How do I calculate my home's equity?
By Bob Millaway, South Jersey Community Expert & REALTOR®
Equity is simply your home's current market value minus what you still owe on your mortgage. For example, if your home is worth $400,000 and you owe $250,000, you have $150,000 in equity. You can estimate your home's value through online tools or your agent, then subtract your loan balance from your monthly mortgage statement. Equity grows as you pay down your loan and as your home appreciates.
Why It Matters
Knowing your equity helps you understand your net worth and whether you qualify for a home equity loan or line of credit.
Related Questions
Explore South Jersey with Bob
Living here is about more than the house. Bob's community guides help you find the right town, compare neighborhoods, and keep up with what's happening across Burlington County and South Jersey.
Still Need Help?
Bob answers every question personally. Send your question directly to him.
Ask Bob Directly