Calculate your loan-to-value ratio, equity, PMI requirement, and what LTV means for your mortgage options.
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The Chen family is buying a $340,000 home in Columbus, Ohio. Combined income $115,000, 10% down payment, 30-year fixed at 7.125%.
Takeaway: Columbus/Franklin County averages are the reference baseline. Property tax rates and insurance premiums shift significantly by ZIP code and HOA status. Plug your actual numbers in above.
We default to state-average millage rates. County and municipal rates vary 40%+ within a single state. Ohio ranges from 0.8% (rural counties) to 2.4% (Cuyahoga/Cleveland area). Always cross-check your specific county assessor's published effective rate.
Property Tax by StateHomeowner association fees add $100-$800/month in condos and planned communities. Condos in urban markets often run $400-$700/month. If your property has HOA, add it manually to any payment estimate — it directly affects your debt-to-income ratio for loan qualification.
HOA Fee CalculatorClosing costs typically run 2-5% of the loan amount — around $6,000-$15,000 on a $300K home. Lender fees, title insurance, escrow, and prepaid taxes add up fast. These are due at closing in cash, not rolled into the mortgage by default.
Closing Costs CalculatorPrivate mortgage insurance (PMI) costs 0.5-1.5% of the loan annually until you reach 20% equity. On a $300K loan at 1%, that's $250/month. PMI cancels automatically at 78% LTV under federal law — but you can request removal at 80%.
National home price appreciation has averaged ~4% annually since 1968, but markets diverge dramatically. Sun Belt metros averaged 10%+ during 2020-2022; coastal markets often lag the national average during correction cycles. Local supply constraints are the main driver.
If you've lived in the home 2 of the last 5 years, you can exclude $250K (single) or $500K (married) of gain from federal capital gains tax. Many calculators show gross profit without applying this exclusion. Relevant when projecting sale proceeds.
Home Sale Capital Gains CalculatorBased on your inputs
Good (70–80%)
| Loan Amount | $280,000 |
|---|---|
| Property Value | $350,000 |
| LTV Ratio | 80.0% |
| CLTV (all mortgages) | 80.0% |
| Equity | $70,000 |
| Equity % | 20.0% |
| PMI Required | No |
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LTV = Loan Amount / Property Value × 100. An 80% LTV means you borrowed 80% of the home's value and put 20% down. Lower LTV = less risk for lenders.
PMI is required when LTV exceeds 80% on conventional loans. Put 20% down (80% LTV) to avoid PMI. Once LTV reaches 78–80%, you can typically cancel PMI.
Combined LTV (CLTV) includes all mortgages on the property. A first mortgage of $160,000 + HELOC of $20,000 on a $200,000 home = 90% CLTV.
Conventional refinance: typically 80% LTV or less for best rates. Cash-out refinance: max 80% LTV. FHA refinance: up to 97.75% LTV. VA: up to 100% LTV.
Lower LTV ratios generally qualify for lower interest rates. Each 5% reduction in LTV can save 0.125-0.25% on your rate. An 80% LTV loan may have a rate 0.5-0.75% lower than a 95% LTV loan, saving thousands over the loan term.
Conventional loans allow up to 97% LTV (3% down). FHA loans allow 96.5% LTV (3.5% down). VA loans allow 100% LTV (0% down). USDA loans allow 100% LTV. Jumbo loans typically require 80-90% LTV maximum.
Lower LTV by making a larger down payment, paying extra principal, or increasing property value through renovations. Home appreciation also reduces LTV over time. Refinancing at a lower LTV removes PMI and qualifies you for better rates.
Private mortgage insurance protects the lender when LTV exceeds 80%. PMI costs 0.3-1.5% of the loan amount annually, or $75-$375/month on a $300,000 loan. PMI is automatically removed when LTV reaches 78% based on the original property value.
Yes. Investment property loans require lower LTV (typically 75-80% maximum) compared to primary residences. This means 20-25% down payment minimum. Higher LTV investment loans carry significantly higher interest rates and may require reserves.
Renovations that increase your home's appraised value reduce your LTV ratio. For example, a $30,000 kitchen remodel that adds $25,000 in value lowers LTV on a $300,000 home. Get a new appraisal after major improvements to reflect the updated value and potentially remove PMI.
LTV = Loan Amount / Property Value × 100
CLTV = (1st Mortgage + 2nd Mortgage) / Value × 100
Equity = Property Value − Total Mortgages
Every formula on this page traces to a federal agency, central bank, or peer-reviewed institution. We cite the rule-makers, not secondhand blogs.
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Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.