ChatterBank2 mins ago
How do i work out what equity is in my house?
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I know i should probably go to a financial advisor for this but thought i would try this first. Basically I bought a house for �82500 taking out a mortgage for �74000 of that. Four years on I am looking to move to a house worth �129950, my current house being valued at �120000 ish. My last mortgage statement was about �69950 so how do i work out what equity is in my house and what i can put down on a new one?
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For more on marking an answer as the "Best Answer", please visit our FAQ.The equity in the house is what you own after mortgage and other bills are paid off.
So your house is worth120,000 and you owe 70,000 on the mortgage so your equity is about 50,000.
You can put all the 50,000 down on the new one, or less if you want. Of course the less you put down the more your mortgage is going to be.
It is going to cost you money to move so you have to allow for that so if you have no "spare" money you may want to put say 40,000 down and use the 10,000 to pay for the move