How much equity do I have?

[Stanley Kong]

Hello BP, 

I'm wondering how much equity I actually have at my home right now. 

I bought for 202k originally with 5% down. Original mortgage was for 198k and after two years it is now 189k. 

Recently my neighbour underneath me in the same apartment complex sold their unit for 290k. All the units are the same size.

Therefore can I use that selling price a FMV comp and use that as my equity basis? Or do I need an appraisal to determine that first?

My real question is did 90k just magically appear from nowhere for me effectively making me have over 20% equity therefore I can unsubscribe from the CHMC default insurance. And also making me eligible for a HELOC.