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Conventional 97 Calculator
Conventional 97 (Fannie/Freddie) allows 3% down on a primary residence for first-time buyers. Uses conventional PMI (no upfront MIP like FHA, and PMI drops off at 20% equity). Often cheaper than FHA for high-credit borrowers.
Total monthly P&I + PMI
$2,576
3% down payment
$11,400
Loan amount
$368,600
Monthly P&I
$2,330
Monthly PMI
$246
Year-1 total cost
$30,906
How the math works
$380K price, 3% down = $11,400. $368,600 loan at 6.5% = $2,330/mo P&I + $246 PMI = $2,576/mo total.
PMI drops off at 80% equity (~year 11 on schedule alone, faster with appreciation). Compare with FHA: 3.5% down, upfront MIP 1.75%, annual MIP 0.55% permanent. Run both; decide based on FICO and market.
How to Use
- Enter home price and rate.
- See loan size, monthly payment, and PMI cost.
- Compare quick against FHA math.
Frequently Asked Questions
Who qualifies for Conv 97?
First-time homebuyer (no ownership in past 3 years) OR one of Freddie Mac's Home Possible / Fannie's HomeReady programs with income limits. Minimum 620 FICO for most programs.
Is Conv 97 cheaper than FHA?
Usually for 700+ FICO. Conv PMI drops off; FHA MIP is permanent at <10% down. Plus no upfront FHA fee. At 680-700 FICO, FHA and Conv 97 are similar. Below 680: FHA cheaper.
What are loan limits?
Conforming — $766,550 baseline 2026, up to $1,149,825 in high-cost areas. Above requires jumbo (no 3% down jumbo programs exist).
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