A two-point modulation Phase-Locked Loop (PLL) has a dual-input Voltage-Controlled Oscillator (VCO). A digital data modulation signal is combined with a carrier and input to a feedback divider. The data modulation signal is also input to an offset Digital-to-Analog Converter (DAC) to generate an analog voltage to a second input of the VCO. The loop path through the VCO has a higher gain than the DAC path through the VCO, which has better linearity. A calibration unit divides the VCO output and counts pulses. The offset DAC has a data input and a gain input. During calibration, the data input of the DAC is set to minimum and then maximum values and VCO output pulses counted, and repeated for two values of the gain input to the DAC. From the four counts a K(DAC) calculator calculates the calibrated gain to apply to the gain input of the offset DAC.