Piggyback / 80-10-10 Loan
A simultaneous second mortgage that avoids PMI or a jumbo.
How it works
A piggyback loan (often an 80-10-10) pairs a first mortgage with a simultaneous second loan or HELOC to avoid private mortgage insurance or to stay under the jumbo limit. The second lien covers part of the purchase alongside your down payment. It is set up at purchase rather than tapping existing equity.
Key things to know
- Combined loan-to-value usually caps near 85% (cash-out refinance at 80%).
- A second lien keeps your first mortgage; a cash-out refinance replaces it.
- Compare the rate type — fixed (home equity loan) vs variable (HELOC).
- Budget for closing costs (often lower or waived on HELOCs).
Terms change. Join the free alerts to hear about updates to the piggyback / 80-10-10 loan first.
Know Your Borrowing Power
We watch the market so you can move at the right moment.
Frequently Asked Questions
- What is the piggyback / 80-10-10 loan?
- A piggyback loan (often an 80-10-10) pairs a first mortgage with a simultaneous second loan or HELOC to avoid private mortgage insurance or to stay under the jumbo limit. The second lien covers part of the purchase alongside your down payment. It is set up at purchase rather than tapping existing equity.
- Will it affect my first mortgage?
- Only a cash-out refinance replaces your first mortgage. A HELOC, home equity loan, or second mortgage sits behind it and leaves that rate alone.