Share your FIRE Milestones
The house is an asset and its value should offset the mortgage if you put almost nothing down. So your NW was more like $40k.
NW= (cash + house value) - mortgage
When I bought the house I didn't have any equity. I only put 3.5% down. My home appreciation plus paying down my mortgage has helped me reach $250k. I do receive rental income and I plan on selling it when I FIRE so I include it in my NW.
Assets - Liabilities = NW. I had 40k cash, no investments, and 160k mortgage debt. -120k.
The house is an asset and its value should offset the mortgage if you put almost nothing down. So your NW was more like $40k.
NW= (cash + house value) - mortgage