acalculator

What is my LTV ratio?

Type your home’s appraised value and your mortgage amount, and the purchase price if you are buying. The LTV calculator gives your loan-to-value ratio, the combined LTV with any second loan, your equity, and how far you are from a target such as 80%.

Your numbers

Loan-to-value (LTV)
85%

Your loan-to-value ratio is 85%, and PMI is usually required (LTV above 80%).

Combined LTV (CLTV)
85%
Value used
$400,000.00
Equity
$60,000.00
Down payment or equity share
15%
Largest mortgage at the target
$320,000.00
To reach the target, lower the mortgage by
$20,000.00
PMI on a conventional loan
usually required (LTV above 80%)

Loan-to-value (LTV): 85%. Your loan-to-value ratio is 85%, and PMI is usually required (LTV above 80%).

The results are estimates for information only. They are not financial, tax, or legal advice. Check the numbers with your lender or a qualified professional before you decide. Terms of use

How to calculate

Finds a mortgage’s loan-to-value ratio (LTV), the combined LTV with a second loan, your equity, and the largest loan or the extra down payment for a target LTV such as 80%.

Example with the default inputs (Appraised value $400,000.00, Mortgage amount $340,000.00, Target LTV 80%): Your loan-to-value ratio is 85%, and PMI is usually required (LTV above 80%).

Method: LTV = mortgage ÷ value × 100; CLTV = (mortgage + other loans) ÷ value × 100; value = the appraisal, or the lower of the price and the appraisal. Largest mortgage at a target = target × value − other loans.

  • On a purchase, the value is the lower of the price and the appraised value, as for PMI rules.
  • The PMI line is a rule of thumb for conventional loans: 80% LTV is a 20% down payment. FHA, VA and USDA loans have their own rules.
  • Lenders set their own LTV limits; this page shows the ratios, not a loan offer.

Machine-readable copies: Markdown, JSON.

Worked examples

Each example is checked against the calculator on every build.

  1. Appraised value $400,000.00, Mortgage amount $340,000.00, Target LTV 80% gives Loan-to-value (LTV) 85%, Combined LTV (CLTV) 85%, Equity $60,000.00, Down payment or equity share 15%, Largest mortgage at the target $320,000.00, To reach the target, lower the mortgage by $20,000.00, PMI on a conventional loan usually required (LTV above 80%).Source: CFPB, What is a loan-to-value ratio and how does it relate to my costs? (LTV compares the amount you are financing with the appraised value of the property; a higher down payment gives a lower LTV; lenders use it to decide on PMI and price), https://www.consumerfinance.gov/ask-cfpb/what-is-a-loan-to-value-ratio-and-how-does-it-relate-to-my-costs-en-121/ (retrieved 2026-10-02); CFPB, What is private mortgage insurance? (PMI may be required on a conventional loan with a down payment of less than 20 percent of the purchase price), https://www.consumerfinance.gov/ask-cfpb/what-is-private-mortgage-insurance-en-122/ (retrieved 2026-10-02)
  2. Appraised value $310,000.00, Purchase price $300,000.00, Mortgage amount $240,000.00, Target LTV 80% gives Value used $300,000.00, Loan-to-value (LTV) 80%, To reach the target, lower the mortgage by $0.00, PMI on a conventional loan usually not required (LTV 80% or less).Source: CFPB, When can I remove private mortgage insurance (PMI) from my loan? (original value is the contract sales price or the appraised value at purchase, whichever is lower; PMI can be cancelled at 80 percent and ends at 78 percent of it), https://www.consumerfinance.gov/ask-cfpb/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202/ (retrieved 2026-10-02); CFPB, What is private mortgage insurance? (PMI may be required on a conventional loan with a down payment of less than 20 percent of the purchase price), https://www.consumerfinance.gov/ask-cfpb/what-is-private-mortgage-insurance-en-122/ (retrieved 2026-10-02)
  3. Appraised value $500,000.00, Mortgage amount $300,000.00, Other loans on the home $100,000.00, Target LTV 85% gives Loan-to-value (LTV) 60%, Combined LTV (CLTV) 80%, Equity $100,000.00, Largest mortgage at the target $325,000.00, To reach the target, lower the mortgage by $0.00.Source: CFPB, What is a loan-to-value ratio and how does it relate to my costs? (LTV compares the amount you are financing with the appraised value of the property; a higher down payment gives a lower LTV; lenders use it to decide on PMI and price), https://www.consumerfinance.gov/ask-cfpb/what-is-a-loan-to-value-ratio-and-how-does-it-relate-to-my-costs-en-121/ (retrieved 2026-10-02)
  4. Appraised value $250,000.00, Mortgage amount $275,000.00, Target LTV 80% gives Loan-to-value (LTV) 110%, Equity -$25,000.00, To reach the target, lower the mortgage by $75,000.00.Source: CFPB, What is a loan-to-value ratio and how does it relate to my costs? (LTV compares the amount you are financing with the appraised value of the property; a higher down payment gives a lower LTV; lenders use it to decide on PMI and price), https://www.consumerfinance.gov/ask-cfpb/what-is-a-loan-to-value-ratio-and-how-does-it-relate-to-my-costs-en-121/ (retrieved 2026-10-02)

How it works

  • Value used V = the appraised value; when a purchase price is typed, V = the lower of the price and the appraised value.
  • LTV = mortgage ÷ V × 100.
  • Combined LTV = (mortgage + other loans) ÷ V × 100. Other loans default to $0.
  • Equity = V − mortgage − other loans.
  • Down payment or equity share = 100% − combined LTV (negative when the loans are more than the value).
  • Largest mortgage at the target = target × V ÷ 100 − other loans, or $0 if that is negative.
  • Lower the mortgage by = mortgage − largest mortgage at the target, or $0 if the mortgage is already at or under it.
  • PMI on a conventional loan: “usually required (LTV above 80%)” when LTV > 80, otherwise “usually not required (LTV 80% or less)”. This line always uses 80%, whatever the target.

Everything runs in double precision.

Rules

  • The appraised value and price are $1 to $10 billion; the mortgage and other loans are $0 to $10 billion. The target is 1% to 125% (default 80%).
  • FHA, VA and USDA loans have their own mortgage insurance and limits; the PMI line is for conventional loans.

Output format. Percents with up to 2 decimals; money in dollars and cents, rounded half up.

Worked examples by hand

$340,000 on a $400,000 home, target 80%. LTV = 340,000 ÷ 400,000 = 85% (CLTV 85%). Equity $60,000, a 15% share. Largest mortgage 0.80 × 400,000 = $320,000, so lower it by $20,000. PMI: usually required.

Buying for $300,000, appraised at $310,000, borrowing $240,000. V = $300,000 (the lower). LTV = 80%: at the target, so lower it by $0; PMI usually not required.

$300,000 mortgage and $100,000 home equity loan on $500,000, target 85%. LTV 60%, CLTV 80%, equity $100,000. Largest mortgage 0.85 × 500,000 − 100,000 = $325,000.

$275,000 owed on a $250,000 home. LTV = 110%, equity −$25,000; to reach 80% the balance must fall to $200,000, by $75,000.

Other questions people ask

What is a loan-to-value ratio?

The CFPB describes it as a measure comparing the amount you are financing with the appraised value of the property. A $340,000 mortgage on a $400,000 home has an LTV of 340,000 ÷ 400,000 = 85%.

How do I calculate LTV?

Divide the mortgage amount by the home’s value and multiply by 100. When buying, use the lower of the purchase price and the appraisal: a $240,000 loan on a $300,000 purchase appraised at $310,000 is 240,000 ÷ 300,000 = 80%.

Why does 80% LTV matter?

An 80% LTV is a 20% down payment. The CFPB says you might be required to buy private mortgage insurance (PMI) on a conventional loan with less than 20 percent down, and you can ask to cancel PMI once the balance is scheduled to reach 80% of the original value.

What is combined LTV (CLTV)?

All the loans on the home divided by its value: the first mortgage plus any second mortgage, home equity loan or HELOC. A $300,000 mortgage and a $100,000 home equity loan on a $500,000 home give an LTV of 60% and a CLTV of 80%.

How much do I need to put down to reach 80%?

The largest mortgage is 80% of the value (less any other loans). On a $400,000 home that is $320,000, so a planned $340,000 loan must come down by $20,000: a $80,000 down payment instead of $60,000.

Can LTV be over 100%?

Yes, when you owe more than the home is worth. A $275,000 balance on a $250,000 home is 110% LTV, and the equity is −$25,000.

Does a lower LTV get a better rate?

Often. The CFPB notes that borrowers with a higher LTV are usually offered a higher interest rate, and that a larger down payment may get a better rate.