Refinance #1

Purchase Price: $630,000
Down Payment: $126,000
Original Mortgage: $504,000
Renovations: $189,351
Refinance Value: $1,170,000

New Mortgage: $936,000

Minus
Original Mortgage: $504,000
Renovations: $189,351
Carry Cost: $38,000
Closing Costs: $10,633
Original Down Payment: $126,000

Result: ALL CAPITAL OUT + SURPRLUS $68,016

Refinance #2

Purchase Price: $740,000
Down Payment: $148,000
Original Mortgage: $592,000
Renovations: $116,436
Refinance Value: $1,170,000

New Mortgage: $936,000

Minus
Original Mortgage: $592,000
Renovations: $116,436
Carry Cost: $25,544
Closing Costs: $14,000
Original Down Payment: $148,000

Result: ALL CAPITAL OUT + SURPRLUS $40,020

Refinance #3

Purchase Price: $600,000
Down Payment: $120,000
Original Mortgage: $480,000
Renovations: $235,166
Refinance Value: $1,210,000

New Mortgage: $968,000

Minus
Original Mortgage: $480,000
Renovations: $235,166
Carry Cost: $29,700
Closing Costs: $10,500
Original Down Payment: $120,000

Result: ALL CAPITAL OUT + SURPRLUS $92,634

Refinance #4

Purchase Price: $355,000
Down Payment: $71,000
Original Mortgage: $284,000
Renovations: $256,797
Refinance Value: $1,125,000

New Mortgage: $775,000

Minus
Original Mortgage: $284,000
Renovations: $256,797
Carry Cost: $26,700
Closing Costs: $5,500
Original Down Payment: $71,000

Result: ALL CAPITAL OUT + SURPRLUS $131,003