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Wednesday, May 11, 2005
how equity works
How equity works
If you buy your house for $200,000 and you put $100,000 down and have a $100,000 mortgage, your equity is 50%.
If the house is reappraised at $250,000, your equity with the same mortgage increases to $150,000 or 60%.
But, if the house is reappraised at $150,000, your equity with a $100,000 mortgage decreases to $50,000 or 33%.- posted by Mark Pane @ 10:06 PM
