Wondering how much equity you have in your home?
Then you need to know your loan-to-value ratio, or LTV. And if you have two mortgages, it’s your combined LTV, or CLTV for short.
Lenders pay close attention to these numbers when determining how much you can borrow, whether it’s for a refinance or a new second mortgage like a HELOC or home equity loan.
It can also affect your mortgage rate (lower LTVs are typically given lower rates) and whether you have to pay PMI.
Use the calculator below to find your LTV and CLTV to see how much room you have to work with.
LTV / CLTV Calculator
Calculate your loan-to-value (LTV) and combined loan-to-value (CLTV) ratios — the numbers lenders use to decide on PMI, refinancing, HELOCs, and home equity loans — and see how much equity you have and how much more you might be able to borrow.
Your Home & Loans
Where You Stand
What This Means for Your Options
Limits shown are common guidelines. Lenders, loan programs, and property types vary, and many lenders set lower limits for investment properties, second homes, and lower credit scores.
Itemized Estimate
How to Use the LTV Calculator
This calculator was designed to be super simple to use.
All you have to do is enter the home value and outstanding first loan balance.
For example, if you input a home value of $500,000 and a first loan balance of $400,000, the LTV will be 80%.
You can also enter a second mortgage balance if you have one (such as a piggyback loan), or a proposed second mortgage, such as a HELOC or home equity loan.
If you do that, you’ll also see the CLTV alongside the LTV.
The results will show you your current home equity, the loan amount or home value needed to get to 80% LTV, and how much room you have to borrow depending on outstanding loan balances.
You can also check out my HELOC calculator and home equity loan calculator for more tailored information if you’re interested in taking out a second mortgage.
LTV and CLTV Questions
What Is LTV (Loan-to-Value)?
It’s your mortgage balance divided by your home’s current value.
If you owe $400,000 on a home worth $500,000, your LTV is 80%.
The lower the number, the more home equity you have. And the less risky the loan looks to a potential lender.
Just keep in mind the value used is based on the lender’s appraisal, not whatever online estimate (like a Zestimate) says it’s worth.
What Is the Difference Between LTV and CLTV?
LTV only counts your first mortgage. So if you only have one loan, LTV is the only calculation that applies.
CLTV (combined loan-to-value) factors in any second mortgages, such as a home equity loan or HELOC.
Note that for a HELOC, lenders count the full credit limit you’re approved for, not just what you may have borrowed.
And for home equity loans, you must borrow the entire amount at closing so it’s all included.
What LTV Do I Need to Get Rid of PMI?
Once you hit 80% LTV based on the original home value and amortization schedule, you can ask your lender to drop private mortgage insurance (PMI).
And PMI is supposed to come off automatically at 78%, though there are conditions, like staying current on your payments.
These rules apply to conventional loans, those backed by Fannie Mae and Freddie Mac.
The calculator above shows how much you’d need to pay down to get there, and how much your home would need to be worth.
The FHA’s annual mortgage insurance (paid monthly) follows different rules and can stick around a lot longer, potentially for the life of the loan.
See my FHA MIP removal calculator if you’re most interested in that.
What LTV Do I Need for a Cash-Out Refinance or HELOC?
Conventional and FHA cash-out refinances generally top out at 80% LTV, while the VA will technically go to 100%, but most banks have lender overlays that limit it to 90% or 95%.
HELOCs and home equity loans typically allow a CLTV of about 80% to 85%, though some lenders go higher, such as 90% CLTV.
Limits vary by lender, credit score, and whether it’s your primary home, second home, or an investment property.
Tip: If you have a super low rate on your first mortgage, a HELOC or home equity loan might make a lot more sense than refinancing. That way you keep the low-rate first intact.
How Can I Lower My LTV?
There are basically three ways.
You can pay down your mortgage balance, either ahead of schedule or via regular payments, your home value can rise over time, or you can put more money down when you buy.
Extra principal payments lower your balance faster, while home values are something you don’t control. But they tend to rise over time.
There’s also a thing called a cash-in refinance where homeowners will pay down their loan to get a lower LTV, perhaps to get a lower interest rate or even just to qualify to begin with.
Does a Lower LTV Get Me a Better Mortgage Rate?
Speaking of, typically yes.
Lenders price loans based on risk, and LTV is one of the biggest drivers of risk. The more equity you have, the lower the risk. Makes sense, right?
There are pricing adjustments called LLPAs on conforming loans that determine you interest rate.
The lower your LTV, the lower these adjustments are and the lower your mortgage rate, all else equal.
So aiming for a lower LTV can be an effective way to save money on your mortgage.
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