You paid $250 750 for a house five years ago that listed for $265 000. You have
$232 580 still owing on your mortgage. How much equity do you have in the house?

To determine the equity you have in the house, we need to calculate the difference between the current market value of the house and the amount still owing on the mortgage.

1. **Current market value of the house:** $ \$250,750 $
2. **Amount still owing on the mortgage:** $ \$232,580 $

The equity in the house can be calculated as follows:

\[ \text{Equity} = \text{Current market value} - \text{Amount owing on the mortgage} \]

Substituting the given values:

\[ \text{Equity} = \$250,750 - \$232,580 \]

\[ \text{Equity} = \$18,170 \]

Therefore, you have $ \$18,170 $ in equity in the house.

Would you like more details or have any questions?

Here are 5 questions you might consider next:
1. How does equity affect the ability to refinance a mortgage?
2. What factors influence the market value of a house over time?
3. How can you build more equity in your home?
4. What are the advantages of having a higher equity in a home?
5. How does the equity in a home impact its resale value?

**Tip:** Regularly monitoring your mortgage balance and the market value of your home can help you make informed financial decisions regarding your property.

Learn how to calculate equity in a house using its market value and the remaining mortgage balance. This problem involves financial mathematics and is suitable for adult learners seeking to understand property ownership and equity.

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