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Summary (1/4/12)

Summary (1/4/12). Current P&I Payment = $2,268.28 4.375% with 12 Years and 5 Months left ($337,973.72) Current Auto Payment = $414.24 2.9% with 53 Payments Left ($21,954.72) Current Total Payments = $2,682.52 ($359,928.44) Refinance 1 Point at Closing = $2,850

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Summary (1/4/12)

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  1. Summary (1/4/12) • Current P&I Payment = $2,268.28 • 4.375% with 12 Years and 5 Months left ($337,973.72) • Current Auto Payment = $414.24 • 2.9% with 53 Payments Left ($21,954.72) • Current Total Payments = $2,682.52 ($359,928.44) • Refinance • 1 Point at Closing = $2,850 • $285,000 for 15 Years @ 3.375% for 3.581% APR • New Mortgage P&I Payment = $2,019.97 • Savings Per Month = $662.55 • 31 More Months = $ 62,619.07 • Total Payments = $363,594.60

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  5. Call on 1/6/12 • Talk to a Loan Officer 1.800.586.9861 • Mon. - Fri. 8 a.m. - 11 p.m. ET • Sat. 8 a.m. - 8 p.m. ET • Service for existing loans 1.800.669.6607 • Spoke with loan officer Kevin Knight (603-767-4771 Bedford, NH)

  6. Call on 1/6/12, Cont. • 15 year fixed for $285,000 • 0 points 3.625%, P&I $2,054.95 • 1 point 3.375%, P&I $2,019.97 (82 months to recover $2,850) • 10 year fixed for $285,000 • 0 point 3.375%, P&I $2,801.59 • 1 point 3.000%, P&I $2,751.98 (58 months to recover $2,850) • Closing costs $2,500 total • $465 on CC for appraisal & credit report • $2,000 can be taken out of loan amount leaving $283,000 • Payoff of $261,000 for mortgage gives us a check for $22,000 at the closing; after we pay $21,000 for car, we have $1,000 left • Break even in 29 months • 261,000 * 4.375 / 100 / 12 = 951.56 interest/mo. • 285,000 * 3.625 / 100 / 12 = 860.94 interest/mo. • 2,500 / (947.92 – 860.94) = 28 months • Would be 16 months if we only did the $261,000 • Early (12 year payoff) P&I is $2,443

  7. Call on 1/6/12, Cont. • 15 year fixed for $261,000 • 0 points 3.625%, P&I $1,881.91 • Kevin ran the credit check and it came back good; I paid $465 via credit card to lock in and start the refinance process • Will email two forms (IRS Tax Return Release and Select Accurate Title) to return by 1/11/12 • Should hear from appraiser by 1/13/12

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