit score. You can ask to cancel PMI once the balance reaches 80% of the original home value, and it must end automatically at 78%. This calculator removes PMI at 80%.
Loan Parameters
Total Monthly Payment
$2,922
Principal & Interest + Taxes + Insurance
APR 7.488%
Total Interest
$465,723
Total Cost
$1,000,089
Advanced Parameters
Private Mortgage Insurance (PMI)
Your down payment is below 20%. PMI is estimated at 0.72% annually and is removed here when your LTV reaches 80%.
Loan Summary
Payoff Date
Sep 2056
Interest / Principal
1.40x
Mortgage Insurance Ends
Feb 2035
50% Equity
Jul 2048
Amortization Schedule
| Period | Payment | Principal | Interest | PMI | Balance | Equity |
|---|---|---|---|---|---|---|
| Year 1 | $26,594 | $3,354 | $23,240 | $2,391 | $328,746 | $40,254 |
| Year 2 | $26,594 | $3,598 | $22,996 | $2,391 | $325,148 | $43,852 |
| Year 3 | $26,594 | $3,859 | $22,735 | $2,391 | $321,290 | $47,710 |
| Year 4 | $26,594 | $4,139 | $22,455 | $2,391 | $317,151 | $51,849 |
| Year 5 | $26,594 | $4,439 | $22,154 | $2,391 | $312,711 | $56,289 |
| Year 6 | $26,594 | $4,762 | $21,832 | $2,391 | $307,950 | $61,050 |
| Year 7 | $26,594 | $5,108 | $21,486 | $2,391 | $302,842 | $66,158 |
| Year 8 | $26,594 | $5,478 | $21,116 | $2,391 | $297,364 | $71,636 |
| Year 9 | $26,594 | $5,876 | $20,718 | $797 | $291,487 | $77,513 |
| Year 10 | $26,594 | $6,303 | $20,291 | — | $285,185 | $83,815 |
| Year 11 | $26,594 | $6,761 | $19,833 | — | $278,424 | $90,576 |
| Year 12 | $26,594 | $7,251 | $19,343 | — | $271,173 | $97,827 |
| Year 13 | $26,594 | $7,778 | $18,816 | — | $263,395 | $105,605 |
| Year 14 | $26,594 | $8,343 | $18,251 | — | $255,052 | $113,948 |
| Year 15 | $26,594 | $8,948 | $17,645 | — | $246,104 | $122,896 |
| Year 16 | $26,594 | $9,598 | $16,996 | — | $236,505 | $132,495 |
| Year 17 | $26,594 | $10,295 | $16,299 | — | $226,210 | $142,790 |
| Year 18 | $26,594 | $11,043 | $15,551 | — | $215,168 | $153,832 |
| Year 19 | $26,594 | $11,844 | $14,749 | — | $203,323 | $165,677 |
| Year 20 | $26,594 | $12,704 | $13,889 | — | $190,619 | $178,381 |
| Year 21 | $26,594 | $13,627 | $12,967 | — | $176,992 | $192,008 |
| Year 22 | $26,594 | $14,616 | $11,978 | — | $162,375 | $206,625 |
| Year 23 | $26,594 | $15,678 | $10,916 | — | $146,698 | $222,302 |
| Year 24 | $26,594 | $16,816 | $9,778 | — | $129,882 | $239,118 |
| Year 25 | $26,594 | $18,037 | $8,557 | — | $111,845 | $257,155 |
| Year 26 | $26,594 | $19,347 | $7,247 | — | $92,498 | $276,502 |
| Year 27 | $26,594 | $20,752 | $5,842 | — | $71,746 | $297,254 |
| Year 28 | $26,594 | $22,258 | $4,336 | — | $49,488 | $319,512 |
| Year 29 | $26,594 | $23,874 | $2,719 | — | $25,614 | $343,386 |
| Year 30 | $26,600 | $25,614 | $986 | — | $0 | $369,000 |
How the loan programs compare
$369,000 home, each program's typical minimum or default down payment, current average 30-year rate.
| Loan type | Down | Loan amount | Upfront fee | Monthly MI | Total / month | APR |
|---|---|---|---|---|---|---|
| Conventional | 10% · $36,900 | $332,100 | — | $199 PMI | $2,922 | 7.488% |
| FHA | 3.5% · $12,915 | $362,316 | UFMIP $6,231 | $165 MIP | $3,090 | 7.761% |
| VA | 0% · $0 | $376,934 | Funding fee $7,934 | $0 | $3,022 | 7.242% |
| JumboLoan is conforming (≤ $832,750) | 20% · $73,800 | $295,200 | — | $0 | $2,476 | 7.030% |
Conventional Loan calculator by state
Estimated monthly payment using each state's property tax and insurance averages.
Frequently asked questions
What is the monthly payment on a $369,000 home with a conventional loan?
With 10% down, the estimated payment is $2,922 per month ($2,216 principal & interest, $280 property tax, $227 insurance, $199 PMI) at 7.03% for 30 years, using U.S.-average property tax (0.91%) and insurance ($2,720/yr). APR: 7.488%.
Explore related calculators
Other loan types
Data sources & assumptions
- Freddie Mac Primary Mortgage Market Survey (PMMS) — Weekly average as of September 24, 2026
- Zillow Home Value Index (ZHVI), typical home value, all homes — Default home prices; typical value as of August 31, 2026
- FHFA 2026 Conforming Loan Limit Values (one-unit) — 2026 one-unit limits, 56 states & territories
- CFPB — What is private mortgage insurance?
- Homeowners Protection Act (PMI cancellation at 78–80% LTV)
Estimates exclude lender origination fees, points and closing costs. See our methodology for formulas and limitations.