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Updated almost 4 years ago,
Help with math on cashout refinance
i've pondered taking some of my properties and doing a cashout refinance and want to make sure I'm thinking about this correctly.
Let's say i have the following
Property 1
- Property Value - $225,000
- Note remaining - $69,000
- 80% - $180,000
- Cashout amount - $111,000
Property 2
- Property Value - $452,000
- Note remaining - $252,000
- 80% - $361,600
- Cashout amount - $109,600
Property 3
- Property Value - $415,000
- Note remaining - $262,000
- 80% - $332,000
- Cashout amount - $70,000
Property 4
- Property Value - $202,000
- Note remaining - $90,000
- 80% - $161,600
- Cashout amount - $71,600
This would yield a total cashout amount of $362,200
Not expecting anyone to chcek the math, but is this directionally correct?
What type of expenses should i estimate for closing and estimates?