Without going through a long story, I currently own my condo of 1.5years and my family is expanding and need a bigger home. My home equity would be about $100K after selling my condo (after fees) and I have additional funds to go over 20% for a down payment in addition to the $100K. How does my current equity apply to my next home mortgage, and ultimately the monthly payments?
I need to keep my monthly payments no higher than “X” with a purchase price of “Y”. Understand interest rates and property taxes factor in, but if someone can help understand the math I can figure out the rest. I welcome DMs for those experts.