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Conventional Loan

What a conventional loan is, the 2026 conforming limits, down payment, credit and PMI rules, and a payment calculator.

Updated November 4, 2026. Free, no sign-up; everything runs in your browser and nothing you type is stored.

Conventional loan calculator (2026)

Home price ($)Down payment (%)Interest rate (%)Units

Principal and interest

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–Loan amount

–Conforming limit check

–Private mortgage insurance?

What a conventional loan is

A conventional loan isn't insured by the FHA, VA or USDA. Most are conforming loans that meet Fannie Mae and Freddie Mac rules, including the loan limit.

2026 conforming loan limits

The FHFA set the 2026 baseline limit at $832,750 for one-unit homes (up from $806,500), with a ceiling of $1,249,125 (150%) in high-cost counties. Two- to four-unit baselines are $1,066,250, $1,288,800 and $1,601,750. Bigger loans are jumbo loans with their own rules.

Down payment, credit and PMI

Down payments can be as low as 3% for first-time buyers and programs like HomeReady and Home Possible; 5% is common otherwise.
Credit: Fannie Mae removed its hard 620 minimum score for loans run through Desktop Underwriter in November 2025, but lenders still set their own minimums and price by score.
Under 20% down you pay private mortgage insurance, which you can ask to cancel at 80% loan-to-value and which ends automatically at 78%. Unlike FHA mortgage insurance, it doesn't last for the life of the loan.

Compare loan types in the FHA and VA mortgage calculator, or add taxes and insurance in the mortgage payment calculator.

Common questions

What is the 2026 conforming loan limit?

$832,750 for a one-unit home in most of the US, up to $1,249,125 in high-cost areas.

How much down do you need for a conventional loan?

As little as 3% for some first-time buyer programs.

Is there still a 620 credit score minimum?

Fannie Mae removed the hard 620 floor for Desktop Underwriter loans in November 2025, but lenders set their own minimums.

Sources

More mortgage and home calculators: Apply Section 8 · Construction Loan · Prop 13

General information, not financial, tax or legal advice. Check important numbers with the official source before acting on them.