The amount of equity you have in your home changes with time, market conditions and outstanding mortgages. Increases in the value of your home will increase the amount of equity accrued, as will decreases in mortgage debt. To calculate the amount of equity accrued, you need to know the current value of your home, which is difficult or impossible to do on your own. For accurate information, you should hire a professional appraiser, who will assess the condition of your home and current market conditions.
Hire a professional appraiser to evaluate your property. This will tell you how much your property is worth.
Total the outstanding mortgages or liens on the property. If you have a primary mortgage and a second mortgage, add both outstanding debts. Call the lenders and request the payoff amount for each mortgage. This will tell you exactly how much you still owe.
Subtract the outstanding debt from the value of your property to calculate equity accrued. As an example, if your home is worth $200,000, but you owe $100,000 on the primary mortgage and $40,000 on a second mortgage, your total equity is $60,000.