Mortgage question:

I buy a condo for $300,000 with 15% down at 4.8%. My current payment is $1,337.90. The real estate market is rising so my condo appreciates 4% every year. Also, my condo interest rate falls to 3.6%. I decide to refinance. I can refinance into a new mortgage for 85% of the value of my condo.

1) What is the value of my condo at the end of year 3?

2) Before you refinance, what is the principal balance you owe on the mortgage at the end of year three?

3) What is the new loan amount (i.e. new principal balance) for the new mortgage?

4) What is the new monthly payment youll be making on the new mortgage?

5) What is the total amount of interest you will pay in the first year?

6) You paid off the original mortgage principal balance, taking out a new mortgage with a higher principal balance, how cash did you receive after paying off the original mortgage?