To predict residents’ preference for travel modes more precisely, a comprehensive conversion cost model considering psychological factors is introduced in this paper. By taking the travel behaviors of Hangzhou residents as an example, online and offline surveys using questionnaire were conducted with the aid of the contingent valuation method to obtain travelers’ personal information, choice for travel mode chain, and the maximum cost quantified by the expense that they are willing to pay for avoiding mode conversion. Results show that the variable conversion cost increased with the increase of conversion series and had a positive exponential correlation with conversion time. Meanwhile, the results demarcated fixed conversion cost matrix among all the modes in different conversion series. The establishment of the comprehensive conversion cost calculation model can predict the travel demands of residents based on the travel mode chain.