Question

Joyce just closed on a condo for $366,900 and put down 20% to obtain an 80% loan and avoid having to pay for private mortgage insurance. How much equity does she have in her condo

Answer 1

Answer: $73,380

Explanation: Joyce closed a condo for $366,900.

Putting down 20% of the condo means she puts down = $366,900 @20%

$366,900 @20%= $73,380

While obtaining 80% loan calculated as $366,900 @ 80%

= $366,900 @ 80% = $293,520

From the above calculations Joyce puts down $73,380