I am trying to duplicate the results found on a real estate website that shows the equity buildup over a period of 20 years based on purchasing a $200,000 property every two years which appreciates at 5% with a 10% down payment. Every 2 years you would take an equity loan of $20,000 from the previous property to purchase the next. The calculation also seems to take into account the amount of equity gained by paying down the loan. The numbers that are used in the calculation are:

The results of the calculation are:
I’m no expert at real estate formulas but I do think of myself as pretty good at it and I’ve written a number of formulas and calculations that prove out certain theoretical returns but this one has me stumped. The website itself is http://www.taxloopholes.com/PUBRealE...lculate=y#calc

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