How much does conventional mortgage insurance (PMI) cost per month?

On a $450,000 home with 5% down ($427,500 loan) at a 720 credit score, monthly PMI runs roughly $148 — based on a 0.41% annual rate for the 90–95% LTV tier. At a 760+ score the same scenario is about $107/month. PMI cancels automatically at 78% LTV under the Homeowners Protection Act. Rates are illustrative — contact Valley West Mortgage NMLS #65506 for your actual PMI quote.

What is the 2026 conforming loan limit in Nevada?

The 2026 Fannie Mae and Freddie Mac baseline conforming loan limit is $806,500 for a single-family home. This applies to all Nevada counties including Clark (Las Vegas) and Washoe (Reno). No Nevada county is currently designated as a high-cost area above this baseline. Loans above $806,500 are jumbo loans and follow different pricing and underwriting rules.

When does PMI automatically cancel on a conventional loan?

Under the Homeowners Protection Act (HPA), your lender must automatically cancel PMI when your loan balance reaches 78% of the original purchase price — provided you are current on payments. You can request cancellation earlier once the balance drops to 80% LTV, but the lender may require a new appraisal. Use this calculator to estimate exactly what month PMI cancels for your scenario.

Can I get a conventional loan with 3% down?

Yes. Fannie Mae's HomeReady and Freddie Mac's Home Possible programs allow 3% down for first-time buyers or buyers below 80% of area median income. Standard conventional loans typically require 5% minimum. The trade-off: a smaller down payment means a higher LTV, higher PMI rate, and a higher monthly payment. Use the HomeReady/Home Possible toggle in this calculator to model the 3% scenario.

What credit score do I need for the best PMI rate?

A 760+ credit score earns the lowest PMI tier — as low as 0.17% annually on the 80–85% LTV band, versus 0.55% for a 95–97% LTV scenario. Every 20-point band downward raises the PMI rate. Scores below 620 are typically declined for conventional loans. The single most powerful thing you can do before applying for a conventional loan is to maximize your credit score.

How is a conventional loan different from FHA in Las Vegas?

The biggest difference: FHA charges a 1.75% upfront MIP financed into the loan, plus monthly MIP that may last the life of the loan. Conventional has no upfront premium — PMI is monthly only and cancels at 78% LTV. FHA's credit floor is 500–580; conventional typically requires 620+. FHA has lower loan limits ($541,287 in Clark County) versus $806,500 for conventional. For buyers with 720+ credit and 5%+ down, conventional usually saves money long-term.

What is a jumbo loan and when do I need one in Las Vegas?

A jumbo loan is any loan above the Fannie/Freddie conforming limit — $806,500 for Nevada in 2026. This applies to luxury purchases in Summerlin, Anthem, Macdonald Highlands, and similar neighborhoods. Jumbo loans have stricter underwriting (higher reserves, larger down payment often required, lower DTI) and separate pricing. Valley West has an in-house jumbo desk — call (702) 696-9900 for current jumbo rates.

Can I avoid PMI with 20% down? Are there other ways?

Yes — putting 20% down gives you an LTV of 80% or less, which eliminates PMI entirely. Other strategies: (1) Lender-paid PMI (LPMI) where the lender pays PMI in exchange for a slightly higher rate. (2) Piggyback loan (80-10-10): a second mortgage covers 10% so you only put 10% down with no PMI on the first. (3) Single-premium PMI: pay PMI upfront as a one-time lump sum at closing. Ask your Valley West loan officer which option saves most for your scenario.

Does conventional require wildfire insurance in Nevada under AB376?

Conventional lenders (like FHA and VA) require standard hazard insurance. After Nevada AB376 (effective January 1, 2026), insurance carriers can exclude wildfire from standard homeowners policies. Buyers in Summerlin, Spring Valley, Henderson foothills, and similar areas may need a separate wildfire rider — typically $20–80 per month. Fannie Mae and Freddie Mac guidelines require the insurance cover the replacement cost value of the dwelling; a wildfire exclusion can cause a loan hold.

How do HomeReady and Home Possible differ?

Both allow 3% down for first-time buyers or low-to-moderate income borrowers: Fannie Mae's HomeReady and Freddie Mac's Home Possible. Key differences: HomeReady allows boarder income and accessory dwelling unit income to qualify; Home Possible requires you live in the home for all property types; both cap income at 80% of area median income for most loans. Both come with reduced PMI pricing through their respective programs. Valley West shops both programs to find the best rate for your file.

Conventional Mortgage Calculator Las Vegas 2026

What Your Conventional Payment Includes (Show Your Work)

Unlike FHA, a conventional loan adds zero upfront premium to your balance. PMI is monthly only and cancels the moment your balance reaches 78% of your original purchase price. Here are the four components every conventional buyer should understand.

1
Base loan = home price − down payment No financed upfront premium is added. Your base loan equals your financed amount. On a $450,000 home with 5% down, the financed amount is $427,500.
2
Monthly P&I from standard amortization Monthly principal and interest is calculated on $427,500 at your locked rate. At 6.5% for 30 years, that's $2,701/month.
3
PMI: annual rate (credit score × LTV tier) ÷ 12 PMI rate is looked up from the MI provider table by your credit score tier and LTV. At 720 credit with 95% LTV, the illustrative rate is 0.41%/year = $146/month on a $427,500 loan. PMI cancels at 78% LTV — automatically, no action required.
4
Tax + insurance + HOA + optional wildfire rider Clark County's average effective property tax rate is 0.55% of home value. Add your annual hazard insurance (NV average: $1,200/yr), any HOA, and a wildfire rider if your neighborhood requires one under AB376.

No upfront premium — a key advantage over FHA FHA charges 1.75% upfront MIP financed into your loan — on a $450,000 home with 3.5% down, that's $7,601 added to your balance on day one. Conventional loans add $0 upfront. For buyers with 680+ credit and 5%+ down, this difference often makes conventional the lower total-cost option.

2026 Conventional Loan Limits — Conforming vs High-Balance vs Jumbo

The 2026 Fannie Mae and Freddie Mac baseline conforming loan limit is $806,500 for a single-family home in all Nevada counties. This represents a significant increase from prior years, giving Las Vegas buyers more room before hitting jumbo territory.

County	2026 Conforming Limit (1-unit)	Tier
Clark (Las Vegas, Henderson, Summerlin)	$806,500	Conforming
Washoe (Reno, Sparks)	$806,500	Conforming
Carson City	$806,500	Conforming
Other 14 Nevada counties	$806,500	Conforming

Source: FHFA 2026 conforming loan limit announcement. All Nevada counties are at the baseline conforming limit — none are currently designated high-cost for 2026. Verify county designations at fhfa.gov.

Above $806,500? Your loan enters jumbo territory. Jumbo loans require larger reserves (typically 12 months PITI), stricter DTI (often 43% max), higher minimum down (usually 10–20%), and price separately from conforming. Valley West has an in-house jumbo desk — apply here or call (702) 696-9900.

PMI Explained: Rates by Credit Score + When It Cancels (78% LTV)

Private Mortgage Insurance (PMI) protects the lender — not you — if you default. It is required when your down payment is less than 20% (LTV above 80%). Unlike FHA's MIP, PMI has no fixed duration: it cancels automatically the month your balance drops to 78% of the original purchase price.

Credit Score	95.01–97% LTV	90.01–95% LTV	85.01–90% LTV	80.01–85% LTV
760+	0.55%	0.30%	0.19%	0.17%
740–759	0.67%	0.41%	0.27%	0.23%
720–739	0.87%	0.55%	0.36%	0.27%
700–719	1.09%	0.74%	0.52%	0.37%
680–699	1.34%	0.91%	0.66%	0.48%
660–679	1.69%	1.21%	0.93%	0.70%
640–659	1.90%	1.42%	1.13%	0.85%
620–639	2.15%	1.65%	1.34%	1.01%
<620	Typically declined for conventional — FHA may be an option

Illustrative rates only. Actual PMI rates are set by your lender's MI provider (MGIC, Radian, Arch MI, etc.) based on your full file, property type, occupancy, and program. These composite figures are directional. For your exact quote, contact Valley West Mortgage NMLS #65506.

When Does PMI Cancel?

The Homeowners Protection Act (HPA) governs PMI cancellation on conforming loans:

Automatic at 78% LTV — When your loan balance falls to 78% of the original purchase price, your lender must cancel PMI automatically. No action needed — provided you are current on payments.
Request at 80% LTV — You can request early cancellation once your balance drops to 80% LTV. The lender may require a new appraisal confirming the home hasn't declined in value.
Via home appreciation — If Las Vegas home values rise significantly, your LTV may drop faster than scheduled. Request a new appraisal to demonstrate 80% or lower LTV and potentially eliminate PMI sooner.

Lock today's conventional rate

Rates change daily. See what you'd pay at this week's rate.

See today's rates

Conventional vs FHA vs VA — Which Is Right for Las Vegas Buyers?

Three loan types dominate Las Vegas purchase transactions. Here's how they compare on the criteria that matter most.

Feature	Conventional	FHA	VA
Minimum down payment	3% (HomeReady) / 5% standard	3.5% (580+ score)	$0 (no down required)
Upfront premium	$0 — none	1.75% UFMIP financed	2.15% funding fee (waived for disabled vets)
Monthly MI	PMI cancels at 78% LTV	MIP: life of loan if <10% down	None
2026 loan limit (Clark County)	$806,500 conforming / jumbo above	$541,287	No limit (full entitlement)
Credit score floor	620 typical (lower = higher PMI)	580 (3.5% down) / 500 (10% down)	620 typical (no VA floor)
Best for	680+ credit, 5%+ down, long-term owners	First-time buyers, lower credit	Eligible veterans, $0 down needed

Compare with FHA → Compare with VA → Compare your scenario with a specialist →

Low Down Payment Options: HomeReady, Home Possible, 3% Down

The standard conventional minimum is 5% down, but Fannie Mae and Freddie Mac operate programs that allow 3% — with below-market PMI pricing built in.

Fannie Mae

HomeReady

3% down minimum
Income ≤80% area median income (most ZIP codes)
First-time or repeat buyer eligible
Boarder income and ADU rental income can count
Reduced MI pricing through Fannie's program
640+ credit score typical

Freddie Mac

Home Possible

3% down minimum
Income ≤80% area median income
Must occupy the property
Gift funds for down payment allowed
Reduced MI pricing through Freddie's program
640+ credit score typical

Both programs disqualify buyers who currently own another home. The 3% down toggle in the calculator above models both programs — the actual program your file qualifies for is determined at underwriting. Valley West shops both Fannie Mae and Freddie Mac channels to find the lowest PMI for your file.

Nevada AB376 — Wildfire Insurance and Your Conventional Loan

Nevada Assembly Bill 376, effective January 1, 2026, allows insurance carriers to exclude wildfire from standard homeowners policies in the state. For conventional borrowers, this creates a new hurdle: Fannie Mae and Freddie Mac guidelines require that hazard insurance cover the replacement cost value of the dwelling.

Areas at risk

Summerlin West (wildland-urban interface)
Spring Valley foothills
Henderson foothills and MacDonald Ranch
Green Valley / Whitney Ranch eastern edges
Pahrump and rural Nevada statewide

What to do

Confirm your policy doesn't exclude wildfire
If excluded, obtain a standalone wildfire rider ($20–$80/mo typical)
Fannie/Freddie require lender-provided evidence of coverage
A wildfire exclusion can cause underwriting to hold
Budget $240–$960/year for rider if needed

Sources: Nevada Independent, Nevada Current, and Nevada Division of Insurance guidance on AB376. This is an educational summary — confirm coverage details with your insurance agent before closing.

Conventional Refinance: When to Drop PMI Sooner

Unlike FHA's MIP, which sticks for the life of the loan if you put less than 10% down, conventional PMI has a natural exit. But you can accelerate that exit in several ways.

Rate-and-term refinance

If rates have dropped since you closed, a refinance resets your loan balance and may cut years off your PMI timeline. Valley West shops 50+ lenders to find the best refi rate. Call (702) 696-9900 for a live analysis.

Home appreciation refinance

If Las Vegas home values have risen, a new appraisal may push your LTV below 80% — eliminating PMI without waiting for scheduled amortization. For a home that's appreciated, this can save thousands annually.

Cash-out refinance to restructure

If you need cash and your LTV permits, a cash-out refi can tap equity while locking a new conventional rate. Up to 80% combined LTV is typical. Consult a Valley West loan officer to model the break-even.

Why Valley West for Conventional Loans in Las Vegas

50+ Wholesale Lenders

We shop your file across more than 50 wholesale lenders on every conventional loan — Fannie Mae, Freddie Mac, and jumbo — so you get the lowest rate your credit profile qualifies for.

28-Day Average Close

Our average conventional loan closes in 28 days from application to keys — faster than the industry average. We handle all lender coordination, appraisal scheduling, and title communication in-house.

Fannie/Freddie Approved

As a Fannie Mae and Freddie Mac approved broker, we originate conforming conventional loans up to $806,500 and access HomeReady and Home Possible 3% down programs — including reduced PMI pricing through both GSEs.

What You'll Need to Apply for a Conventional Loan

Required Documents

Most recent 30-day pay stubs (all borrowers)
W-2s for the past 2 years
2 most recent bank statements (all accounts)
Government-issued photo ID
Federal tax returns — last 2 years (if self-employed)
Social Security number for credit pull

What Happens Next

1

Pre-approval letter in 24 hours Submit your application online. Your Valley West loan officer reviews your file and issues a pre-approval letter — typically within one business day.

2

Rate lock Once you're under contract, we lock your rate across 50+ wholesale lenders and issue your Loan Estimate within 3 business days as required by RESPA.

3

Close in 28 days We coordinate appraisal, title, and underwriting in parallel. Our average close time for conventional loans is 28 days from completed application.

What Las Vegas Buyers Say About Their Conventional Loan

★★★★★

"Valley West walked me through every PMI tier before we even started shopping. Knowing exactly when my PMI would cancel — month 74 — made the decision easy. We closed in 26 days on a conforming loan in Henderson. Vatche's team is the real deal."

Marcus T. Henderson, NV · Conventional, 5% down

★★★★★

"I used this calculator to compare a 10% and 20% down scenario before calling Valley West. Their loan officer confirmed the numbers were accurate and then priced the loan across their lenders — saved $142/month versus what my bank quoted. No PMI at 20%. Highly recommend."

Sandra & James L. Summerlin, NV · Conventional, 20% down

Frequently Asked Questions

How much does conventional mortgage insurance (PMI) cost per month?

On a $450,000 home with 5% down ($427,500 loan) at a 720 credit score, monthly PMI runs roughly $148 — based on a 0.41% annual rate for the 90–95% LTV tier. At a 760+ score the same scenario is about $107/month. PMI cancels automatically at 78% LTV under the Homeowners Protection Act. Rates are illustrative — contact Valley West Mortgage NMLS #65506 for your actual PMI quote.
What is the 2026 conforming loan limit in Nevada?

The 2026 Fannie Mae and Freddie Mac baseline conforming loan limit is $806,500 for a single-family home. This applies to all Nevada counties including Clark (Las Vegas) and Washoe (Reno). No Nevada county is currently designated as a high-cost area above this baseline. Loans above $806,500 are jumbo loans and follow different pricing and underwriting rules.
When does PMI automatically cancel on a conventional loan?

Under the Homeowners Protection Act (HPA), your lender must automatically cancel PMI when your loan balance reaches 78% of the original purchase price — provided you are current on payments. You can request cancellation earlier once the balance drops to 80% LTV, but the lender may require a new appraisal. Use this calculator to estimate exactly what month PMI cancels for your scenario.
Can I get a conventional loan with 3% down?

Yes. Fannie Mae's HomeReady and Freddie Mac's Home Possible programs allow 3% down for first-time buyers or buyers below 80% of area median income. Standard conventional loans typically require 5% minimum. The trade-off: a smaller down payment means a higher LTV, higher PMI rate, and a higher monthly payment. Use the HomeReady/Home Possible toggle in this calculator to model the 3% scenario.
What credit score do I need for the best PMI rate?

A 760+ credit score earns the lowest PMI tier — as low as 0.17% annually on the 80–85% LTV band, versus 0.55% for a 95–97% LTV scenario. Every 20-point band downward raises the PMI rate. Scores below 620 are typically declined for conventional loans. The single most powerful step before applying for a conventional loan is to maximize your credit score.
How is a conventional loan different from FHA in Las Vegas?

The biggest difference: FHA charges a 1.75% upfront MIP financed into the loan, plus monthly MIP that may last the life of the loan. Conventional has no upfront premium — PMI is monthly only and cancels at 78% LTV. FHA's credit floor is 500–580; conventional typically requires 620+. FHA has lower loan limits ($541,287 in Clark County) versus $806,500 for conventional. For buyers with 720+ credit and 5%+ down, conventional usually saves money long-term.
What is a jumbo loan and when do I need one in Las Vegas?

A jumbo loan is any loan above the Fannie/Freddie conforming limit — $806,500 for Nevada in 2026. This applies to luxury purchases in Summerlin, Anthem, Macdonald Highlands, and similar neighborhoods. Jumbo loans have stricter underwriting (higher reserves, larger down payment often required, lower DTI) and separate pricing. Valley West has an in-house jumbo desk — call (702) 696-9900 for current jumbo rates.
Can I avoid PMI with 20% down? Are there other ways?

Yes — putting 20% down gives you an LTV of 80% or less, which eliminates PMI entirely. Other strategies: (1) Lender-paid PMI (LPMI) where the lender pays PMI in exchange for a slightly higher rate. (2) Piggyback loan (80-10-10): a second mortgage covers 10% so you only put 10% down with no PMI on the first. (3) Single-premium PMI: pay PMI upfront as a one-time lump sum at closing. Ask your Valley West loan officer which option saves most for your scenario.
Does conventional require wildfire insurance in Nevada under AB376?

Conventional lenders (like FHA and VA) require standard hazard insurance. After Nevada AB376 (effective January 1, 2026), insurance carriers can exclude wildfire from standard homeowners policies. Buyers in Summerlin, Spring Valley, Henderson foothills, and similar areas may need a separate wildfire rider — typically $20–80 per month. Fannie Mae and Freddie Mac guidelines require the insurance cover the replacement cost value of the dwelling; a wildfire exclusion can cause a loan hold.
How do HomeReady and Home Possible differ?

Both allow 3% down for first-time buyers or low-to-moderate income borrowers: Fannie Mae's HomeReady and Freddie Mac's Home Possible. Key differences: HomeReady allows boarder income and accessory dwelling unit income to qualify; Home Possible requires you live in the home for all property types; both cap income at 80% of area median income for most loans. Both come with reduced PMI pricing through their respective programs. Valley West shops both programs to find the best rate for your file.

How We Calculate Your Estimate (Methodology)

This calculator uses standard mortgage industry formulas, Nevada-specific data, and 2026 Fannie Mae / Freddie Mac conforming limits.

P&I: Standard amortization formula: M = P × [r(1+r)⊃n] / [(1+r)⊃n − 1], where r = monthly rate, n = number of payments.
PMI: Annual rate lookup by credit score tier × LTV tier from composite MGIC/Radian table, divided by 12. PMI = 0 when LTV ≤ 80%.
Property tax: (home price × county average rate) ÷ 12. County rates from Nevada Department of Taxation.
Hazard insurance: Annual premium ÷ 12. Default $1,200/yr (Nevada average).
Conforming limit: FHFA 2026 baseline $806,500. Loan tier auto-classified as conforming / high-balance / jumbo.
PMI cancel month: Month-by-month balance amortization until balance ≤ 78% of original purchase price (HPA auto-cancel threshold).

All calculations are estimates. Actual terms depend on lender underwriting, rate lock, origination fees, and file-specific factors. Sources: Fannie Mae, Freddie Mac, FHFA, Nevada Department of Taxation, MGIC (illustrative PMI table).