We calculate net equity with the following steps:
- We collect information about the active mortgage loan amount and interest rate from First American, and create a modeled amortization schedule.
- Based on the modeled amortization schedule and current date, we calculate the remaining loan balance.
- We subtract the remaining loan balance from the First American valuation for the property. Click here to learn how we get property values.
Note: If an owner has missed a payment or made extra payments, our estimate will be incorrect.