Conventional Loan Calculator
A conventional loan is the standard mortgage not backed by a government program. With 20% down you avoid PMI entirely; with less, you pay PMI until you reach 20% equity, at which point it cancels. It's the most common loan for buyers with solid credit.
- Minimum down payment
- 3% (first-time), 5%+ typical
- PMI
- Required under 20% down; cancels at 78% LTV
- Best for
- Buyers with good credit and savings
Payment breakdown
- Principal & interest$2,096.83
- Property tax$366.67
- Home insurance$116.67
Balance over time
| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $3,346 | $21,816 | $316,654 |
| 2 | $3,582 | $21,580 | $313,072 |
| 3 | $3,835 | $21,327 | $309,237 |
| 4 | $4,107 | $21,055 | $305,130 |
| 5 | $4,397 | $20,765 | $300,733 |
| 6 | $4,708 | $20,454 | $296,025 |
| 7 | $5,041 | $20,121 | $290,985 |
| 8 | $5,397 | $19,765 | $285,588 |
| 9 | $5,778 | $19,384 | $279,810 |
| 10 | $6,187 | $18,975 | $273,623 |
| 11 | $6,624 | $18,538 | $266,999 |
| 12 | $7,092 | $18,069 | $259,906 |
| 13 | $7,594 | $17,568 | $252,312 |
| 14 | $8,131 | $17,031 | $244,182 |
| 15 | $8,705 | $16,457 | $235,476 |
| 16 | $9,321 | $15,841 | $226,155 |
| 17 | $9,980 | $15,182 | $216,176 |
| 18 | $10,685 | $14,477 | $205,490 |
| 19 | $11,441 | $13,721 | $194,050 |
| 20 | $12,249 | $12,913 | $181,800 |
| 21 | $13,115 | $12,047 | $168,685 |
| 22 | $14,042 | $11,119 | $154,642 |
| 23 | $15,035 | $10,127 | $139,607 |
| 24 | $16,098 | $9,064 | $123,509 |
| 25 | $17,236 | $7,926 | $106,273 |
| 26 | $18,455 | $6,707 | $87,819 |
| 27 | $19,759 | $5,403 | $68,060 |
| 28 | $21,156 | $4,006 | $46,904 |
| 29 | $22,651 | $2,511 | $24,252 |
| 30 | $24,252 | $909 | $0 |
Frequently asked questions
How much down payment for a conventional loan?
As little as 3% for first-time buyers, though 5%–20% is more common. At 20% down you avoid PMI; below that you pay PMI until your balance reaches 78% of the home's value, when it cancels automatically.
Conventional vs FHA — which is better?
Conventional loans have removable PMI and no upfront insurance fee, making them cheaper long-term if your credit and down payment qualify. FHA is easier to qualify for with lower credit or savings. Compare both for your situation.
Sources: U.S. Department of Housing and Urban Development (FHA); U.S. Department of Veterans Affairs (VA loans); Consumer Financial Protection Bureau.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.