Conventional Mortgage Calculator
This conventional mortgage calculator models the full Florida payment including PMI, and shows the balance at which PMI can come off.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
PMI applies above 80% LTV and can be removed once the balance reaches 80% of original value. Florida insurance varies widely by county and wind exposure. Estimate only.
A conventional loan is any mortgage not backed by FHA, VA or USDA. It is the default path for buyers with solid credit, and it prices better than FHA at higher credit scores.
The distinguishing feature is that mortgage insurance is removable. Once you reach 80% loan-to-value, PMI can come off, which is not true of most current FHA loans.
These figures are estimates. For neutral, official guidance on mortgage costs and what lenders can charge, see the CFPB's Owning a Home guide.
How to Use This Calculator
- 1
Enter price, down payment, rate and term.
- 2
Enter annual taxes and insurance — Florida insurance is the line most often underestimated.
- 3
Add HOA or condo dues.
- 4
Set a PMI rate if you are putting less than 20% down; it scales with credit score and loan-to-value.
The Formula & Assumptions
Loan = price ×
(1 − down%)
PMI = loan × PMI rate ÷ 12
(only above 80% LTV)
Payment = P&I + taxes ÷ 12
+ insurance ÷ 12
+ HOA + PMI
Conventional loans allow as little as 3% down for eligible first-time buyers through HomeReady and Home Possible, both of which also price mortgage insurance more favorably than standard conventional at the same loan-to-value.
PMI is removable in two ways: request cancellation at 80% of original value, or automatic termination at 78%. An appraisal showing appreciation can also get you there early, which matters in Florida markets that have moved quickly.
Above the conforming loan limit the loan becomes a jumbo, with different underwriting and usually a larger down payment. Several South Florida price points sit right at that boundary, so check the current county limit.
Frequently Asked Questions
How much down do I need on a conventional loan?
As little as 3% for eligible first-time buyers using HomeReady or Home Possible, and 5% for most other buyers. Twenty percent avoids mortgage insurance entirely but is not required.
When does PMI come off?
You can request cancellation once the balance reaches 80% of the original value, and it terminates automatically at 78%. Appreciation can also qualify you early with a new appraisal, subject to lender seasoning rules.
Is conventional better than FHA?
Usually at higher credit scores, because pricing and removable mortgage insurance both favor conventional. FHA tends to win at lower scores or with recent credit events, where conventional pricing deteriorates faster.
What raises my PMI rate?
A lower credit score and a higher loan-to-value both raise it, and the two compound. Moving from 5% down to 10% down, or gaining twenty credit score points, can cut the monthly premium noticeably.
Ready to Turn Your Estimate Into a Real Pre-Approval?
Get a personalized rate quote and pre-approval from a licensed Florida mortgage broker — no obligation.
Rates are illustrative only. APR and payments vary by credit score, loan amount, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.