1. X acquires a home for a mortgage of $ 90,400. The home is appraised at $ 120,000. Giving X $ 29,600 in equity.
2. X lives with Y since the acquision and each pays half the amount of monthly mtg payment.
3. 2 years later, the mtg bal is $ 86,874. Home is appraised at $ 185,000. Equity in is now $ 98,126.
4. X and Y refi together. Y has a $ 49,700 debt that got refi’d into the mtg. Mtg bal is $ 148,000-equity, $ 37,000.
5. Shortly after, an equity loan is taken out for $ 27,730 that benefits X.
6. 1 year after the 1st refi, a 2nd refi is accomplished to consolidate. The mortgage before the consolidation was down to $ 145,888 and the appraisal is at $ 270,000.
7. The new mortgage is $ 182,000 with an appraisal of $ 270,000. Equity is at $ 88,000.
8. 2 years later, X & Y want to disolve the agreement.
If they sell, how much equity (%) should each recieve assuming home is sold at $ 270,000.
If one buys the other out, how much would X pay Y? Y pay X?