You will be given a check for the balance, after all expenses/costs are paid out.
If your mortgage was for $240,000 (80% of the 300,000 purchase price), you won't see that number reduced by very much after only 2 years in the home. Most of what you pay monthly, now, is interest.
Check your recent mortgage invoice and you should see what the balance is that you owe the bank (you could call them, too if you want, for that information).
That number will be deducted from your sale price, along with other selling costs (ask your agent or attorney about the specific numbers).
if you have paid $80,000 to bank in only 2 years about $20,000 of it may have been for interest not sure if your taxes and insurance was also in that $80,000 so that could be another $20,000 for taxes and insurance. that gives you about $40,000 equity plus your initial %20 is another $60,000 if you feel you can sell your condo for an additional $20,000 that is a total of $120,000 subtract your closing cost that could be about $20,000 that will give you about $100,000.
If you like I can come over and give you a free consultation on the market value of your hoe and come up with a more exact walk away number. PLease contact me
Also, talk with your real estate agent and have them prepare a written list of closing costs to subtract from the sales price as well. If you have prepaid your home owners insurance, taxes or utilities, you will get a prorated share back at closing.
The SALES PRICE
MINUS Realtor Commission (generally 6%)
MINUS Transfer Taxes and Title Fees
MINUS payoff amount on your mortgage
EQUALS the net amount you would get back at closing
Like Debbie said, most of what you pay to the bank early on are interest charges. Also, part of your payment is probably allotted towards property taxes and insurance. So if you have a 30 yr fixed loan that started at $240,000, you probably owe about $230,000. If it was a 15 yr fixed, then you probably owe about $215,000. This is based on having the loan for only 2 years, but you can check your mortgage statement to see how much you owe.
Hope this helps!