LTV Calculator
Loan-to-value, combined LTV and HCLTV on a purchase or a refinance, on the value a lender uses, with the rounded LTV the Fannie Mae Selling Guide reports.
Result
Loan-to-value (LTV): 80%
Ratios only, on the value you enter. Lenders set their own limits and may value the home differently.
- Combined loan-to-value (CLTV)
- 80%
- Value the ratios use
- $400,000.00
- LTV as the Selling Guide rounds it
- 80%
- Truncated to two decimals of a percent, then rounded up to a whole percent (Fannie Mae Selling Guide B2-1.2-01).
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Results are arithmetic from the figures you enter, not legal, tax, lending or settlement advice. Fees vary by state, lender and negotiation, and the site quotes none of them. Check your Loan Estimate, Closing Disclosure or settlement statement for the real numbers. Read the full disclaimer
How to use the LTV Calculator
- Choose whether the loan is for a purchase or a refinance, and enter the price and the appraised value.
- Enter the first mortgage amount and any other loans secured on the home, including a HELOC if you have one.
- Read the LTV, the combined LTV and, with a HELOC limit, the HCLTV.
The ratios
value = lower of purchase price and appraised value (purchase)value = appraised value (refinance)LTV = first mortgage ÷ valueCLTV = (first mortgage + other loans + HELOC drawn) ÷ valueHCLTV = (first mortgage + other loans + HELOC credit limit) ÷ valueThese follow the definitions in the Fannie Mae Selling Guide, sections B2-1.2-01 to B2-1.2-03. Other lenders and investors publish their own, which are often the same but need not be.
Rounding
The exact ratio is shown to two decimal places of a percent. The Selling Guide’s rounded LTV first cuts the ratio to two decimal places, without rounding, and then rounds up to the next whole percent. Only an exact whole percent stays where it is.
Related pages
The home equity calculator starts from a home you already own and works out equity and the balance that would reach a target LTV. The down payment calculator works out the deposit and loan for a purchase price.
With your numbers
- Value used = $400,000.00
- CLTV = ($320,000.00 + $0.00 + $0.00) ÷ $400,000.00 = 80%
- LTV = $320,000.00 ÷ $400,000.00 = 80%
Quick reference
Ratios only, on the value you enter. Lenders set their own limits and may value the home differently.
| Example | Loan-to-value (LTV) |
|---|---|
| Purchase at 400,000, appraised 410,000, 320,000 loan | 80% |
| The same appraised at 390,000 | 82.05% |
| With a 40,000 second mortgage | 80% |
| With a HELOC, 10,000 drawn of 50,000 | 80% |
| Refinance 320,000 on 410,000 | 78.05% |
| 376,040 on 400,000, rounded up to 95% | 94.01% |
| Purchase at 300,000 with 270,000 borrowed | 90% |
Common questions about the LTV Calculator
- Which value does LTV use when the appraisal and the price differ?
- On a purchase, Fannie Mae’s Selling Guide uses the lower of the two. If you agree to pay 400,000 and the appraisal comes in at 390,000, a 320,000 loan is 82.05% of value, not 80%. On a refinance there is no price, so the appraised value is used.
- What is the difference between LTV, CLTV and HCLTV?
- LTV counts the first mortgage only. CLTV adds every other loan secured on the home, with a HELOC counted at the amount drawn. HCLTV is the same as CLTV but counts the HELOC’s full credit limit, drawn or not, because it could be drawn at any time.
- Why is the rounded LTV different?
- The Selling Guide truncates the ratio to two decimals of a percent and then rounds up to a whole percent, so 80.001% becomes 80% but 94.01% becomes 95%. The rounded figure is what a lender following that guide compares with its limits. The page shows it alongside the exact ratio.
- What LTV do I need?
- That depends on the lender, the loan programme and the property, and it changes. This page does not state a limit. Ask the lender for theirs and compare it with the ratio here.