I'm looking for the terminology related to my home mortgage.
The word or phrase for how much of my house I own.
The word or phrase for how much I still owe.
For example, suppose I bought a $500K house and took out a $300K loan. The loan principal is this $300K.
Now suppose after several years, the house is valued at $600K, and I have paid off $100K of my $300K loan. So the house is $600K, I own $400K of it, and I still owe $200K.
What is the term for the $400K that I own?
What is the term for the $200K that I still owe? Is it still called the "principal"?