A few years ago, Simon Powell purchased a home for $200,000. Today, the home is worth $350,000. His remaining mortgage balance is $150,000. Assuming that Simon can borrow up to 80 percent of the market value, what is the maximum amount he can currently borrow against his home?

Question

01-06-2022
Mathematics

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A few years ago, Simon Powell purchased a home for $200,000. Today, the home is worth $350,000. His remaining mortgage balance is $150,000. Assuming that Simon can borrow up to 80 percent of the market value, what is the maximum amount he can currently borrow against his home?

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amcool amcool · Answer 1 · 2022-06-02T11:25:06+02:00

The maximum amount Simon Powell can borrow against his home is $130,000.

How to calculate the maximum amount that can be borrowed against a home

The maximum amount Simon Powell can borrow against his home can be calculated using the following formula:

Maximum amount that can be borrowed = (Current value of the home * Percentage of the market value that can be borrowed) - Mortgage balance …………………. (1)

Substituting all the relevant values into equation (1), we have:

Maximum amount that can be borrowed = ($350,000 * 0.80) - $150,000 = $130,000

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