LTV / CLTV calculator
Loan-to-value and combined LTV — the primary risk variables in mortgage pricing. CLTV adds subordinate liens (HELOC, piggyback) above the first lien.
HELOC outstanding + piggyback seconds + any other subordinate.
LTV uses the lesser of appraised value and purchase price on a purchase.
LTV (first lien)
80.95%
80-95% — MI required on conventional
CLTV (combined)
80.95%
Includes junior liens above first lien.
Denominator used
$525,000
Lesser of appraised value and purchase price (purchases).
On a purchase, LTV uses the lesser of appraised value and purchase price as the denominator. On a refinance, LTV uses appraised value alone. CLTV is first lien plus all subordinate balances over the same denominator.
Most pricing engines band LTV in 5-percent increments (60-65, 65-70, etc.). Borderline borrowers can move bands with small appraisal changes — this is one of the failure modes that two-stage eligibility surfaces before lock.