Calculate your LTV ratio, equity, required down payment, and see if your deal fits lender ranges — in seconds.
Use the appraised value, purchase price, or estimated market value.
The first mortgage loan amount. Does not include second liens or HELOC.
Different property types may have different lender LTV limits.
75% is a common conventional loan LTV range, but actual limits vary by lender and loan type.
For purchase scenarios, this field is ignored.
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LTV (Loan-to-Value) shows how much of a property is financed with debt. It is one of the first metrics lenders check when evaluating a loan application — but it does not guarantee approval.
Quick Answer
Example: $375,000 loan ÷ $500,000 property = 75% LTV
LTV measures:
LTV does NOT measure:
Property Value is the appraised value or purchase price — whichever the lender uses. For purchase transactions, lenders typically use the lower of purchase price or appraised value.
Loan Amount is the first mortgage only. Combined LTV (CLTV) for second liens, HELOCs, or mezzanine debt is not included here.
Lower LTV = less leverage, more equity, lower lender risk. Higher LTV = more leverage, less equity, higher risk. LTV shapes your financing options — not just your down payment.
Enter the property value
Use the appraised value, purchase price, or estimated market value for your scenario.
Enter the loan amount
First mortgage only. Do not include second liens or lines of credit.
Select transaction and property type
Transaction type generates a context note. Property type affects context only — not the math.
Set your target LTV (optional)
Defaults to 75%. Shows max loan and required equity at your target.
Read the verdict and plan your next step
Use the LTV verdict and sensitivity table to decide whether to proceed to DSCR, cash flow, or lender conversations.
LOW — LTV below 60%
Strong equity cushion. Conservative leverage. Generally favorable for pricing, approval likelihood, and terms. Means you have substantial equity invested.
→ Well-positioned for conventional and portfolio lenders.
MODERATE — LTV 60% to 75%
Common conventional range. Balanced leverage and approval likelihood. Most investment property lenders cluster around 70–75% LTV for first mortgages.
→ Standard range. Proceed to DSCR and cash flow checks.
HIGH — LTV 75% to 85%
Tighter underwriting. Rates and terms may worsen. Above ~80% may require mortgage insurance for residential loans. Investment property lenders often cap at 75–80%.
→ Verify lender limits and rate impact before proceeding.
CRITICAL — LTV 85% or above
Aggressive leverage. Many lenders will not proceed. Expect friction, alternative lender requirements, or hard money terms. LTV at this level increases lender risk significantly.
→ Review whether the deal structure is realistic for conventional financing.
Note: LTV thresholds vary by lender, loan program, and property type. These are general reference ranges, not lender guidelines. LTV does NOT guarantee loan approval.
These are general ranges. Actual lender limits vary by program, property type, and borrower profile.
| Scenario | Typical Max LTV | Notes |
|---|---|---|
| Primary residence (purchase) | 80–97% | FHA/VA can go higher; above 80% often requires PMI |
| Investment property (SFR) | 70–80% | Most conventional programs cap at 75–80% |
| Investment property (multifamily) | 65–75% | More conservative — DSCR also required |
| Cash-out refinance (investment) | 65–75% | Stricter than standard refinance |
| Hard money / bridge | 60–75% ARV | Based on ARV or LTC — not as-is value |
| Commercial | 60–75% | Debt yield often required in addition to LTV |
LTV and down payment are directly linked: Down Payment % = 100% − LTV. A target LTV of 75% means a 25% down payment.
| Target LTV | Down Payment % | On $400K Property | On $700K Property |
|---|---|---|---|
| 60% LTV | 40% | $160,000 | $280,000 |
| 70% LTV | 30% | $120,000 | $210,000 |
| 75% LTV | 25% | $100,000 | $175,000 |
| 80% LTV | 20% | $80,000 | $140,000 |
| 85% LTV | 15% | $60,000 | $105,000 |
Lower LTV = more cash upfront, but potentially better rate and terms. Use the calculator above to see your exact trade-off at different loan amounts.
Refinance LTV uses the appraised value (not original purchase price) against the new loan amount. Cash-out refinance typically has stricter LTV limits than a standard rate-and-term refinance.
Standard Refinance
LTV is recalculated against current appraised value. Seasoning requirements may apply. Typically 70–80% max for investment properties.
Cash-Out Refinance
Stricter limits — often 65–75% for investment properties. Cash-out estimates in this calculator exclude closing costs, reserves, and lender holdbacks. Shown as estimates only.
See how much equity you can access before paying for an appraisal. Enter your current property value, target new loan amount, and set transaction type to "Cash-out refinance."
Hard money lending works differently from conventional financing. LTV for hard money is often calculated against ARV (after-repair value) or LTC (loan-to-cost), not the current as-is value.
Hard Money Warning
This calculator uses as-is property value. If you are using a hard money loan, your lender's LTV calculation based on ARV or LTC may be significantly different from what this calculator shows.
ARV-Based LTV
Loan ÷ After-Repair Value. Common range: 65–75% of ARV. Requires realistic ARV estimate.
LTC (Loan-to-Cost)
Loan ÷ Total Project Cost. Includes purchase price + renovation budget. Common range: 75–90% LTC.
Does NOT guarantee approval. LTV is one factor. Lenders also evaluate credit, income, DSCR, reserves, and property condition.
Does NOT calculate payments. Use a mortgage calculator for monthly PITI estimates.
Single mortgage only (no CLTV). Combined LTV for second liens or HELOCs is not calculated here.
Does NOT include credit or income analysis. DSCR, credit score, and income verification are separate lender requirements.
Hard money uses ARV/LTC. Results may not match hard money lender term sheets that use after-repair value.
Cash-out estimates exclude closing costs. Actual cash received will be lower after closing costs, reserves, and any lender holdbacks.
Most conventional investment property lenders target 70–75% LTV. Below 70% gives you the strongest approval odds and best pricing. Above 80% is rare for investment properties without special programs. LTV alone does not determine approval — DSCR, credit, and reserves also matter.
LTV (Loan-to-Value) uses only the first mortgage. CLTV (Combined LTV) includes all liens — first mortgage, second mortgage, HELOC, and other debt against the property. This calculator computes LTV only. If you have multiple loans on the property, CLTV will be higher than LTV.
No. LTV is one input in the underwriting process. Lenders also evaluate debt service coverage ratio (DSCR), credit score, liquid reserves, property condition, income documentation, and loan program requirements. A favorable LTV improves your position but does not guarantee approval.
Equity = Property Value × (1 − LTV). For example, at 75% LTV on a $500,000 property, your equity is $500,000 × 25% = $125,000. Equity % = 100% − LTV %. This calculator shows your equity in both dollar and percentage terms.
Hard money lenders fund fix-and-flip or value-add projects where the current as-is value understates the collateral value after improvements. Lending against ARV (after-repair value) allows borrowers to finance more of the project — but requires a credible ARV estimate, often validated by the lender's own appraiser.
Most conventional lenders limit cash-out refinance on investment properties to 65–75% LTV, which is stricter than primary residence limits (~80%). Some portfolio and DSCR lenders may go up to 75–80% in certain markets. Cash-out proceeds exclude closing costs and any lender holdbacks.
Higher LTV typically means higher rates because the lender bears more risk. The relationship is not linear — there are often pricing breakpoints at 60%, 65%, 70%, 75%, and 80% LTV. Dropping below a breakpoint can meaningfully improve your rate. On a large loan, even 0.25% better rate can save thousands per year.
LTV measures leverage — validate the full deal with these tools.
DSCR Calculator
Check if the property covers the debt service
Real Estate ROI Calculator
Full return analysis including equity growth
Cap Rate Calculator
Unlevered yield before financing
Property Cash Flow Calculator
Monthly cash flow after debt and expenses
BRRRR Calculator
LTV plays a key role in BRRRR refinance
Fix & Flip Calculator
ARV-based analysis for rehab projects
Debt Yield Calculator
NOI ÷ Loan — lender risk metric for commercial lending
Closing Costs Calculator
Estimate total cash to close — down payment + closing costs
Hard Money Loan Calculator
Total financing cost, points, and cash needed for hard money
Multifamily Property Calculator
NOI, DSCR, cash flow & break-even for apartment buildings
BRRRR Refinance Calculator
Cash left in deal, DSCR & appraisal gap for BRRRR refi