If I have paid $10,000 towards my mortgage, but the market brought house value up by $20,000, does that mean I have $10,000 in “equity” or $30,000 in “equity”?

Hopefully the example in the title makes sense. I can make the math a little different. Let’s say I bought a $100,000 home.

Fast forward some time and I’ve paid $5,000 in payments, so I owe $95,000 still. However at the same time, my homes value has risen to $110,000.

Does this mean that I now have $15,000 in equity on the home? (The $10,000 market/home value increase and my $5,000 payment).

If not, what’s the proper term for this $15,000 surplus I could hypothetically have if I sold the home? (Excluding the obvious stuff like taxes, fees etc)

Submitted February 24, 2021 at 01:13AM by OneMoreTime5 https://ift.tt/2P7XHOL