Conventional Loan Mortgage Calculator
Conventional Mortgage Loan
Conventional loans are the most common mortgage type, not backed by a government agency. They typically offer the best rates for borrowers with strong credit and a solid down payment.
= $80,000
Monthly Payment
$2,129
Loan Amount
$320,000
Total Interest
$446,428
Total Cost
$846,428
Payment Breakdown
Down Payment$80,000 (9.5%)
Principal$320,000 (37.8%)
Total Interest$446,428 (52.7%)
Min Down Payment
3%
$12,000 on $400,000
Typical Rate
7%
30-year fixed
Monthly Payment
$2,129
20% down on $400,000
Loan Limit
$766,550
conforming limit
Conventional Loan Requirements
- •Minimum 620 credit score (680+ for best rates)
- •3-20% down payment
- •Debt-to-income ratio below 43-50%
- •PMI required if down payment less than 20%
- •Stable employment and income documentation
Pros
- +PMI cancellable at 20% equity
- +Available for primary, secondary, and investment properties
- +Flexible terms (10-30 years)
- +Higher loan limits than FHA
- +No upfront mortgage insurance fee
Cons
- −Higher credit score requirements than FHA/VA
- −PMI required with less than 20% down
- −Stricter debt-to-income requirements
- −May require larger reserves
- −Rates depend heavily on credit score
Conventional Loan Payments by Home Price
| Home Price | Down (20%) | Loan Amount | Monthly P&I | Total Interest |
|---|---|---|---|---|
| $150,000 | $30,000 | $120,000 | $798 | $167,411 |
| $200,000 | $40,000 | $160,000 | $1,064 | $223,214 |
| $250,000 | $50,000 | $200,000 | $1,331 | $279,018 |
| $300,000 | $60,000 | $240,000 | $1,597 | $334,821 |
| $350,000 | $70,000 | $280,000 | $1,863 | $390,625 |
| $400,000 | $80,000 | $320,000 | $2,129 | $446,428 |
| $450,000 | $90,000 | $360,000 | $2,395 | $502,232 |
| $500,000 | $100,000 | $400,000 | $2,661 | $558,036 |
| $600,000 | $120,000 | $480,000 | $3,193 | $669,643 |
| $700,000 | $140,000 | $560,000 | $3,726 | $781,250 |
| $750,000 | $150,000 | $600,000 | $3,992 | $837,053 |
| $800,000 | $160,000 | $640,000 | $4,258 | $892,857 |
| $900,000 | $180,000 | $720,000 | $4,790 | $1,004,464 |
| $1,000,000 | $200,000 | $800,000 | $5,322 | $1,116,071 |
$400,000 Conventional Loan by Rate
| Rate | 15-Year | 30-Year | Total Interest (30yr) |
|---|---|---|---|
| 5.5% | $2,615 | $1,817 | $334,093 |
| 6% | $2,700 | $1,919 | $370,682 |
| 6.5% | $2,788 | $2,023 | $408,142 |
| 6.75% | $2,832 | $2,076 | $427,185 |
| 7% | $2,876 | $2,129 | $446,428 |
| 7.25% | $2,921 | $2,183 | $465,867 |
| 7.5% | $2,966 | $2,237 | $485,495 |
| 8% | $3,058 | $2,348 | $525,297 |