Proforma			Disclaimer: 1. Refinancing is subject to appraisal of desired value 2. Taxes are no yet assessed 3. Condo fees not finalized
Purchase Price	$ 240,000
25% Down Payment	$ 60,000
First Mortgage	$ 180,000

@ 5.5 % for 35 years	$ 959.33	/month
Tax	$ 95.00
Condo Fees	$ 145.00
Total	$ 1199.33	/month		Current Rent: 1000/month, Lease end: March 31/07

A) Rent for 1400/month PCF 201 x 12 = 2412/year = 4 % Cash ROI Assuming 10% appreciation $28,000 ROI is: 2412 + 28,000 = 30,412/60,000 = 50.6% ROI.		B) Refinance at 280,000 Gets $30,000 cash back (leaving $30,00 in the property) NEW mortgage 210,000 New payment 1,119.22/month Property Tax 95.00/month Condo Fees 145.00/month Total 1,359.22/month = 42/month PCF x 12 = 504 PLUS Appreciation (10%) 28,000 28,504/$30,000 = 95% ROI!!!