Follow these steps to find out.
| 1 | Determine Your Selling Price. More Information - Step 2 |
| 2 | Find out your mortgage payoff. (Don't forget second mortgages or equity loans) |
| 3 | Subtract #2 above from #1 above. This is your EQUITY. |
| 4 | Multiply your selling price by 0.06 (typical realtor percentage), and add your closing costs ($1500 to $4000 or more) depending on the cost of your home. |
| 5 | Subtract #4 above from #3 above. This is how much you can take to the bank. |
Now answer the question for yourself:
Even if you can afford to, do you WANT to give your hard earned equity away??? Think about it!!!