Question about BRRRR Calculator re: conventional loans

[Skyler Bissell]

Hello!

I am using the calculator to look at a long-term BRRRR deal that would be my primary residence and first deal. I posted 2 screenshots below of the report for each period.

As this is my first deal and I do not have cash for the full purchase price + rehab, I am planning to take a conventional 30yr mortgage, pay the 3.5% down payment, and cover the estimated $50k in rehab costs out of pocket.

My question is whether I am using the calculator correctly on the 'Refinance' loan portion. Specifically, it asks for a loan value, but I don't think it's designed (primarily) for people using a conventional loan for the first transaction. I understanding is that my bank will likely be willing to refi cash out for 70% of the equity (above the initial mortgage value) after 12 months. Assuming that is correct, I calculate I may have ~$91k in equity, so chose to enter a refinance 'loan amount' of $70k+fees in order to cash out and cover my down payment + rehab (with a little extra).

Am I doing this correctly? Am I missing anything? I've been using a Google Sheets calculator to do previous research so this tool is new to me and I want to be positive I'm using it right.

Also, I'm new to this and am sure I'm headed for some mistakes no matter how much I research. Please feel free to point out anything that seems 'off' or offer other advice - I would love to learn from people with more experience.

Thanks,
Skyler