Find how much equity you will have on a $200000 mortgage at an APR of 7.2% and a term of 15 years. What percent of the principle is this?
To find the equity on a mortgage, you'll need to know the loan term, the remaining outstanding balance, and the property's current market value. However, you've provided information only about the mortgage amount, APR, and term. Therefore, I can't calculate the exact equity you'll have.
However, I can help you understand how to calculate it yourself. Here's what you need to do:
1. Determine the remaining outstanding balance: Use an amortization schedule or contact your mortgage lender to find out the remaining balance on your $200,000 mortgage after 15 years.
2. Calculate the equity: Subtract the remaining outstanding balance from the current market value of the property to obtain the equity.
3. Convert the equity into a percentage of the principal: Divide the equity by the original mortgage amount ($200,000) and multiply by 100 to get the percent.
By following these steps with your specific information, you'll be able to determine the equity you will have and what percentage of the principal it represents.