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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.
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.
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.
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