A memory sub-system configured to iterative calibrate read voltages, where higher read voltages are calibrated based on the calibration results of lower read voltages. For example, a memory device initially determines first read voltages of a group of memory cells. The memory device calculates a second read voltage optimized to read the group of memory cells according to first signal and noise characteristics measured based on at least one of the first read voltages. A third read voltage is estimated based on an offset of the second read voltage from a corresponding voltage among the first read voltages. Second signal and noise characteristics of the group of memory cells are measured based on the third read voltage. The memory device then calculates a fourth read voltage optimized to read the group of memory cells according to the second signal and noise characteristics.