You own a house with an appraised value of $300,000. Your equity in the home is $125,000. What is your mortgage balance?

Question

asked Oct 6, 2022 113k views

1 Answer

Parnell · Answer 1 · 2022-10-09T22:15:10+0000

Answer:

The mortgage balance is $175,000

Explanation:

Remember: House value = equity + mortgage. Therefore,

$300,000 = $125,000 + mortgage balance

The mortgage balance is $175,000.