01/25/2023
Whether youâre planning on staying in your home for the next 10 years or selling in the next 6 months, itâs a good time to check on your home equity.
Refresher: Home equity is how much money you have in your home, AKA the amount of your home that you actually own. An easy way to think of it is that if you were to sell today and pay off your mortgage, the equity in your home is how much money youâd walk away with.
Home equity is easy to calculate! All you do is take your homeâs current market value (you can check with your REALTORÂŽ for an accurate valuation or if you just want rough numbers, you can find an online estimate) then subtract how much you have left on your mortgage.
For example, if your home is worth $350,000 right now, and you have $225,000 left on your mortgage, you would have $125,000 in equity.
If you need some help calculating your homeâs equity or want to talk about what to do with that equity, just send me a DM!