primary residence

When I enter $450000 for value of home and $420,000 for value of home it show my equity as $450,000. I enter the mortgage information but it goes away when I go to another section of the program my Loan Balance is $290,000 so my equity should be $160,000.00
Julio

Comments

Dan Royer's picture

If you look at the Housing report you'll see the Equity at the far right column and the Mortgage balance in the column right next to it. Add those two together and you should get the 450,000 if that's the value of the home.

I can't quite make out your description of the problem. Are you saying that the program will not accept 450,000 as the value of the home? What's this about 420,000? And you also say you are not able to enter any mortgage information?

Are you using the most recent version of the program: 2.30.2 ?

I am assuming selling my current home in 12 years and buying a smaller home, in part withe the proceeds of the sale of my first home, so that there is no mortgage on the next home. However, the program shows all my home equity disappearing at the point of the sale. I entered 100% down payment to try to model the fact that there will be no mortgage, but the program does not change. What is the correct way to model my situation?

Dan Royer's picture

So you look at the housing report and see zeros in the right hand column (home equity) at and after the year of sale? This must indicate that the new value of the home is zero.

Enter 100% on the mortgage would be the correct way to pay for the first change of home in your case.

I might need a bit more detail to understand what you are describing.

I uploaded a screen shot of my First Change in Housing assumptions and the relevant pages of the report. It may be that the data base is not being updated into the calculations (I asked a separate question about that).

Dan Royer's picture

I see. Yes, that doesn't look right. If you upload your database in a support ticket I can take a closer look.

I created a support ticket and have uploaded my current data base here. It was not clear where else to upload a data base for a support ticket. Thanks.
Sergio

Dan Royer's picture

Yes, there's a place to attach it in the support ticket but I downloaded and removed from here. I'll follow up in the support ticket.