the paid off portion of your mortgage at any point in time is called the
Mathematics · High School · Thu Feb 04 2021
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The paid-off portion of your mortgage at any point in time is called the "equity" in your home. Equity represents the value of your property that you truly own outright. It is calculated by taking the current market value of your home and subtracting the remaining balance on your mortgage. As you make mortgage payments over time, your equity in the property generally increases, assuming that the property's value remains stable or appreciates. Equity is an important financial asset for homeowners and can be used for various purposes, such as borrowing against it or selling the property to realize the value.