LoanVibe Worksheet - Mr Bill Thompson

July 5, 2004
Mr Bill Thompson 45 Norway Street Carson, CA 90302 Dear Mr Bill Thompson, Your home can be your best investment. Sometimes however, a more liquid investment is preferred, especially when unexpected expenses come up or circumstances require emergency funds. This report will help compare the costs of refinancing and interest charges versus cashing out the available equity in your home.
Cash-Out Refinance Breakdown
Options	LTV	Loan Amt	Equity	Fees	Cash Out	Costs†
Existing Loan	70	$210,000	$90,730	N/A	N/A	$223,448
Loan 2	80	$240,000	$61,013	$4,800	$6,930	$168,950
Loan 3	90	$270,000	$31,158	$8,100	$33,630	$176,662
	†Estimates based on an appraised home value of $300,000, added costs calculated at year 30
	* BOTTOM LINE * Maximum cash out of $33,630 cost initial fees of $8,100

Let's take a look at how a few extra dollars per month added to your monthly payment will save substantial interest costs. The term of your loan could also be dramatically reduced.

Term Reduction Evaluation
	Terms	Payment	Add to Pmt	Ttl Pmt	New Term	Ttl Savings*
Existing Loan	30 year fixed rate	$1,192	$0	$1,192	360	N/A
Loan 2	30 year fixed rate	$1,363	$250	$1,613	251	54,498
Loan 3	30 year fixed rate	$1,533	$250	$1,896	232	46,786

*Savings based on total costs accumulated by the last payment of each loan

The following pages will provide a detailed description of each loan considered as well as performance estimates. If you have any questions please call me at 310-555-1234. Thank you for considering ACME Mortgage. Sincerely, Joe Officer

prepared for:	prepared by:
Mr Bill Thompson 45 Norway Street Carson CA 90302 310-555-1234, 310-555-6547 thompson@loanvibe.com	Joe Officer ACME Mortgage 1234 Main Street Torrance, CA 90503 310-555-1234, 310-555-6525 joe@perfectfinancial.com


Transaction Descriptions	Loan 1	Loan 2	Loan 3

Loan Name:	Standard Fixed	Standard 80_Ltv	Standard 90_ltv
Lender Name:	In House	In House	In House
Type:	30 year FIXED	30 year FIXED	30 year FIXED

Start Rate:	5.500%	5.500%	5.500%
Points:	2.000%	2.000%	2.000%
Adjustable Description: [adjs,caps]	Fixed	Fixed	Fixed

APR:	5.68%	5.68%	5.78%
Loan Amount:	$210,000	$240,000	$270,000
Closing Costs:	$4,200	$4,800	$8,100

Last Payment Month:	360	251	232
Return on Refinance- Costs [ROR]:	0	190	230
Total Return on Refinance- Costs [TRR]:	$0	$59,298	$54,887

Return on Refinance- Payment:	0	284	311
Total Return on Refinance- Payments:	$0	$92,012	$55,585
Income Required to Qualify:	$4,201	$4,802	$5,743

Qualify Ratios:	14/17%	16/19%	18/21%
Start Payment w/PMI [PITI]:	$1,386	$1,585	$1,895
Start Payment w/PMI [PI]:	$1,192	$1,363	$1,646

Property Value:	$300,000	$300,000	$300,000
Property Appreciation:	2%	2%	2%
Loan to Value [LTV]:	LTV: 70%	LTV: 80%	LTV: 90%

Refinance Cash-Out:	$0	$6,930	$33,630
Down Payment Required:	$90,000	$60,000	$30,000
Cash Required to Close:	$94,200	$64,800	$38,100

Private Mortgage Insurance [PMI]:	0.00%	0.00%	0.50%
Debt Payment / Balance:	$1,363 / $34,322	$1,363 / $34,322	$1,363 / $34,322
To Be Paid- Debt Payment / Balance:	$1,050 / $18,270	$1,050 / $18,270	$1,050 / $18,270

Borrower's Monthly Income:	$10,125	$10,125	$10,125
Borrower's Tax Bracket:	37%	37%	37%
Adjustment- Add to Payment Amount:	$0	$250	$250

prepared for:	prepared by:
Mr Bill Thompson 45 Norway Street Carson CA 90302 310-555-1234, 310-555-6547 thompson@loanvibe.com	Joe Officer ACME Mortgage 1234 Main Street Torrance, CA 90503 310-555-1234, 310-555-6525 joe@perfectfinancial.com


Worksheet	Loan 1	Loan 2	Loan 3
Evaluation for month: 084
Accum Costs	$80,871	$87,880	$100,087
Accum Costs Compare	lowest	higher by $7,008	higher by $19,216
Accum Payment	$100,158	$135,466	$159,225
Accum Payment Compare	lowest	higher by $35,308	higher by $59,067
Evaluation for month: 096
Accum Costs	$91,026	$97,967	$110,943
Accum Costs Compare	lowest	higher by $6,941	higher by $19,917
Accum Payment	$114,466	$154,819	$181,971
Accum Payment Compare	lowest	higher by $40,352	higher by $67,505
Evaluation for month: 232
Accum Costs	$186,093	$167,643	$176,662
Accum Costs Compare	higher by $18,451	lowest	higher by $9,019
Accum Payment	$276,627	$374,145	$439,763
Accum Payment Compare	lowest	higher by $97,518	higher by $163,136
Evaluation for month: 251
Accum Costs	$195,597	$168,950	$176,662
Accum Costs Compare	higher by $26,647	lowest	higher by $7,711
Accum Payment	$299,282	$404,786	$439,763
Accum Payment Compare	lowest	higher by $105,505	higher by $140,481
Evaluation for month: 284
Accum Costs	$209,203	$168,950	$176,662
Accum Costs Compare	higher by $40,253	lowest	higher by $7,711
Accum Payment	$338,629	$404,786	$439,763
Accum Payment Compare	lowest	higher by $66,157	higher by $101,134
Evaluation for month: 311
Accum Costs	$217,246	$168,950	$176,662
Accum Costs Compare	higher by $48,296	lowest	higher by $7,711
Accum Payment	$370,823	$404,786	$439,763
Accum Payment Compare	lowest	higher by $33,963	higher by $68,940
Evaluation for month: 360
Accum Costs	$223,448	$168,950	$176,662
Accum Costs Compare	higher by $54,498	lowest	higher by $7,711
Accum Payment	$429,248	$404,786	$439,763
Accum Payment Compare	higher by $24,462	lowest	higher by $34,977

prepared for:	prepared by:
Mr Bill Thompson 45 Norway Street Carson CA 90302 310-555-1234, 310-555-6547 thompson@loanvibe.com	Joe Officer ACME Mortgage 1234 Main Street Torrance, CA 90503 310-555-1234, 310-555-6525 joe@perfectfinancial.com


Chart
Chart based on Accum Costs