How to calculate LTV and CLTV
LTV = mortgage balance ÷ home value × 100. CLTV adds every loan secured on the home, such as a HELOC or second mortgage: (all balances) ÷ home value × 100. Lenders use CLTV when you apply for home equity borrowing and often cap it at 80% to 90%.
On a conventional mortgage, borrowing more than 80% of the home's value usually means paying PMI. FHA loans use their own mortgage insurance premium (MIP) rules instead.
When PMI can be removed
The Homeowners Protection Act measures against the original value: the lower of the purchase price and the appraisal when you took out the mortgage. You can ask your servicer in writing to cancel PMI once your balance reaches 80% of the original value, if you're current on payments and the home hasn't lost value.
PMI ends automatically when your balance is first scheduled to reach 78% of the original value on the original payment schedule. Extra payments can get you to 80% sooner so you can ask to cancel, but they don't bring the automatic date forward. The law covers borrower-paid PMI on loans for a primary home made from July 29, 1999.
Worked example
You bought for $375,000, the home is now worth $400,000 and you owe $310,000. Your LTV on today's value is 77.5%, but on the original value it's 82.7%, so PMI still applies. Paying $10,000 off, down to $300,000, lets you ask to cancel PMI. PMI ends automatically when the scheduled balance reaches $292,500.
If the home has risen in value, some lenders allow removal based on a new appraisal at a lower LTV. That's lender or investor policy, not the federal minimum.
What this calculator assumes
It covers borrower-paid PMI on a conventional loan. Lender-paid PMI, FHA, VA and USDA loans, and high-risk loans follow different rules. The automatic balance is shown as a target; your servicer's payment schedule says when you'll reach it.
To see how much you could borrow against your equity, use the home equity loan value calculator .
Buying in the UK?
The country choices above the inputs open separate local pages. UK mortgages have no PMI; lenders price deals in LTV bands instead. Choosing United Kingdom opens that page and resets the inputs; amounts are not converted.
For a UK mortgage, use the UK LTV calculator in pounds.
Inputs for the US loan-to-value calculator
Current home value
A recent appraisal or a realistic estimate of what your home would sell for today.
Original value
The lower of the purchase price and the appraised value at closing. For a refinance, the appraisal the lender used to approve it.
Mortgage balance
The principal you still owe on your first mortgage, from your statement.
Other loans on the home
Balances on a HELOC, home equity loan or second mortgage. Enter 0 if you have none.
CALCULATOR QUESTIONS
US loan-to-value calculator questions
At what LTV does PMI come off?
You can ask to cancel at 80% of the original value, and it ends automatically when the scheduled balance reaches 78%.
Does paying extra remove PMI sooner?
It gets you to 80% sooner so you can request cancellation, but the automatic 78% date stays on the original schedule.
What's the difference between LTV and CLTV?
LTV counts only your first mortgage. CLTV adds every loan secured on the home, such as a HELOC or second mortgage.
Can a higher home value get rid of PMI?
Federal law uses the original value, but many lenders allow removal after a new appraisal shows a low enough LTV. Ask your servicer for its rules.