Conventional Loan Calculator
Calculate your conventional loan payments with our comprehensive calculator. Estimate monthly payments, interest costs, and amortization schedule for your mortgage.
Step 1: Loan Details
Understanding Conventional Loans
Conventional loans are mortgages not guaranteed by the government. They typically require a higher credit score and down payment but offer competitive interest rates and flexible terms.
Step 2: Additional Details
About Conventional Loans
Conventional loans typically require a down payment of at least 3-20% and have stricter credit requirements than government-backed loans. PMI is usually required if the down payment is less than 20%.
Loan Payment Results
Monthly Payment
Loan Amortization Schedule
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|
Total Cost Breakdown
Loan Payment Formula
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where M is the monthly payment, P is the principal loan amount, i is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (loan term in years × 12).
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