How CLTV is worked out
Combined loan to value (CLTV) is all the loans secured on your home, including the new one, divided by the home's value. With a $400,000 home, a $250,000 first mortgage and a $50,000 home equity loan the CLTV is 75%. Before the new loan it is 62.5%, and you would have $100,000.00 of equity left.
Fannie Mae's loan to value calculator uses a $200,000 home and a $150,000 first mortgage as its default and shows 75%. Add a second mortgage or HELOC balance in the other loans field.
How much more you could borrow
Each lender sets its own maximum CLTV, so the limit is an input. At an example 80% the most you could add on the example home is $70,000.00. If you already have a $30,000 HELOC and want a $40,000 loan, the CLTV is 80% and the most you could add at 80% is $40,000.00.
The results also list the most you could borrow at 70% to 90%. On the example home that is $30,000.00 at 70% and $110,000.00 at 90%. These are ready reckoner levels, not lender limits.
To work out the payment on a loan of that size, use the secured loan calculator.
What this calculator leaves out
It does not check income, credit or the lender's appraisal, which decides the value used. It does not model private mortgage insurance, which is tied to the first mortgage.
For a second charge loan in the UK, open the UK secured loan LTV calculator.
Inputs for the secured loan LTV calculator
Home value
A recent appraisal or a realistic estimate of what the home is worth now.
First mortgage balance
What you still owe on your first mortgage. Enter zero if none.
Other loans on the home
A HELOC or second mortgage balance. Enter zero if none.
New loan
The home equity loan or HELOC you want. Enter zero to see your current position.
Your lender's maximum CLTV
Each lender sets its own limit. 80% is only an example, so enter your lender's limit.
CALCULATOR QUESTIONS
US secured loan LTV calculator questions
What is CLTV?
Combined loan to value: all the loans secured on a home, including the new one, as a percentage of its value.
What is the difference between LTV and CLTV?
LTV counts one loan. CLTV adds every loan secured on the home, such as a second mortgage or HELOC.
How much equity do I have?
Equity is the value less everything secured on it. On the example, with the new loan, you have $100,000.00.
What CLTV limit will my lender allow?
It depends on the lender, so the limit is an input. Ask your lender for its figure.
Does this include private mortgage insurance?
No. This is the combined loan to value only.