How it works
Equity is home value minus mortgage balance. Equity percentage is equity divided by home value, times 100. The home value you enter should be your best estimate — an appraisal or a sale price will differ.
Frequently asked questions
Is equity cash I can spend?
Not directly. Equity is value you own, but turning it into cash means selling, refinancing, or borrowing against the home, each with its own costs and risks.
What if the balance is higher than the value?
Then equity is negative — sometimes called being underwater on the mortgage.