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I purchased a home for $110,000

Accounting

I purchased a home for $110,000. Today the home is worth $150,000. The remaining mortgage balance is $50,000. Assuming I can borrow up to 80 percent of the market value, what is the maximum amount I can borrow?

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The maximum amount is 80% of the market value minus the remaining balance of the mortgage, i.e.,

  • maximum amount = 80% * 150,000 - 50,000
  • maximum amount = 120,000 - 50,000
  • maximum amount = $70,000

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