Proforma			Disclaimer: 1. Refinancing is subject to appraisal of desired value 2. Taxes are no yet assessed 3. Condo fees not finalized
Purchase Price	$ 245,000
25% Down Payment	$ 61,250
First Mortgage	$ 183,750

@ 5.5 % for 35 years	$ 979.31	/month
Tax	$ 95.00
Condo Fees	$ 145.00
Total	$ 1219.00	/month		Current Rent: 1000/month, Lease end: June 1/07

A) Rent for 1400/month PCF 181 x 12 = 2172/year = 3.55 % Cash ROI Assuming 10% appreciation $28,500 ROI is: 2172 + 28,500 = 30,672/62,250 = 50%ROI.		B) Refinance at 285,000 Gets $30,000 cash back (leaving $31,500 in the property) NEW mortgage 213,750 New payment 1,139.20/month Property Tax 95.00/month Condo Fees 145.00/month Total 1,379.20/month = 20.79/month PCF x 12 = 249.48 PLUS Appreciation (10%) 29,000 29,041.76/$32,500 = 89.3% ROI!!!