Conventional Mortgage Calculator
This calculator shows your full monthly payment including principal, interest, property taxes, homeowners insurance, HOA, and PMI when your down payment is below 20%. Compare 30-year and 15-year terms side by side before you apply. All figures are estimates. Get a real rate quote →
Conventional Mortgage
Estimate your monthly payment including taxes, insurance, HOA, and PMI. All figures are estimates for educational purposes.
Fill in the fields and click Calculate to see your estimated monthly payment.
All calculations are estimates for educational purposes only and do not constitute a loan commitment or guarantee of any rate or terms. Actual payments will depend on credit score, loan program, property type, and market conditions. NMLS #1277693. Get a real rate quote →
How the Conventional Mortgage Calculator Works
The calculator includes every component of your monthly housing payment: principal and interest (the actual loan payment), monthly property taxes (divided from an annual rate), homeowners insurance, HOA fees if applicable, and PMI when your down payment is below 20%. The LTV percentage updates automatically when you change the purchase price or down payment, so you can see exactly when PMI would drop off.
The 30-year versus 15-year comparison is one of the most common questions we see. A 15-year loan typically comes with a lower interest rate and builds equity twice as fast, but the monthly payment is roughly 40 to 50 percent higher than a 30-year on the same loan amount. For a $700,000 loan in California, that monthly gap can be $1,500 or more. The calculator lets you run both scenarios in under a minute.
PMI drops off automatically once your LTV reaches 78%, based on your original purchase price and amortization schedule. At 20% down, you avoid PMI entirely from day one. Some borrowers split their financing between a first and second loan to avoid PMI while keeping a lower down payment, a strategy worth discussing with a broker who can compare multiple lenders. All figures from this calculator are estimates; actual terms are set by the funding lender.
Conventional Mortgage Calculator FAQ
When does PMI drop off a conventional loan?
PMI cancels automatically when your loan balance reaches 78% of the original purchase price based on your amortization schedule. You can also request cancellation at 80% LTV if you have a history of on-time payments. Some lenders allow early cancellation with a new appraisal if your home has appreciated. Specific PMI removal rules are set by the funding lender and applicable federal law (Homeowners Protection Act).
What is the difference between a 30-year and 15-year conventional mortgage?
A 30-year loan has a lower monthly payment but you pay more interest over the life of the loan. A 15-year loan has a higher monthly payment but typically comes with a lower interest rate and you build equity twice as fast. The right choice depends on your monthly cash flow, how long you plan to stay in the home, and whether the payment difference could earn more invested elsewhere. Run both in this calculator to see the monthly gap for your specific purchase price.
How much down payment do I need to avoid PMI on a conventional loan?
20% down eliminates PMI from the start. Below 20%, PMI is required. The exact PMI rate depends on your credit score and LTV, and is set by the funding lender. This calculator uses a default PMI rate that you can adjust to match a lender quote you've received.
What does PITI mean?
PITI stands for principal, interest, taxes, and insurance. It represents the full monthly housing payment lenders use to calculate your debt-to-income ratio. This calculator shows PITI plus HOA and PMI when applicable, so the number it shows you is what a lender would use to evaluate your qualification.
Is this calculator accurate for California conventional loans?
The calculator uses the numbers you enter. California property tax rates, homeowners insurance costs, and HOA fees vary significantly by county and property, so you'll want to use real figures from a purchase contract or tax records rather than the defaults. For a loan amount above the county conforming limit, the loan moves into jumbo territory with different rates and guidelines. Contact Advanced Funding Solutions for a real-number comparison.