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10-year TreasuryYield · Oct 29, 20264.980%
Rates as of Oct 29, 2026Dated references, not live quotes. 15-year/FHA/VA modeled; FHA/VA APR is not all-in.
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Mortgage glossary

Combined loan-to-value ratio (CLTV)

Combined loan-to-value, or CLTV, considers the first mortgage together with other mortgage debt secured by the same property. It compares those amounts with the applicable property value. LTV looks at the first mortgage alone. A HELOC can also require a separate HCLTV calculation that considers its full credit limit.

Nick’s Lending Published September 21, 2026
A woman comparing paperwork beside a laptop
A woman comparing paperwork beside a laptop. AI-generated illustrative image; not actual clients or a named property.

How is CLTV different from LTV?

Combined loan-to-value, or CLTV, considers the first mortgage together with other mortgage debt secured by the same property. It compares those amounts with the applicable property value. LTV looks at the first mortgage alone. A HELOC can also require a separate HCLTV calculation that considers its full credit limit.

A hypothetical combined-loan example

Assume an applicable property value of $600,000, a first mortgage of $400,000 and a closed-end second mortgage of $50,000. The combined amount is $450,000, so $450,000 ÷ $600,000 = 75% CLTV. These invented figures show the calculation only. They do not establish how much a lender would offer or what the payments would be.

A HELOC balance is not its credit limit

Under Fannie Mae’s rules, CLTV includes the drawn HELOC balance, while HCLTV generally includes the full line amount, even if some is unused. A small outstanding balance therefore does not tell the whole story. Confirm the lender’s method, the applicable value and any special transaction rules.

Bring every property loan into the conversation

Bring the first-mortgage balance, second-mortgage details and each HELOC’s balance and limit. Ask how new borrowing changes the combined ratio, total monthly payments and cash remaining. A lower first-mortgage balance does not by itself answer whether another lien fits the loan rules or your budget.

Sources and further reading

Mortgage glossary

Keep exploring

Mortgage glossary

Debt-to-income ratio (DTI)

Loan-to-value ratio (LTV)

Prepaid mortgage expenses

Mortgage reserves

Rate context & assumptions

Dated rate references, not a live quote. Check the rates-as-of date shown with the figures. Review the product-specific assumptions below.

Dated references, not live quotes. 15-year/FHA/VA modeled; FHA/VA APR is not all-in.

30-year fixed

Rate 7.161% · APR 7.232%

* Conventional 30-year fixed-rate purchase loan. $650,000 purchase price. $455,000 loan amount. $195,000 down payment (30%). 70% LTV. 780 representative credit score. Owner-occupied single-family residence in California. 360 monthly payments. 30-day rate-lock period.

Pricing shown at par: 0.000 discount points and $0 lender credit. Estimated principal-and-interest payment is $3,076.48 per month. Payment does not include property taxes, homeowners insurance, HOA dues, assessments, or other property-related charges. The actual total monthly payment will be higher. Mortgage insurance is not included because this example assumes 70% LTV.

The illustrative APR assumes $3,200 in prepaid finance charges and an amount financed of $451,800. Actual APR and closing costs depend on the final loan terms and which charges constitute finance charges under applicable law. Rate, APR, fees, and availability are subject to change until locked. All loans are subject to credit, income, asset, property, appraisal, underwriting, and program requirements.

Example as of October 29, 2026 at 6:35 AM Pacific. This is not an approval, offer, guarantee, or commitment to lend.

15-year fixed

Rate 6.411% · APR 6.523%

15-year fixed temporary estimate as of 2026-10-29: 0.750 percentage points below the 30-year conventional reference. Not independently sourced lender pricing.

Illustrative purchase: $650,000 price, $455,000 loan, $195,000 down (30%), 70% LTV, 780 credit score. Owner-occupied California single-family residence; 180 monthly payments; 30-day lock assumption.

At 0.000 points and $0 lender credit, estimated principal and interest is $3,941.31/month. Taxes, insurance, HOA and other property charges are excluded; total payment will be higher.

Modeled APR uses $3,200 prepaid finance charges and $451,800 amount financed over 180 months. This is an estimate, not an offer or commitment. Actual rates, APR and eligibility require individual review.

FHA · 30-year fixed

Rate 6.991% · Modeled APR 7.061%

FHA 30-year modeled market reference from the morning email dated 2026-10-29. Not a lender quote.

The email applies a shared illustrative APR model. It does not supply a complete program-specific borrower scenario.

Program-specific mortgage insurance and funding fees are not established by this model. This is not an all-in FHA or VA APR quote.

Ask for a personalized rate, APR, payment and program-specific costs before making a borrowing decision.

VA · 30-year fixed

Rate 6.839% · Modeled APR 6.908%

VA 30-year modeled market reference from the morning email dated 2026-10-29. Not a lender quote.

The email applies a shared illustrative APR model. It does not supply a complete program-specific borrower scenario.

Program-specific mortgage insurance and funding fees are not established by this model. This is not an all-in FHA or VA APR quote.

Ask for a personalized rate, APR, payment and program-specific costs before making a borrowing decision.

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10-year Treasury · Yield · Oct 29, 2026 · 4.980%