I have a home, but didn’t count the potential value of the home in assets. The 300k is the loan for the home, and then there’s about 100k equity in the home

Explain in layman’s terms

So it’s a 300K house but 100K already paid off the mortgage? Or you bought the house for 300K and it’s now worth 400K?

Wrong, it’s a 400k house with an 80k down payment and a 320k loan. During the ownership an additional 20k has been put into the principal of the loan

Makes sense

House still worth 400K or you think you could sell for more?

Do you know how a mortgage works?

I know the basics

Take value of the house, take away the down payment, choose an amortization period and divide what’s left of the value over the amortization period and that’s your yearly payments before interest comes into play

All of this is incorrect, especially your description of how the payment is calculated

Explain

Again, not taking interest into account bc it gets a lot more complicated with it

But if I were to buy a 400K house with a 50K downpayment on a 25 year amortization period, my monthly payments would be $1166 before interest and extra fees

Google is your friend

Equation for mortgage payments

M = Pr(1+r)^n/((1+r)^n)-1)

M = the total monthly mortgage payment.
P = the principal loan amount.
r = your monthly interest rate. Lenders provide you an annual rate so you’ll need to divide that figure by 12 (the number of months in a year) to get the monthly rate. If your interest rate is 5%, your monthly rate would be 0.004167 (0.05/12=0.004167)
n = number of payments over the loan’s lifetime. Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of payments for your loan. For example, a 30-year fixed mortgage would have 360 payments (30x12=360)

So basically you were wrong the second you didn’t try and add your interest to your calculation

That equation is missing a bracket somewhere

Nope, look again at everything that gets divided

It’s missing a f***ing bracket

You have 3 left brackets and 4 right brackets

Do you remember the order of operations?

Look, if you can’t do the math, that’s fine. Don’t pretend you understand what’s you’re being taught then.

Apparently there are 3 left brackets and 4 right brackets

Yup, looks like an issue with the copy paste functionality between two websites.

You should really learn how to help yourself before thinking you can correct others.

Pr(1+r)^n/((1+r)^n)-1)

I literally have a honours math degree

That equation is missing a bracket, I’m assuming it’s supposed to go at the beginning of the denominator

The issue is with KTT and not allowing square brackets.

So I was right and it was missing a bracket

But no I should learn to help myself before I correct others

Yes, you should’ve googled the response, instead I just googled and pasted it for you

Honors math degree yikes

Bro you mad as hell

I asked

If you wanted me to google it just don’t answer

That’s pretty stupid to say

Gets asked a question
Answer has a clear mistake
Gets the mistake pointed out
“It doesn’t have a mistake, you just don’t understand”
Realizes it does have a mistake
“You should’ve just looked up the answer yourself”

Nice discourse mate

stupid thread