- 1). Schedule a professional appraisal for your home. This determines the fair market value in today's real estate market. If you have a recent appraisal, you can use this instead.
- 2). Look up the outstanding balance on your mortgage. It should appear on your most recent mortgage statement or in the online account management for your mortgage.
- 3). Look up the outstanding balance on any other debt secured by your home. This could include a construction loan, home equity loan or home equity line of credit.
- 4). Add together the amounts from Steps 2 and 3 to calculate the amount of debt secured by your home. This is what you would have to pay the lenders if you sold your home today.
- 5). Subtract the total outstanding debt in Step 4 from your home's appraised value in Step 1. The result is your home equity.
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