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Second Mortgage CLTV Calculator
CLTV combines first + second mortgage for true leverage measurement.
Current CLTV
0.70%
Available at max CLTV
$112,500
Combined balance
$525,000
How the math works
CLTV = (primary + second) ÷ home value. Available = max allowable − combined.
($450k + $75k) / $750k = 70% CLTV. Max 85% × $750k = $637.5k − $525k = $112.5k available.
How to Use
- Enter home value.
- Enter primary mortgage balance.
- Enter second mortgage amount.
- Enter max CLTV % allowed.
- Read CLTV + available.
Frequently Asked Questions
What's CLTV?
Combined Loan-to-Value: total of all mortgages ÷ home value. First + second mortgage stacking. Typical max CLTV: 80-95% depending on product. Most HELOCs: 80-85%. Piggyback second: up to 95%. Cash-out refi + second: rarely above 85%. Governs how much total leverage a property can hold.
Credit implications?
Higher CLTV = higher credit risk = higher rates. 80% CLTV: standard pricing. 85%: +25-75 bps. 90%: +50-150 bps. 95%: +150-300 bps. Also requires PMI or additional credit enhancement. Lenders increasingly strict on CLTV above 85%. Expect thorough underwriting.
What is piggyback?
80-10-10 or 80-15-5 mortgage: first at 80%, second at 10-15%, down payment 5-10%. Avoids PMI (requires CLTV 80% on first). Second typically HELOC or fixed 10-year interest-only. Makes sense when: PMI expensive, first mortgage prefers 80% LTV max. Less common post-2008 but still available.
Risk management?
Higher CLTV = less equity buffer for property value declines. 5-10% home value drop at 95% CLTV = underwater. Lender exposure high. Historically, second mortgage foreclosure recovery is 20-40% of face value (junior lien). Institutional investors limit CLTV to 75-85% for stability.
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