Mortgage reference
PMI by credit score, 2026 loan limits, state tax and insurance averages
The calculator above runs four down payment scenarios using national-average PMI rates and a 3% closing-cost baseline. This reference fills in the dimensions the calculator holds constant: how PMI shifts with credit score, current FHFA and FHA loan limits, how property tax and homeowners insurance change the real PITI number, and what each line in a closing disclosure actually pays for.
PMI rates by credit score and LTV band
Annual borrower-paid PMI rates from current MGIC, Radian, and Essent rate cards (Q1 2026 wholesale). Multiply the loan amount by the rate, divide by 12 for the monthly cost. Values are for a single-family primary residence at a 30-year fixed term.
| Credit score | 97% LTV (3% down) | 95% LTV (5% down) | 90% LTV (10% down) | 85% LTV (15% down) |
|---|
| 760+ | 0.55% | 0.41% | 0.32% | 0.19% |
| 740 to 759 | 0.71% | 0.50% | 0.38% | 0.24% |
| 720 to 739 | 0.85% | 0.65% | 0.50% | 0.32% |
| 700 to 719 | 1.04% | 0.85% | 0.66% | 0.42% |
| 680 to 699 | 1.34% | 1.10% | 0.83% | 0.55% |
| 660 to 679 | 1.81% | 1.50% | 1.13% | 0.78% |
| 640 to 659 | 2.18% | 1.84% | 1.40% | 0.99% |
| Below 640 | declined | declined | declined | declined |
Add roughly 0.20 to 0.40 percentage points for condominium, investment, or second-home occupancy. Single-premium and lender-paid PMI structures price differently and are not shown here.
2026 FHFA conforming loan limits
Loans above these values are jumbo and price under different guidelines. Limits are set annually by the Federal Housing Finance Agency under HERA. Effective January 1, 2026.
| Units | Baseline (most US counties) | High-cost ceiling | Alaska, Hawaii, Guam, USVI |
|---|
| 1-unit | $832,750 | $1,249,125 | $1,249,125 baseline / $1,873,675 ceiling |
| 2-unit | $1,066,250 | $1,599,375 | scaled accordingly |
| 3-unit | $1,288,800 | $1,933,200 | scaled accordingly |
| 4-unit | $1,601,750 | $2,402,625 | scaled accordingly |
High-cost areas include San Francisco-Oakland, San Jose, Los Angeles County, the NY/NJ metro, the DC metro, Boston, Seattle, and Honolulu. The FHFA publishes the full county-by-county schedule each November.
2026 FHA loan limits
Set by HUD as a percentage of the conforming limit. FHA case numbers assigned on or after January 1, 2026 use these values.
| Units | Floor (low-cost) | Ceiling (high-cost) | Notes |
|---|
| 1-unit | $541,287 | $1,249,125 | Floor is 65% of conforming, ceiling is 150% |
| 2-unit | $692,902 | $1,599,375 | Same proportional structure |
| 3-unit | $837,727 | $1,933,200 | |
| 4-unit | $1,041,138 | $2,402,625 | |
Counties between the floor and ceiling use 115% of the local median home price.
Property tax rates by state
Effective rates from the Tax Foundation's most recent owner-occupied housing study. Property tax is not in the calculator's monthly P+I figure; add this to estimate true PITI.
| State | Effective rate | Monthly on a $400k home |
|---|
| New Jersey | 2.23% | $743 |
| Illinois | 2.08% | $693 |
| New Hampshire | 1.93% | $643 |
| Connecticut | 1.79% | $597 |
| Vermont | 1.71% | $570 |
| Texas | 1.63% | $543 |
| Nebraska | 1.54% | $513 |
| Pennsylvania | 1.41% | $470 |
| New York | 1.40% | $467 |
| Ohio | 1.36% | $453 |
| Michigan | 1.24% | $413 |
| Florida | 0.91% | $303 |
| California | 0.75% | $250 |
| North Carolina | 0.73% | $243 |
| Arizona | 0.60% | $200 |
| Colorado | 0.55% | $183 |
| Tennessee | 0.55% | $183 |
| Alabama | 0.40% | $133 |
| Hawaii | 0.32% | $107 |
US median: 0.99% (roughly $330 per month on a $400k home).
Average homeowners insurance premiums by state
NAIC and Insurance Information Institute weighted averages for owner-occupied dwellings, latest published data. Lenders require coverage; the premium escrows into the monthly payment.
| State | Annual average | Monthly |
|---|
| Florida | $4,231 | $353 |
| Louisiana | $3,587 | $299 |
| Oklahoma | $3,481 | $290 |
| Texas | $2,824 | $235 |
| Mississippi | $2,442 | $204 |
| Colorado | $2,191 | $183 |
| Kansas | $2,055 | $171 |
| Nebraska | $1,989 | $166 |
| California | $1,592 | $133 |
| Illinois | $1,427 | $119 |
| New York | $1,344 | $112 |
| Ohio | $1,158 | $97 |
| Washington | $1,054 | $88 |
| Oregon | $903 | $75 |
| Hawaii | $463 | $39 |
| Vermont | $456 | $38 |
US median: roughly $1,800 per year, or $150 per month.
Closing cost components
A 3% closing-cost baseline on a $400,000 home is $12,000. Here is where that money typically goes for a conventional purchase under $500k.
| Component | Typical range | Paid to |
|---|
| Lender origination fee | 0.5% to 1.0% of loan | Lender |
| Discount points (optional) | 1.0% of loan per point | Lender |
| Appraisal | $400 to $750 | Appraiser |
| Credit report | $30 to $80 | Lender (passthrough) |
| Title insurance, lender policy | 0.20% to 0.50% of loan | Title company |
| Title insurance, owner policy | 0.30% to 0.60% of price | Title company |
| Settlement and escrow fee | $400 to $1,200 | Settlement agent |
| Recording fees | $50 to $300 | County recorder |
| Survey | $300 to $700 | Surveyor |
| Pest inspection | $100 to $250 | Inspector |
| Homeowners insurance, 1 year prepaid | varies by state | Insurer |
| Property tax prepaid (2 to 6 months) | varies by location | County |
| Mortgage interest, closing to month-end | varies | Lender |
Items the 3% baseline typically does not include: discount points (each is 1% of loan), HOA transfer fees, capital contributions, jumbo-loan add-ons, and inspections paid before closing day.
Loan program comparison
Mortgage insurance behavior is the field most often confused across programs.
| Program | Min down | Mortgage insurance | MI ends when | 2026 baseline limit |
|---|
| Conventional (Fannie / Freddie) | 3% | Borrower-paid PMI 0.19% to 2.18% | 78% LTV automatic | $832,750 |
| FHA 203(b) | 3.5% | UFMIP 1.75% + annual MIP 0.55% | Life of loan if LTV >90% at origination; year 11 otherwise | $541,287 |
| VA (qualified veterans) | 0% | None; funding fee 1.25% to 3.30% | n/a | $832,750 (same as conforming) |
| USDA Section 502 (rural) | 0% | Upfront 1.00% + annual 0.35% | Refinance to conventional | Varies by county |
UFMIP is the upfront mortgage insurance premium, financed into the loan balance. The VA funding fee is similarly financeable for qualifying veterans.
DTI limits by loan program
Debt-to-income limits a lender will approve before requesting compensating factors. Front-end is housing only (PITI); back-end includes all monthly debt obligations.
| Program | Front-end guideline | Back-end max | Notes |
|---|
| Conventional (Desktop Underwriter) | 28% | 45% standard, 50% with compensating factors | Automated underwriting drives the final number |
| Conventional (Loan Product Advisor) | 28% | 50% with strong reserves | LP is the Freddie Mac engine |
| FHA | 31% | 43% standard; up to 56.99% with compensating factors | Most permissive on back-end |
| VA | No front-end limit | 41% guideline; residual income test overrides | Residual income matters more than ratio |
| USDA | 29% | 41% | Strict; less flex available |
Regulatory references and rate sources
- •Homeowners Protection Act of 1998, 12 U.S.C. § 4901 to § 4910. PMI cancellation rules and the 78% LTV automatic-termination requirement.
- •12 C.F.R. § 1026.38 (TRID rule). Standardizes the Closing Disclosure form used at every conventional purchase.
- •FHFA Conforming Loan Limit Values, published annually each November. Source for the 2026 limits above.
- •FHA Single Family Handbook 4000.1, Section II.A.8. UFMIP and annual MIP requirements.
- •38 U.S.C. § 3729. VA funding fee schedule.
- •7 C.F.R. § 3555. USDA Section 502 guaranteed loan program.
- •MGIC, Radian, Essent, Enact, and National MI rate cards. Source for PMI rates by FICO band and LTV.
- •Tax Foundation “Facts and Figures” annual report. Source for state effective property tax rates.
- •NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant Insurance Report. Source for state insurance premium averages.
Related concepts
- Loan-to-value ratio (LTV):
- loan amount divided by appraised value or purchase price, whichever is lower at origination.
- Debt-to-income ratio (DTI):
- monthly debt obligations divided by gross monthly income.
- PITI:
- principal, interest, taxes, insurance. The four components most lenders consider when sizing the housing payment.
- Discount points:
- prepaid interest. One point equals 1% of the loan amount and typically buys the rate down by 0.25 percentage points.
- Cash to close:
- the wire amount on closing day. Equals down payment plus closing costs minus credits and the earnest money deposit already on file.