LTV = loan amount / lesser of sale price or appraised value. Down payment = price - loan.
- 510 national questions + 5 state banks
- Timed simulator matched to your vendor
- 90 days, one-time - emailed to you after purchase
Emailed to you after purchase. Supplemental exam prep, not pre-licensing hours. 14-day money-back guarantee. Refund policy
Worked example
The contract price is $400,000; the appraisal comes in at $390,000. The lender allows 80% LTV.
- Value used: the lower figure, $390,000
- Maximum loan: $390,000 x 0.80 = $312,000
- Cash needed for down payment: $400,000 - $312,000 = $88,000 (before closing costs)
Here is the trap
- Using the price when the appraisal is lower. The lender lends on the lower number.
- Points are a percent of the loan, not the price: 2 points on $312,000 = $6,240.
- PMI is typically tied to LTV above 80% on conventional loans.
LTV and down payment solver
- 510 national questions + 5 state banks
- Timed simulator matched to your vendor
- 90 days, one-time - emailed to you after purchase
Emailed to you after purchase. Supplemental exam prep, not pre-licensing hours. 14-day money-back guarantee. Refund policy
Practice tool for exam-style math. Check your state and contract for local conventions.
Ready for the full bank?
510 national questions + state banks for CA, FL, GA, NY and TX, a timed simulator in your vendor’s format, and weakness tracking. $19 one-time for 90 days, emailed to you after purchase.
- 510 national questions + 5 state banks
- Timed simulator matched to your vendor
- 90 days, one-time - emailed to you after purchase
Emailed to you after purchase. Supplemental exam prep, not pre-licensing hours. 14-day money-back guarantee. Refund policy