Is this a reasonable plan for paying?

mom2collegekids
Mon, 01 Aug 2011 09:27:43 +0000

If your home would sell for $280k and you have a loan for $170k, then you have about $100k in equity.

You use the value that the house would sell for…NOT the value that you PAID for the house. Then subtract mortgage, etc.

If someone pays about $100k for a house, but now it would sell for a million, and they only have $75k mortgage, they would have over $900k in equity.

Anyway…be sure to have some financial safeties that you’re certain to have all costs paid for just in case Vandy figures a higher family contribution.