Maybe a stupid question regarding homebuying and selling/money down-?

Question

We bought our house in 2005 for $84,000.

We can sell it today for $110,000.

Does this mean we have $25,000 to put down on a new house?

And if so, if I'm using a mortgage calculator, do I just put the premium as $25k less than asking price?

Answer 1

.   Yes, you understand it correctly.   Most people put down $20,000 so they have money left over for new furniture.  Are you tempted to sell your house for $120,000.  WOuldn't hurt to try.

Answer 2

you didn't say if you put anything down on the house when u bought it.

  You find out how much you owe on the mortgage then you subtract what you sell it for minus the expenses of selling as mentioned. If you're using a Real Estate agent they will figure out how much you'll have left for the new place.

Answer 3

Yes to both unless the calculator also asks for a down-payment amount.

Answer 4

technically yes. but you have to remember that's if you get 110,000 for the house. then you have to pay realtors fees, your mortgage on that house with interest is more then likely more then 84,000 since you only paid it for 3 years. then there are other things to consider like if on home inspection the buyer want you to fix anything that may be wrong, plus pro rating the property taxes, etc. so in the end you could end up having nothing on that 25,000.