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80/15/5 Mortgage Calculator

The 80/15/5 piggyback lets 5%-down buyers avoid PMI by splitting the loan into 80% first + 15% second. This calculator prices both loans plus the blended rate for comparison to a single 95% LTV loan with PMI.

Purchase price

First (80%) rate

Second (15%) rate

First loan term (yr)

Second loan term (yr)

Combined monthly

$2,909

5% down

$21,250

First loan (80%)

$340,000

Second loan (15%)

$63,750

First P&I

$2,234

Second P&I

$675

Blended rate

7.33%

How the math works

The 80/15/5 piggyback is for buyers with only 5% down who still want to avoid PMI. First at 80%, second at 15%, buyer contributes 5%. Higher second balance usually means a higher second rate and a bigger gap vs the first.

Compare against a single 95% LTV loan with PMI — sometimes PMI-heavy loans are cheaper if the second mortgage rate is much higher than the PMI equivalent. Run both scenarios before committing.

Editorial noteMaintained by EveryCalc - Reviewed June 2026

EveryCalc calculators are designed for fast, practical estimates with transparent inputs and no required account. We use plain formulas, visible assumptions, and related tools so visitors can check the result from more than one angle.

Results are informational only. For financial, tax, legal, medical, construction, or other high-impact decisions, verify the output against primary sources or a qualified professional.

Learn more about our review process on the EveryCalc methodology page.

How this calculator works

What this page estimates

This 80/15/5 Mortgage Calculator is built to give a quick, browser-based estimate for 80/15/5 mortgage. The 80/15/5 piggyback lets 5%-down buyers avoid PMI by splitting the loan into 80% first + 15% second. This calculator prices both loans plus the blended rate for comparison to a single 95% LTV loan with PMI. The inputs stay on the page during normal use, and the result should be treated as an estimate for planning, comparison, or education rather than professional advice.

Calculation approach

The calculator applies the standard relationship implied by the inputs, then formats the answer so it can be checked and reused. For finance tools, the most important step is using consistent units, rates, time periods, and assumptions before comparing the result with another calculator or outside quote.

Example workflow

For example, start with a realistic value you already know, change one input at a time, and watch how the answer moves. That makes it easier to tell whether the result is being driven by the main amount, the rate, the time period, or a unit conversion.

Practical checks

Use current, real-world numbers when the result affects money, health, tax, or legal decisions.
Run a low, base, and high case when the inputs are estimates.
Check the related calculators below when the next decision depends on a different assumption.

How to interpret the 80/15/5 mortgage result

Best use

Use the result as a planning number for comparing payments, rates, returns, tax reserves, or cash-flow choices before you request a quote or make a commitment.

Cross-check

Compare the answer with the contract, lender estimate, tax form, brokerage statement, payroll record, or invoice that will control the real-world outcome.

Watch for

Do not rely on a single optimistic rate, return, or fee assumption. Money pages work best when you run low, base, and high cases and keep professional advice separate from the estimate.

This page belongs to the Finance calculator library, so the answer should be read in the context of the decision you are modeling rather than as a universal rule.

Before relying on this 80/15/5 mortgage estimate

Most calculator mistakes come from the inputs, not the arithmetic. Use this short audit before you reuse the answer in a spreadsheet, quote, application, or important conversation.

Confirm source numbers

Match balances, rates, fees, taxes, income, and payment dates against the lender quote, payroll record, tax form, statement, invoice, or contract.

Separate cash flow from total cost

A lower monthly payment can still cost more over time if fees, interest, taxes, or a longer term are hidden in the structure.

Run conservative cases

Test at least one higher-cost or lower-return case before using the output for a purchase, refinance, investment, loan, or tax decision.

Rerun this page when the rate, price, term, fee, tax rule, income, expense, or expected holding period changes.

How to Use

Enter purchase price.
Enter first and second loan rates. Second-loan rate at 95% combined LTV is typically 1.5-3% above the first.
Enter terms for both loans.

Frequently Asked Questions

Is 80/15/5 still available?

Yes, through some banks and credit unions. Less common than 80/10/10 because the second is more expensive at 15% vs 10% LTV. Availability varies by market and lender.

When does 80/15/5 beat a 95% loan with PMI?

When second-loan rates are moderate. At 10%+ on the second, a 95% LTV conventional with PMI often wins. Always run both scenarios with current quotes before deciding.

Can I combine FHA with a piggyback?

No — FHA doesn't allow piggybacks. FHA's 96.5% LTV with FHA MIP is the FHA equivalent. Conventional with PMI or piggyback is the alternative for low-down-payment buyers.