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80/10/10 Mortgage Calculator
The 80/10/10 piggyback keeps the first mortgage at 80% LTV (PMI-free) with a 10% second and 10% down. This calculator prices the two monthly payments plus the blended rate for the overall structure.
Combined monthly
$3,055
10% down
$48,500
First loan (80%)
$388,000
Second loan (10%)
$48,500
First P&I
$2,549
Second P&I
$506
Blended rate
7.17%
How the math works
The 80/10/10 mortgage keeps the first at 80% LTV (no PMI) with a second mortgage covering 10% and the buyer contributing 10% down. Historically a popular structure for buyers who could afford 10% down but wanted to avoid PMI.
Second loans are often 10-15 year fully amortizing to make sure the second is paid off before the first. Some structures use interest-only HELOCs as the second, which reduces initial payment but doesn't amortize.
How to Use
- Enter purchase price.
- Enter first and second loan rates.
- Enter first loan term (usually 30 years).
- Enter second loan term (often 15 years fully amortizing).
Frequently Asked Questions
When does 80/10/10 make sense?
Buyers with 10% down who want to avoid PMI. Especially valuable when PMI rates are high or the buyer expects to pay down the second mortgage quickly. Today, it often wins when second mortgages price below about 2% above first rates.
Can I refinance the second later?
Yes. Once you reach 80% LTV on the first alone (through appreciation or principal paydown), you can refinance to a single loan. Or combine both into one refinanced first mortgage.
Are 80/10/10s tax-efficient?
Often yes. The first is fully deductible (acquisition debt under $750k). The second is only deductible if used for acquisition/improvement (which it is in a purchase). Compare to PMI deductibility rules for your income.
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