Calculate your conventional payment
Change any input and the estimate updates immediately. The defaults show a $400,000 purchase with 10% down at an illustrative 6.5% rate.
Results are estimates for a fixed-rate purchase loan. PMI rates are illustrative and vary by lender and insurer.
How each input works
Home price and down payment
The loan amount is the price minus your down payment. The down payment percentage also sets the loan-to-value ratio (LTV), which is the single biggest driver of whether you pay PMI and how much. At 20% down (80% LTV) or more, the calculator shows no mortgage insurance. Below that, PMI is added. Conventional programs generally top out at 97% LTV, so the calculator warns you if you enter less than 3% down.
Interest rate and term
Principal and interest are calculated with the standard fixed-rate amortization formula over the term you choose. The 6.5% default is only a placeholder. Use a rate from a current Loan Estimate if you have one, because a quarter point changes the payment noticeably on a large balance.
Credit score
Unlike FHA, conventional mortgage insurance is priced on credit as well as LTV. The calculator places your score in a band (620, 640, 660, 680, 700, 720, 740 or 760 and up) and looks up an annual PMI rate for your LTV bucket (85%, 90%, 95% or 97%). Scores below 620 trigger a warning because conventional mortgage insurance generally requires at least that score.
Property taxes, insurance and HOA
Enter the yearly tax bill and the yearly homeowners insurance premium; the calculator divides each by 12. On a purchase, use the tax the property will carry after the sale, not the seller's bill if a reassessment or exemption change is coming. HOA dues are entered monthly. These three items usually end up in the monthly payment through an escrow account, but they are your estimates, not quotes.
Extra principal per month
Any amount you add here goes straight to principal every month starting with the first payment. The results then show how much interest you avoid and how much sooner the loan is paid off compared with the scheduled payments. Leave it at 0 to see the standard schedule.
Program parameters this calculator uses
- No PMI at 80% LTV or below. With 20% or more down, mortgage insurance is $0.
- PMI rate by score and LTV. An illustrative grid running from 0.19% a year (760+ score, 85% LTV bucket) to 2.05% (620–639 score, 97% bucket). Real quotes vary by lender and insurer.
- PMI is charged monthly as the annual rate × loan amount ÷ 12, with no upfront premium.
- PMI removal at 78% LTV. The calculator finds the month when the scheduled balance falls to 78% of the original price, the automatic-termination point under the federal Homeowners Protection Act.
- Warnings appear above 97% LTV or below a 620 score.
Worked example: $400,000 with 10% down
Loan amount: $400,000 − $40,000 down = $360,000, an LTV of 90%.
Principal and interest: $360,000 at 6.5% for 30 years = $2,275.44 a month.
PMI: a 700 score in the 90% LTV bucket uses 0.41% a year. $360,000 × 0.41% ÷ 12 = $123.00 a month.
Taxes and insurance: $6,000 ÷ 12 = $500.00 and $2,000 ÷ 12 = $166.67.
Total: $2,275.44 + $123.00 + $500.00 + $166.67 = $3,065.11, shown as $3,065.
When PMI ends: 78% of $400,000 is $312,000. On the regular schedule the balance reaches that in month 109, so PMI drops off after about 9 years and 1 month.
Interest: about $459,160 over 30 years. Enter $100 of extra principal and the calculator shows roughly $62,908 of interest saved and a payoff 3 years and 5 months sooner.
Change the credit score to 760 and the PMI rate falls to 0.23%, or $69.00 a month, with everything else unchanged. Put 20% down and PMI disappears, leaving a $2,689 total payment on a $320,000 loan.
Want a real PMI quote?
Mortgage insurance pricing differs by insurer and lender. Tell LoanFight about your purchase and we can connect you with a lending partner who can quote actual figures.
Tell Us About Your Deal →What the calculator includes, and what it doesn't
Included: principal and interest, monthly PMI, property taxes, homeowners insurance, HOA dues, LTV, total interest, payoff date and the effect of extra principal.
Not included: closing costs, discount points, prepaid interest and escrow cushions; single-premium or lender-paid mortgage insurance; adjustable-rate loans; conforming or high-balance loan limits; and your debt-to-income ratio. PMI removal is timed on the original schedule only. Extra payments can let you ask to cancel PMI earlier, once you reach 80% of original value and meet the servicer's requirements, but the calculator does not model that request.
Conventional calculator FAQs
How is PMI calculated in this calculator?
It multiplies the loan amount by an annual PMI rate chosen from your credit-score band and LTV bucket, then divides by 12. The rates are illustrative; lenders and mortgage insurers quote their own.
When does PMI go away on a conventional loan?
Under the Homeowners Protection Act, PMI on most loans ends automatically when the scheduled balance reaches 78% of the original value. You can ask to cancel it at 80% if you meet the servicer's requirements. The calculator shows the 78% date.
Do I need 20% down for a conventional loan?
No. Conventional programs allow down payments as low as 3% for eligible borrowers. With less than 20% down you pay PMI, which the calculator includes.
Why does my credit score change the payment?
Your score does not change the interest rate in this calculator, only the PMI rate. In real pricing the score can affect both, so ask your lender for a rate based on your actual credit.
Does the calculator include closing costs?
No. It estimates the monthly payment only. Closing costs, points and prepaid items appear on the Loan Estimate your lender provides.
Is the payoff date exact?
It assumes the first payment is next month and every payment is made on schedule. Your actual first payment date depends on when you close.
Sources
- CFPB: When can I remove private mortgage insurance (PMI) from my loan? — automatic termination at 78% and borrower-requested cancellation at 80%.
- Fannie Mae: 97% loan-to-value options — the 3% down conventional option.
- FHFA: Conforming loan limit values for 2026 — loan-size limits the calculator does not check.
Educational estimate only. LoanFight is not a lender, does not make credit decisions and does not set loan terms. The default interest rate is an illustration, not a rate quote. Your lending partner will provide actual figures on a Loan Estimate.