Question: Value = $475,000 Current balance = $320,000 Current payment = $2,455 Cash out = $35,000 Taxes = $265 Homeowners insurance = $80 Closing Costs =

Value = $475,000 Current balance = $320,000 Current payment = $2,455 Cash out = $35,000 Taxes = $265 Homeowners insurance = $80 Closing Costs = 2.5% Prepaids = 1% What is their new loan amount and proposed monthly PITI based on a 30-year fixed-rate of @ 6.25%?

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