Conventional & PMI Calculator
Calculate your conventional loan payment with FICO-score-based PMI rates, see exactly when PMI cancels under the Homeowners Protection Act, and find out how much you'd save by improving your credit score before applying.
Get Started in 3 Steps
How to Use the Conventional & PMI Calculator
Enter Your Loan & Credit Details
Input purchase price, down payment, interest rate, loan term, and your FICO score range to pull the correct PMI rate tier.
See Your Full Monthly Payment
Review your P&I, monthly PMI cost, and optional taxes & insurance for a complete PITI picture.
Find Your PMI Cancellation Month
Check the amortization schedule to see exactly when your balance hits 80% LTV and PMI drops off your payment.
Conventional Loan & PMI Calculator
FICO-based · Occupancy-adjusted · Fannie Mae / Freddie Mac · 2025
PMI Details
Est. Monthly Payment
$2,933.99
Payment Breakdown
Loan Amt
$495,000
LTV
90.0%
PMI Rate
0.30%
Total PMI
$10,395
PMI Cancellation
Cancellable at month 84
7yr · 80% LTV balance
Saves
$123.75/mo
What is PMI and how much does it cost?
Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is less than 20%. PMI rates range from 0.20% to 1.50% annually depending on your FICO score and loan-to-value ratio — on a $400,000 loan, that's $67 to $500 per month.
Best for: Conventional borrowers with less than 20% down who want to see exact PMI costs by credit score
How It Works
Understanding the Conventional & PMI Calculator
This calculator prices PMI using representative Fannie Mae and Freddie Mac BPMI rate grids across 8 FICO-score tiers and 4 LTV bands. It shows your exact monthly PMI cost, projects the month PMI cancels at 80% LTV under the Homeowners Protection Act, and quantifies how improving your credit score before closing could save you hundreds per month.
Worked example: You're purchasing a $475,000 home with 10% down ($47,500). Your loan is $427,500. With a 720 FICO, PMI is approximately 0.54% annually — $192/month added to your P&I. At 760+ FICO, PMI drops to roughly 0.30% — $107/month. That 40-point score improvement saves $85/month ($1,020/year) until PMI cancels in month 109 (about 9 years).
Pair this with the DTI Calculator to see how PMI affects your qualifying ratios, and with the FHA MIP Calculator to compare conventional PMI against FHA mortgage insurance for borrowers near the decision boundary.
Ready to apply?
Numbers look right? Explore our Conventional Loans page for eligibility details, rates, and next steps.
About This Calculator
What the Conventional & PMI Calculator is For
Conventional loans price Private Mortgage Insurance (PMI) by FICO score — a 760+ borrower pays dramatically less than a 680 borrower at the same LTV. This calculator uses representative Fannie Mae / Freddie Mac BPMI grids across 8 FICO tiers and 4 LTV bands to show your exact monthly PMI, project the month it cancels at 80% LTV, and quantify the savings from moving up one credit tier. Add property taxes and homeowners insurance to see your full PITI. The expandable PMI rate matrix puts every rate combination on one screen.
Common Use Cases
- Seeing how your FICO score affects PMI cost at any down payment
- Finding the month your PMI cancels under the Homeowners Protection Act
- Quantifying the savings from a credit score improvement before closing
Ready to turn numbers into a loan?
Common Questions
Conventional & PMI Calculator — Frequently Asked Questions
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Asset-rich but income-light? An asset depletion loan converts your savings, investments, and retirement accounts into qualifying income — no job, paycheck, or tax returns required. Here's how the three calculation methods work, and why the same borrower can qualify for wildly different loan amounts depending on which one a lender uses.
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All calculator results are estimates for informational purposes only and do not constitute a loan commitment or guarantee of any specific rate or terms. Actual loan terms will depend on creditworthiness, property type, and market conditions. Lumen Mortgage Corporation · NMLS #1498678 · Licensed in Oregon & California · 920 SW 6th Ave, Suite 1200, Portland, OR 97204.