Proforma

 

  

Disclaimer:
1. Refinancing is subject to appraisal of desired value
2. Taxes are no yet assessed
3. Condo fees not finalized
Purchase Price $ 260,000
25% Down Payment $   65,000
First Mortgage $ 195,000
       
@ 5.5 % for 35 years

$ 1039.00

/month

 
Tax $ 95.00    
Condo Fees $ 145.00    
Total $ 1279.00 /month   Current Rent: 1000/month, Lease end: March 31/07
       
A) Rent for 1450/month
 

PCF 171 x 12 = 2052/year = 3.16 % Cash ROI
Assuming 10% appreciation $30,000 ROI is:
2052 + 30,000 = 32,052/65,000 = 49.3%ROI.

B) Refinance at 300,000 Gets $30,000 cash back
(leaving $35,000 in the property)

NEW mortgage           225,000
New payment                1,199.16/month
Property Tax                      95.00/month
Condo Fees                      145.00/month
Total  1439.16/month = 10.83/month PCF x 12 = 129.96

PLUS Appreciation (10%) 30,000

30,129.96/$35,000 = 86% ROI!!!