To determine how much equity you have in your house, you will need to subtract the amount you still owe on your mortgage from the current market value of your home.
For example, if your home is currently worth $500,000 and you still owe $300,000 on your mortgage, your equity would be $200,000 ($500,000 – $300,000).
It’s important to note that the value of your home can fluctuate over time based on a variety of factors such as the local real estate market, renovations or repairs made to your home, and general economic conditions. Additionally, the amount of equity you have in your home can also be affected by your mortgage terms and any liens or other encumbrances on the property.
To get a more accurate estimate of your home equity, reach out to me to get your estimate.