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Piggyback mortgages use two loans to avoid PMI but have costs. Calculate if piggyback saves money versus standard PMI for you.

Piggyback Mortgage Calculator

Estimate Your Savings and Split Loan Option

This calculator shows the impact of using a piggyback loan to avoid mortgage insurance. Enter your loan details to see potential savings and payment structure. For a complete overview of conventional loan options, see our main guide.

Total Monthly Payment: $0
Combined LTV: 0%
PMI Required: No
Loan Breakdown
First Mortgage (80%): $0
Second Mortgage: $0
Down Payment: $0
Down Payment %: 0%
Monthly Payment Breakdown
First Mortgage Payment: $0
Second Mortgage Payment: $0
Piggyback Mortgage: A combination of two loans to avoid PMI. Common structures are 80/10/10 (80% first mortgage, 10% second mortgage, 10% down) or 80/15/5 (80% first, 15% second, 5% down). The first mortgage stays at 80% LTV to avoid PMI, while the second mortgage covers the gap. Compare this to piggyback loans vs PMI to see which saves you more.

What This Calculator Does:

This tool functions as a piggyback calculator by separating your first and second mortgage payments so you can see exactly how splitting your loan helps you avoid private mortgage insurance (PMI). It acts as a piggyback loan calculator that calculates your total monthly payment, total interest over time, and loan-to-value (LTV) ratio. As a piggyback mortgage calculator, it also helps you estimate potential savings by comparing piggyback scenarios against a standard single-loan alternative.

Use this mortgage calculator with piggyback loan features to see the financial trade-offs between rising second-loan rates and PMI costs. Run different scenarios before talking to lenders to find the strategy that works best for your budget.

Pro Tips for Borrowers:

  • Always enter accurate loan amounts for both the first and second mortgages to get a complete picture of your total payments.
  • Compare your combined rate to the cost of PMI over several years to determine which option saves you more. For a full breakdown, see our guide comparing piggyback loans vs. PMI. Remember, second mortgages typically carry higher interest rates—weigh that against your monthly savings.
  • Pay close attention to your LTV; lenders usually evaluate the combined LTV to assess risk. Check credit score requirements for conventional loans to confirm you qualify for piggyback financing.
  • If your second loan is a HELOC with a variable rate, plan for possible rate changes. Use an affordability calculator to ensure the payments fit comfortably within your budget.

Piggyback Loan Structure:

A piggyback loan involves securing two loans simultaneously—typically an 80% first mortgage and a 10% to 15% second mortgage—with you covering the remaining 5% to 10% as a down payment. This structure keeps your first loan at or below 80% LTV, which eliminates the need for PMI.

If you're still asking what is a piggyback loan, it's simply this two-loan strategy that helps buyers avoid monthly insurance fees. Your second loan can be a fixed-rate mortgage or a variable-rate home equity line of credit (HELOC). For more details, read about piggyback PMI insurance and how it eliminates monthly insurance costs.

To ensure this plan benefits you over the long term, understand how both loans function together—including their rates, terms, and payment schedules. Use a piggyback loan mortgage calculator or piggy back mortgage calculator to test different rate and down payment scenarios before committing. See our conventional loan requirements for full qualification standards before applying.