I think your question must have been cut off. If you can repost it, I will try to assist or see if I can get you to someone who can.
Couple questions before I crunch numbers...
Purchase price 315, borrowed 32 + 283 , paid back 5. So this should leave a total amount owing of 310, correct?
Are you claiming the entire 5K paid back on your side of the equity or are you splitting it?
Are you saying you also owe another 10K on a joint line of credit in addition to any mortgage/dad loan?
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Ok, you have a mortgage of 287, but you owe 27 on top of that to dad, so total owed is 314.
So you calculate equity based on value 370 - total debt owed 314 (287 + 27 to dad).
The way I see it, 370-314 = 56K.
You then split that to be 28K each after dad and mortgage have been paid off.
Then if you are keeping the property, you have to pay her 28K.
This doesn't factor in any other debts other than Dad's loan and the mortgage. So if there is a line of credit that you are becoming solely responsible for, you would further reduce her 28K by half the line of credit owed. So if it is 10K, you each owe 5K, so you reduce her 28K by 5K leaving her 23K and you assume the entire 10K debt.
So wife is wrong as the 56K is left over after paying off both Dad and the mortgage.
No, father is completely paid off to get to the 56K equity calculation. The 314 includes father's loan (27) and the mortgage (287).
The equity of 56K is what is left over after paying off father (27) and mortgage (287)
You would only pay her 28K minus 1/2 of any line of credit that you had outstanding.
If you don't want to count the 27K loan from father, then it goes like this:
370-287 = 83K in equity or 41.5K each. Then you have to pay father back half the 27K, or 13.5K.
So you take your equity of 41.5 - 13.5 = 28K in equity for you. She gets 41.5K, but owes her father 13.5K.
Then you would deduct 1/2 of any line of credit from her 41.5K.
Sorry, got cut off.
If you don't count father's 27K loan in the initial payoff:
370-287 = 83. or 41.5 each. Then you would have to pay 13.5 to father for half the 27K leaving you with 28K. She gets 41.5K, but owes father 13.5K.
Then you reduce her 41.5K by 1/2 of any line of credit.
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