Conventional Loan Calculator

Input the home purchase price, your intended down payment percentage, interest rate, and loan term. The calculator will estimate your monthly principal, interest, and Private Mortgage Insurance (PMI) costs.

Use this to compare against Physician Loan offers which typically have 0% down and no PMI, but slightly higher interest rates.

Many doctors assume a Physician Loan is always better because of the 0% down option. However, if you have the cash for a 20% down payment, a conventional loan often offers a lower interest rate and fewer fees.

Calculating the "break-even" between a higher rate Physician Loan and a lower rate Conventional Loan with PMI is essential for resident and attending homebuyers.

Monthly Payment: Calculated using the standard amortization formula: P * [r(1+r)^n] / [((1+r)^n) - 1].

PMI: Typically estimated between 0.5% and 1.5% of the total loan amount annually if the down payment is less than 20%.

• Pearl: If you're in a fast-appreciating market, you may be able to cancel PMI in just a few years without a 20% initial down payment once your equity hits 20%.
• Pitfall: Focusing only on the monthly payment. A lower monthly payment over 30 years can sometimes cost you $100k+ more in total interest compared to a 15-year term.
• Pearl: Conventional loans often have lower closing costs and "points" than specialized doctor loan products. Always get a Loan Estimate (LE) for both.