Home equity represents the portion of your home that you truly own. It can be accessed through home equity loans or lines of credit (HELOC). To calculate home equity, deduct the mortgage balance from the home's current market value, which can be determined via online platforms like Redfin or through a real estate agent. Understanding your home equity is crucial for homeowners considering selling their home or tapping into their equity for other financial needs.
Home equity is calculated by subtracting the amount you still owe on your mortgage from the current market value of your home.
To calculate home equity, find your home's current market value and subtract your current mortgage balance.
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