You have had a 15yr FA FRM at 7% for 6 years. The original principal was $500,000. You are considering a cash-out refi into a 30-year mortgage at 5%. The old mortgage has no prepay penalty. The new mortgage has fixed fees of 4,000 and variable fees of 3%, and no prepay penalty. The additional cash is for $40,000 in home improvements and can be borrowed elsewhere at 7% over 10 years, with upfront fees of 3%. Assume that all fees will be financed, and that under either scenario you will be moving 15 years from now. Ignore taxes, the option to wait to refinance, and assume no loan is prepaid, curtailed, nor ever defaults. What is the NPV of refinancing if the opportunity cost of capital is 5%?