Current home purchased 4 years ago for $200,000 with 5% down

Current Property Value = $210,000

Original loan amount = $190,000

Interest rate = 6% with monthly mortgage insurance

Total Monthly payment = $1,257

(excluding escrows)

Current Loan Amount = $179,750
Sell Property At Current Value = $210,000
Payoff current loan = (179,750)
Real Estate Commission (6%) = (12,600)

Total Proceeds to you = $17,650

Purchase new home at $278,000 with sale proceeds as
down payment

New Property Value = $278,000

Conventional Loan = $260,350

Interest rate = 3.50% (3.941% APR) 30 yr fixed with monthly mtg ins

Total Monthly Payment = $1,264

(excluding escrows)

Purchase Price for New Property = $278,000
New Loan Amount = (260,350)

Down Payment (Sale Proceeds) =$17,650
Total Increase in Monthly Payment = $7