Need super smart numbers people! BRRRR calc done wrong?

[Sara C.]

Hi all!

I'm confused about my cash out using the BP calculator vs. reality. See attached images with all the numbers the BP calculator has given me, which helped me plan my renovations, etc. I am in the refinancing phase right now, and will be receiving ~$40,000 in cash out. Which would be mean I'll have over $40,000 left in the deal—not $20,000 ish like the calculator is showing (and what I was planning on!). 

These are the numbers from the mortgage company:

• Closing Costs: $8,679.11 (half of this is lender points for a lower interest rate)
• Prepaid/Escrows: $2,211.79
• Payoff: $130,189 (this is the loan I took out to purchase the home initially before renovating, I put down $23,025 which was 15%)
• Total funds to Close: $141,079.90
• Loan amount (75% LTV based on $240,000 appraisal): $180,000
• Total Due at closing: $38,920.10

Help! I'm an art major guys. Where is that extra $20K hiding?

Sara