Conventional Mortgage Insurance Calculator

Loan Amount:
Interest Rate (%):
Loan Term (years):

Monthly Payment:

Calculating mortgage insurance payments for a conventional loan can be crucial for prospective homeowners in understanding their financial commitments. This calculator simplifies the process by providing a quick estimate based on key inputs.

The monthly mortgage payment for a conventional loan can be calculated using the following formula:

Monthly Payment = [ P * (r * (1 + r)^n) ] / [ (1 + r)^n – 1 ]


  • P is the loan amount
  • r is the monthly interest rate (annual interest rate divided by 12)
  • n is the number of payments (loan term in years multiplied by 12)

How to Use

  1. Enter the loan amount.
  2. Input the interest rate in percentage.
  3. Specify the loan term in years.
  4. Click on the “Calculate” button to obtain the monthly payment estimate.

For instance, if the loan amount is $200,000, the interest rate is 4.5%, and the loan term is 30 years, the calculated monthly payment would be approximately $1,013.37.


  1. What is mortgage insurance?
    Mortgage insurance protects the lender in case the borrower defaults on the loan.
  2. Is mortgage insurance required for conventional loans?
    Yes, if the down payment is less than 20% of the home’s value.
  3. Can mortgage insurance be removed?
    Yes, typically when the loan-to-value ratio reaches 80%.
  4. How is mortgage insurance calculated?
    Mortgage insurance calculation depends on factors like loan amount, interest rate, and loan term.
  5. Are there different types of mortgage insurance?
    Yes, there’s private mortgage insurance (PMI) and mortgage insurance premiums (MIP) for FHA loans.
  6. Can mortgage insurance rates vary?
    Yes, rates can vary based on credit score, down payment, and loan type.
  7. How long do I have to pay mortgage insurance?
    It varies but often until the loan-to-value ratio reaches 78%.
  8. Is mortgage insurance tax-deductible?
    In some cases, mortgage insurance premiums may be tax-deductible.
  9. Can I cancel mortgage insurance?
    Yes, typically when you reach a certain loan-to-value ratio or through refinancing.
  10. What happens if I don’t pay mortgage insurance?
    Your lender may force place insurance, adding to your monthly expenses.

The Conventional Mortgage Insurance Calculator simplifies the estimation process for monthly mortgage insurance payments, offering valuable insights for borrowers seeking clarity on their financial obligations. By inputting key variables, users can quickly assess potential costs, aiding in informed decision-making during the home-buying process.

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