Conventional Loan Calculator
Calculate payments for 30-year and 15-year fixed-rate conventional mortgages.
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Pay every 2 weeks to save interest
Private Mortgage Insurance (required if down payment < 20%)
Save $1,062.96 with Biweekly Payments
Switching to biweekly payments would pay off your loan 0 years earlier and save you thousands in interest.
Based on median US household income. Target: under 28%
Best Conventional Lenders
Compare rates from top-rated conventional mortgage lenders
Understanding Conventional Mortgages
Conventional loans are the standard for home financing. They follow guidelines set by Fannie Mae and Freddie Mac and are ideal for borrowers with good credit scores (typically 620+) and stable income.
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Conventional vs. FHA Loans
While FHA loans are great for lower credit scores, conventional loans often cost less in the long run because:
- PMI is temporary: It drops off once you reach 20% equity.
- No Upfront Mortgage Insurance: You don't pay the 1.75% fee required by FHA.
- Higher Loan Limits: Conventional loans often have higher limits in high-cost areas.
Loan Term Options
Most borrowers choose between a 30-year fixed (lower monthly payments) and a15-year fixed (lower interest rate, pay off faster). Our calculator lets you compare both options easily.