Case Study 2 Complete

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Rutgers University *

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33:390:435

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Finance

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Jan 9, 2024

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xlsx

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Using the results (Cassidy version!) in Case Study 1 populate the attached model. Things to consider / questions: 1 Sources and Uses at time of Purchase - Going in Cap of 9.5% on Year 1 Income (includi What income stream are you purchasing? Start with Value by capitalizing tha this will be your purchase price Assume there are 3% closing costs associated with the purchase Working Capital equals amount to fund the second part in 3 below How much is the $/PSF of fully capitalized acquisition? 2 Calculate Debt Assume Debt at 65% LTV (Purchase Price only!), 5% interest Populate amortization table on a 25 year schedule Annual Debt Service What is the constant? Debt Service Coverage Ratio? Debt Yield? 3 Income from operations Using the results from Case Study 1 (Reviewed in class and posted on Canvas to populate the annual cash flows for years 1- 5 including NOI, Leasing Costs and Debt service Assuming you must always have $50,000 working Capital each year (Ending c but any remaining cash is distributed to investor. 4 Reversion Calculate the sale of the property assuming an 8% Capitalization Rate Assume there are 2.5% costs of sale Calculate the Internal Rate of Return to investor Calculate the Equity Multiple to Investor What would the IRR and Equity Multiple be if the deal were unlevered? What would the sale price be if you could sell at a 5 Cap?

ing new lease) at income s) cash balance)

Student Name RU ID # Income Analysis Sources and Uses Total SF 60,000 Sources $ / SF First Mortgage 65% of Purchase Price $ 3,338,393 $ 56 Equity 2,025,959 34 $ 5,364,352 $ 89 Uses Purchase Price $ 5,135,989 $ 86 Closing Costs 154,080 3 Working Capital 74,283 1 Other - - $ 5,364,352 $ 89 Loan to Value 65.0% Debt Yield 14.6% Debt Service Coverage Ratio 2.08 Interest Rate 5.00% Constant of 7.02% Amortization Period 25 Cash Flows Year 1 Year 2 Year 3 Year 4 Year 5 (From Case Study 1) Net Operating Income $ 487,919 $ 509,880 $ 522,439 $ 538,366 $ 509,090 Debt Service (234,191) (234,191) (234,191) (234,191) (234,191) Leasing Costs (278,011) - - - (137,429) Cash Flow Before Distributions (24,283) 275,689 288,248 304,175 137,470 Distributions to Investor (275,689) (288,248) (304,175) (137,470) Beginning Cash 74,283 50,000 50,000 50,000 50,000 Ending Cash $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 (Must always have $50,000 working capital)

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Denholtz Associates RU ID # Investor Analysis Sale In Place sale adjusted NOI $ 535,242 Cap Rate 8.0% Gross Sale Price 112 $ 6,690,525 Add: Cash on hand 50,000 Less: Closing Costs 2.5% (167,263) First Mortgage (2,957,155) Sponsor Promote 0% - Net Sale Proceeds $ 3,616,107 Investor Analysis Total Operating Sales Initial Investment (2,025,959) Year 1 - - - Year 2 275,689 275,689 - Year 3 288,248 288,248 - Year 4 304,175 304,175 - Year 5 3,753,577 137,470 3,616,107 1,005,582 3,616,107 Internal Rate of Return 19.8% Return Multiple 2.28

Page 5 of 16 LOAN AMORTIZATION SCHEDULE ENTER VALUES LOAN SUMMARY Loan amount $3,338,393 Scheduled payment $19,515.91 Annual interest rate 5.00% Scheduled number of payments 300 Loan period in years 25 Actual number of payments 300 Number of payments per year 12 Total early payments $0.00 Start date of loan 4/1/2019 Total interest $2,516,380.79 Optional extra payments $ - LENDER NAME PRINCIPAL INTEREST 1 4/1/2019 $3,338,392.85 $19,515.91 $0.00 $19,515.91 $5,605.94 $13,909.97 $3,332,786.91 $13,909.97 2 5/1/2019 $3,332,786.91 $19,515.91 $0.00 $19,515.91 $5,629.30 $13,886.61 $3,327,157.61 $27,796.58 3 6/1/2019 $3,327,157.61 $19,515.91 $0.00 $19,515.91 $5,652.76 $13,863.16 $3,321,504.85 $41,659.74 4 7/1/2019 $3,321,504.85 $19,515.91 $0.00 $19,515.91 $5,676.31 $13,839.60 $3,315,828.54 $55,499.34 5 8/1/2019 $3,315,828.54 $19,515.91 $0.00 $19,515.91 $5,699.96 $13,815.95 $3,310,128.58 $69,315.29 6 9/1/2019 $3,310,128.58 $19,515.91 $0.00 $19,515.91 $5,723.71 $13,792.20 $3,304,404.87 $83,107.50 7 10/1/2019 $3,304,404.87 $19,515.91 $0.00 $19,515.91 $5,747.56 $13,768.35 $3,298,657.32 $96,875.85 8 11/1/2019 $3,298,657.32 $19,515.91 $0.00 $19,515.91 $5,771.51 $13,744.41 $3,292,885.81 $110,620.26 9 12/1/2019 $3,292,885.81 $19,515.91 $0.00 $19,515.91 $5,795.55 $13,720.36 $3,287,090.25 $124,340.61 10 1/1/2020 $3,287,090.25 $19,515.91 $0.00 $19,515.91 $5,819.70 $13,696.21 $3,281,270.55 $138,036.82 11 2/1/2020 $3,281,270.55 $19,515.91 $0.00 $19,515.91 $5,843.95 $13,671.96 $3,275,426.60 $151,708.78 12 3/1/2020 $3,275,426.60 $19,515.91 $0.00 $19,515.91 $5,868.30 $13,647.61 $3,269,558.30 $165,356.39 13 4/1/2020 $3,269,558.30 $19,515.91 $0.00 $19,515.91 $5,892.75 $13,623.16 $3,263,665.55 $178,979.55 14 5/1/2020 $3,263,665.55 $19,515.91 $0.00 $19,515.91 $5,917.31 $13,598.61 $3,257,748.24 $192,578.16 15 6/1/2020 $3,257,748.24 $19,515.91 $0.00 $19,515.91 $5,941.96 $13,573.95 $3,251,806.28 $206,152.11 16 7/1/2020 $3,251,806.28 $19,515.91 $0.00 $19,515.91 $5,966.72 $13,549.19 $3,245,839.56 $219,701.30 17 8/1/2020 $3,245,839.56 $19,515.91 $0.00 $19,515.91 $5,991.58 $13,524.33 $3,239,847.98 $233,225.64 18 9/1/2020 $3,239,847.98 $19,515.91 $0.00 $19,515.91 $6,016.55 $13,499.37 $3,233,831.43 $246,725.00 19 10/1/2020 $3,233,831.43 $19,515.91 $0.00 $19,515.91 $6,041.61 $13,474.30 $3,227,789.82 $260,199.30 20 11/1/2020 $3,227,789.82 $19,515.91 $0.00 $19,515.91 $6,066.79 $13,449.12 $3,221,723.03 $273,648.42 21 12/1/2020 $3,221,723.03 $19,515.91 $0.00 $19,515.91 $6,092.07 $13,423.85 $3,215,630.97 $287,072.27 22 1/1/2021 $3,215,630.97 $19,515.91 $0.00 $19,515.91 $6,117.45 $13,398.46 $3,209,513.52 $300,470.73 23 2/1/2021 $3,209,513.52 $19,515.91 $0.00 $19,515.91 $6,142.94 $13,372.97 $3,203,370.58 $313,843.71 24 3/1/2021 $3,203,370.58 $19,515.91 $0.00 $19,515.91 $6,168.53 $13,347.38 $3,197,202.04 $327,191.08 25 4/1/2021 $3,197,202.04 $19,515.91 $0.00 $19,515.91 $6,194.24 $13,321.68 $3,191,007.80 $340,512.76 PMT NO PAYMENT DATE BEGINNING BALANCE SCHEDULED PAYMENT EXTRA PAYMENT TOTAL PAYMENT ENDING BALANCE CUMULATIVE INTEREST Table values calculated fo Enter the info the left and w loan history p

Page 6 of 16 PRINCIPAL INTEREST PMT NO PAYMENT DATE BEGINNING BALANCE SCHEDULED PAYMENT EXTRA PAYMENT TOTAL PAYMENT ENDING BALANCE CUMULATIVE INTEREST 26 5/1/2021 $3,191,007.80 $19,515.91 $0.00 $19,515.91 $6,220.05 $13,295.87 $3,184,787.76 $353,808.62 27 6/1/2021 $3,184,787.76 $19,515.91 $0.00 $19,515.91 $6,245.96 $13,269.95 $3,178,541.80 $367,078.57 28 7/1/2021 $3,178,541.80 $19,515.91 $0.00 $19,515.91 $6,271.99 $13,243.92 $3,172,269.81 $380,322.50 29 8/1/2021 $3,172,269.81 $19,515.91 $0.00 $19,515.91 $6,298.12 $13,217.79 $3,165,971.69 $393,540.29 30 9/1/2021 $3,165,971.69 $19,515.91 $0.00 $19,515.91 $6,324.36 $13,191.55 $3,159,647.32 $406,731.84 31 10/1/2021 $3,159,647.32 $19,515.91 $0.00 $19,515.91 $6,350.71 $13,165.20 $3,153,296.61 $419,897.03 32 11/1/2021 $3,153,296.61 $19,515.91 $0.00 $19,515.91 $6,377.18 $13,138.74 $3,146,919.43 $433,035.77 33 12/1/2021 $3,146,919.43 $19,515.91 $0.00 $19,515.91 $6,403.75 $13,112.16 $3,140,515.68 $446,147.93 34 1/1/2022 $3,140,515.68 $19,515.91 $0.00 $19,515.91 $6,430.43 $13,085.48 $3,134,085.25 $459,233.42 35 2/1/2022 $3,134,085.25 $19,515.91 $0.00 $19,515.91 $6,457.22 $13,058.69 $3,127,628.03 $472,292.10 36 3/1/2022 $3,127,628.03 $19,515.91 $0.00 $19,515.91 $6,484.13 $13,031.78 $3,121,143.90 $485,323.89 37 4/1/2022 $3,121,143.90 $19,515.91 $0.00 $19,515.91 $6,511.15 $13,004.77 $3,114,632.76 $498,328.65 38 5/1/2022 $3,114,632.76 $19,515.91 $0.00 $19,515.91 $6,538.28 $12,977.64 $3,108,094.48 $511,306.29 39 6/1/2022 $3,108,094.48 $19,515.91 $0.00 $19,515.91 $6,565.52 $12,950.39 $3,101,528.96 $524,256.68 40 7/1/2022 $3,101,528.96 $19,515.91 $0.00 $19,515.91 $6,592.87 $12,923.04 $3,094,936.09 $537,179.72 41 8/1/2022 $3,094,936.09 $19,515.91 $0.00 $19,515.91 $6,620.35 $12,895.57 $3,088,315.74 $550,075.29 42 9/1/2022 $3,088,315.74 $19,515.91 $0.00 $19,515.91 $6,647.93 $12,867.98 $3,081,667.81 $562,943.27 43 10/1/2022 $3,081,667.81 $19,515.91 $0.00 $19,515.91 $6,675.63 $12,840.28 $3,074,992.18 $575,783.55 44 11/1/2022 $3,074,992.18 $19,515.91 $0.00 $19,515.91 $6,703.44 $12,812.47 $3,068,288.74 $588,596.02 45 12/1/2022 $3,068,288.74 $19,515.91 $0.00 $19,515.91 $6,731.38 $12,784.54 $3,061,557.36 $601,380.56 46 1/1/2023 $3,061,557.36 $19,515.91 $0.00 $19,515.91 $6,759.42 $12,756.49 $3,054,797.94 $614,137.05 47 2/1/2023 $3,054,797.94 $19,515.91 $0.00 $19,515.91 $6,787.59 $12,728.32 $3,048,010.35 $626,865.37 48 3/1/2023 $3,048,010.35 $19,515.91 $0.00 $19,515.91 $6,815.87 $12,700.04 $3,041,194.48 $639,565.41 49 4/1/2023 $3,041,194.48 $19,515.91 $0.00 $19,515.91 $6,844.27 $12,671.64 $3,034,350.21 $652,237.06 50 5/1/2023 $3,034,350.21 $19,515.91 $0.00 $19,515.91 $6,872.79 $12,643.13 $3,027,477.43 $664,880.18 51 6/1/2023 $3,027,477.43 $19,515.91 $0.00 $19,515.91 $6,901.42 $12,614.49 $3,020,576.00 $677,494.67 52 7/1/2023 $3,020,576.00 $19,515.91 $0.00 $19,515.91 $6,930.18 $12,585.73 $3,013,645.83 $690,080.41 53 8/1/2023 $3,013,645.83 $19,515.91 $0.00 $19,515.91 $6,959.05 $12,556.86 $3,006,686.77 $702,637.26 54 9/1/2023 $3,006,686.77 $19,515.91 $0.00 $19,515.91 $6,988.05 $12,527.86 $2,999,698.72 $715,165.13 55 10/1/2023 $2,999,698.72 $19,515.91 $0.00 $19,515.91 $7,017.17 $12,498.74 $2,992,681.55 $727,663.87 56 11/1/2023 $2,992,681.55 $19,515.91 $0.00 $19,515.91 $7,046.41 $12,469.51 $2,985,635.15 $740,133.38 57 12/1/2023 $2,985,635.15 $19,515.91 $0.00 $19,515.91 $7,075.77 $12,440.15 $2,978,559.38 $752,573.52 58 1/1/2024 $2,978,559.38 $19,515.91 $0.00 $19,515.91 $7,105.25 $12,410.66 $2,971,454.13 $764,984.19 59 2/1/2024 $2,971,454.13 $19,515.91 $0.00 $19,515.91 $7,134.85 $12,381.06 $2,964,319.28 $777,365.25 60 3/1/2024 $2,964,319.28 $19,515.91 $0.00 $19,515.91 $7,164.58 $12,351.33 $2,957,154.70 $789,716.58 61 4/1/2024 $2,957,154.70 $19,515.91 $0.00 $19,515.91 $7,194.43 $12,321.48 $2,949,960.26 $802,038.05 62 5/1/2024 $2,949,960.26 $19,515.91 $0.00 $19,515.91 $7,224.41 $12,291.50 $2,942,735.85 $814,329.56

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Page 7 of 16 PRINCIPAL INTEREST PMT NO PAYMENT DATE BEGINNING BALANCE SCHEDULED PAYMENT EXTRA PAYMENT TOTAL PAYMENT ENDING BALANCE CUMULATIVE INTEREST 63 6/1/2024 $2,942,735.85 $19,515.91 $0.00 $19,515.91 $7,254.51 $12,261.40 $2,935,481.34 $826,590.96 64 7/1/2024 $2,935,481.34 $19,515.91 $0.00 $19,515.91 $7,284.74 $12,231.17 $2,928,196.60 $838,822.13 65 8/1/2024 $2,928,196.60 $19,515.91 $0.00 $19,515.91 $7,315.09 $12,200.82 $2,920,881.51 $851,022.95 66 9/1/2024 $2,920,881.51 $19,515.91 $0.00 $19,515.91 $7,345.57 $12,170.34 $2,913,535.93 $863,193.29 67 10/1/2024 $2,913,535.93 $19,515.91 $0.00 $19,515.91 $7,376.18 $12,139.73 $2,906,159.76 $875,333.02 68 11/1/2024 $2,906,159.76 $19,515.91 $0.00 $19,515.91 $7,406.91 $12,109.00 $2,898,752.84 $887,442.02 69 12/1/2024 $2,898,752.84 $19,515.91 $0.00 $19,515.91 $7,437.78 $12,078.14 $2,891,315.07 $899,520.16 70 1/1/2025 $2,891,315.07 $19,515.91 $0.00 $19,515.91 $7,468.77 $12,047.15 $2,883,846.30 $911,567.30 71 2/1/2025 $2,883,846.30 $19,515.91 $0.00 $19,515.91 $7,499.89 $12,016.03 $2,876,346.42 $923,583.33 72 3/1/2025 $2,876,346.42 $19,515.91 $0.00 $19,515.91 $7,531.14 $11,984.78 $2,868,815.28 $935,568.10 73 4/1/2025 $2,868,815.28 $19,515.91 $0.00 $19,515.91 $7,562.52 $11,953.40 $2,861,252.76 $947,521.50 74 5/1/2025 $2,861,252.76 $19,515.91 $0.00 $19,515.91 $7,594.03 $11,921.89 $2,853,658.74 $959,443.39 75 6/1/2025 $2,853,658.74 $19,515.91 $0.00 $19,515.91 $7,625.67 $11,890.24 $2,846,033.07 $971,333.63 76 7/1/2025 $2,846,033.07 $19,515.91 $0.00 $19,515.91 $7,657.44 $11,858.47 $2,838,375.63 $983,192.10 77 8/1/2025 $2,838,375.63 $19,515.91 $0.00 $19,515.91 $7,689.35 $11,826.57 $2,830,686.28 $995,018.67 78 9/1/2025 $2,830,686.28 $19,515.91 $0.00 $19,515.91 $7,721.39 $11,794.53 $2,822,964.90 $1,006,813.20 79 10/1/2025 $2,822,964.90 $19,515.91 $0.00 $19,515.91 $7,753.56 $11,762.35 $2,815,211.34 $1,018,575.55 80 11/1/2025 $2,815,211.34 $19,515.91 $0.00 $19,515.91 $7,785.86 $11,730.05 $2,807,425.47 $1,030,305.60 81 12/1/2025 $2,807,425.47 $19,515.91 $0.00 $19,515.91 $7,818.31 $11,697.61 $2,799,607.17 $1,042,003.20 82 1/1/2026 $2,799,607.17 $19,515.91 $0.00 $19,515.91 $7,850.88 $11,665.03 $2,791,756.29 $1,053,668.23 83 2/1/2026 $2,791,756.29 $19,515.91 $0.00 $19,515.91 $7,883.59 $11,632.32 $2,783,872.69 $1,065,300.55 84 3/1/2026 $2,783,872.69 $19,515.91 $0.00 $19,515.91 $7,916.44 $11,599.47 $2,775,956.25 $1,076,900.02 85 4/1/2026 $2,775,956.25 $19,515.91 $0.00 $19,515.91 $7,949.43 $11,566.48 $2,768,006.82 $1,088,466.50 86 5/1/2026 $2,768,006.82 $19,515.91 $0.00 $19,515.91 $7,982.55 $11,533.36 $2,760,024.27 $1,099,999.87 87 6/1/2026 $2,760,024.27 $19,515.91 $0.00 $19,515.91 $8,015.81 $11,500.10 $2,752,008.46 $1,111,499.97 88 7/1/2026 $2,752,008.46 $19,515.91 $0.00 $19,515.91 $8,049.21 $11,466.70 $2,743,959.25 $1,122,966.67 89 8/1/2026 $2,743,959.25 $19,515.91 $0.00 $19,515.91 $8,082.75 $11,433.16 $2,735,876.50 $1,134,399.83 90 9/1/2026 $2,735,876.50 $19,515.91 $0.00 $19,515.91 $8,116.43 $11,399.49 $2,727,760.07 $1,145,799.32 91 10/1/2026 $2,727,760.07 $19,515.91 $0.00 $19,515.91 $8,150.25 $11,365.67 $2,719,609.83 $1,157,164.98 92 11/1/2026 $2,719,609.83 $19,515.91 $0.00 $19,515.91 $8,184.20 $11,331.71 $2,711,425.62 $1,168,496.69 93 12/1/2026 $2,711,425.62 $19,515.91 $0.00 $19,515.91 $8,218.31 $11,297.61 $2,703,207.32 $1,179,794.30 94 1/1/2027 $2,703,207.32 $19,515.91 $0.00 $19,515.91 $8,252.55 $11,263.36 $2,694,954.77 $1,191,057.66 95 2/1/2027 $2,694,954.77 $19,515.91 $0.00 $19,515.91 $8,286.93 $11,228.98 $2,686,667.84 $1,202,286.64 96 3/1/2027 $2,686,667.84 $19,515.91 $0.00 $19,515.91 $8,321.46 $11,194.45 $2,678,346.37 $1,213,481.09 97 4/1/2027 $2,678,346.37 $19,515.91 $0.00 $19,515.91 $8,356.14 $11,159.78 $2,669,990.24 $1,224,640.87 98 5/1/2027 $2,669,990.24 $19,515.91 $0.00 $19,515.91 $8,390.95 $11,124.96 $2,661,599.29 $1,235,765.83 99 6/1/2027 $2,661,599.29 $19,515.91 $0.00 $19,515.91 $8,425.92 $11,090.00 $2,653,173.37 $1,246,855.82

Page 8 of 16 PRINCIPAL INTEREST PMT NO PAYMENT DATE BEGINNING BALANCE SCHEDULED PAYMENT EXTRA PAYMENT TOTAL PAYMENT ENDING BALANCE CUMULATIVE INTEREST 100 7/1/2027 $2,653,173.37 $19,515.91 $0.00 $19,515.91 $8,461.02 $11,054.89 $2,644,712.35 $1,257,910.71 101 8/1/2027 $2,644,712.35 $19,515.91 $0.00 $19,515.91 $8,496.28 $11,019.63 $2,636,216.07 $1,268,930.35 102 9/1/2027 $2,636,216.07 $19,515.91 $0.00 $19,515.91 $8,531.68 $10,984.23 $2,627,684.39 $1,279,914.58 103 10/1/2027 $2,627,684.39 $19,515.91 $0.00 $19,515.91 $8,567.23 $10,948.68 $2,619,117.16 $1,290,863.27 104 11/1/2027 $2,619,117.16 $19,515.91 $0.00 $19,515.91 $8,602.92 $10,912.99 $2,610,514.24 $1,301,776.25 105 12/1/2027 $2,610,514.24 $19,515.91 $0.00 $19,515.91 $8,638.77 $10,877.14 $2,601,875.47 $1,312,653.40 106 1/1/2028 $2,601,875.47 $19,515.91 $0.00 $19,515.91 $8,674.76 $10,841.15 $2,593,200.71 $1,323,494.54 107 2/1/2028 $2,593,200.71 $19,515.91 $0.00 $19,515.91 $8,710.91 $10,805.00 $2,584,489.80 $1,334,299.55 108 3/1/2028 $2,584,489.80 $19,515.91 $0.00 $19,515.91 $8,747.20 $10,768.71 $2,575,742.59 $1,345,068.25 109 4/1/2028 $2,575,742.59 $19,515.91 $0.00 $19,515.91 $8,783.65 $10,732.26 $2,566,958.94 $1,355,800.52 110 5/1/2028 $2,566,958.94 $19,515.91 $0.00 $19,515.91 $8,820.25 $10,695.66 $2,558,138.69 $1,366,496.18 111 6/1/2028 $2,558,138.69 $19,515.91 $0.00 $19,515.91 $8,857.00 $10,658.91 $2,549,281.69 $1,377,155.09 112 7/1/2028 $2,549,281.69 $19,515.91 $0.00 $19,515.91 $8,893.91 $10,622.01 $2,540,387.79 $1,387,777.10 113 8/1/2028 $2,540,387.79 $19,515.91 $0.00 $19,515.91 $8,930.96 $10,584.95 $2,531,456.82 $1,398,362.05 114 9/1/2028 $2,531,456.82 $19,515.91 $0.00 $19,515.91 $8,968.18 $10,547.74 $2,522,488.65 $1,408,909.78 115 10/1/2028 $2,522,488.65 $19,515.91 $0.00 $19,515.91 $9,005.54 $10,510.37 $2,513,483.10 $1,419,420.15 116 11/1/2028 $2,513,483.10 $19,515.91 $0.00 $19,515.91 $9,043.07 $10,472.85 $2,504,440.04 $1,429,893.00 117 12/1/2028 $2,504,440.04 $19,515.91 $0.00 $19,515.91 $9,080.75 $10,435.17 $2,495,359.29 $1,440,328.16 118 1/1/2029 $2,495,359.29 $19,515.91 $0.00 $19,515.91 $9,118.58 $10,397.33 $2,486,240.71 $1,450,725.49 119 2/1/2029 $2,486,240.71 $19,515.91 $0.00 $19,515.91 $9,156.58 $10,359.34 $2,477,084.14 $1,461,084.83 120 3/1/2029 $2,477,084.14 $19,515.91 $0.00 $19,515.91 $9,194.73 $10,321.18 $2,467,889.41 $1,471,406.01 121 4/1/2029 $2,467,889.41 $19,515.91 $0.00 $19,515.91 $9,233.04 $10,282.87 $2,458,656.37 $1,481,688.89 122 5/1/2029 $2,458,656.37 $19,515.91 $0.00 $19,515.91 $9,271.51 $10,244.40 $2,449,384.86 $1,491,933.29 123 6/1/2029 $2,449,384.86 $19,515.91 $0.00 $19,515.91 $9,310.14 $10,205.77 $2,440,074.72 $1,502,139.06 124 7/1/2029 $2,440,074.72 $19,515.91 $0.00 $19,515.91 $9,348.93 $10,166.98 $2,430,725.78 $1,512,306.04 125 8/1/2029 $2,430,725.78 $19,515.91 $0.00 $19,515.91 $9,387.89 $10,128.02 $2,421,337.89 $1,522,434.06 126 9/1/2029 $2,421,337.89 $19,515.91 $0.00 $19,515.91 $9,427.00 $10,088.91 $2,411,910.89 $1,532,522.97 127 10/1/2029 $2,411,910.89 $19,515.91 $0.00 $19,515.91 $9,466.28 $10,049.63 $2,402,444.61 $1,542,572.60 128 11/1/2029 $2,402,444.61 $19,515.91 $0.00 $19,515.91 $9,505.73 $10,010.19 $2,392,938.88 $1,552,582.78 129 12/1/2029 $2,392,938.88 $19,515.91 $0.00 $19,515.91 $9,545.33 $9,970.58 $2,383,393.55 $1,562,553.36 130 1/1/2030 $2,383,393.55 $19,515.91 $0.00 $19,515.91 $9,585.11 $9,930.81 $2,373,808.44 $1,572,484.17 131 2/1/2030 $2,373,808.44 $19,515.91 $0.00 $19,515.91 $9,625.04 $9,890.87 $2,364,183.40 $1,582,375.04 132 3/1/2030 $2,364,183.40 $19,515.91 $0.00 $19,515.91 $9,665.15 $9,850.76 $2,354,518.25 $1,592,225.80 133 4/1/2030 $2,354,518.25 $19,515.91 $0.00 $19,515.91 $9,705.42 $9,810.49 $2,344,812.83 $1,602,036.29 134 5/1/2030 $2,344,812.83 $19,515.91 $0.00 $19,515.91 $9,745.86 $9,770.05 $2,335,066.97 $1,611,806.35 135 6/1/2030 $2,335,066.97 $19,515.91 $0.00 $19,515.91 $9,786.47 $9,729.45 $2,325,280.50 $1,621,535.79 136 7/1/2030 $2,325,280.50 $19,515.91 $0.00 $19,515.91 $9,827.24 $9,688.67 $2,315,453.26 $1,631,224.46

Page 9 of 16 PRINCIPAL INTEREST PMT NO PAYMENT DATE BEGINNING BALANCE SCHEDULED PAYMENT EXTRA PAYMENT TOTAL PAYMENT ENDING BALANCE CUMULATIVE INTEREST 137 8/1/2030 $2,315,453.26 $19,515.91 $0.00 $19,515.91 $9,868.19 $9,647.72 $2,305,585.07 $1,640,872.18 138 9/1/2030 $2,305,585.07 $19,515.91 $0.00 $19,515.91 $9,909.31 $9,606.60 $2,295,675.76 $1,650,478.79 139 10/1/2030 $2,295,675.76 $19,515.91 $0.00 $19,515.91 $9,950.60 $9,565.32 $2,285,725.17 $1,660,044.10 140 11/1/2030 $2,285,725.17 $19,515.91 $0.00 $19,515.91 $9,992.06 $9,523.85 $2,275,733.11 $1,669,567.96 141 12/1/2030 $2,275,733.11 $19,515.91 $0.00 $19,515.91 $10,033.69 $9,482.22 $2,265,699.42 $1,679,050.18 142 1/1/2031 $2,265,699.42 $19,515.91 $0.00 $19,515.91 $10,075.50 $9,440.41 $2,255,623.92 $1,688,490.59 143 2/1/2031 $2,255,623.92 $19,515.91 $0.00 $19,515.91 $10,117.48 $9,398.43 $2,245,506.44 $1,697,889.03 144 3/1/2031 $2,245,506.44 $19,515.91 $0.00 $19,515.91 $10,159.64 $9,356.28 $2,235,346.81 $1,707,245.30 145 4/1/2031 $2,235,346.81 $19,515.91 $0.00 $19,515.91 $10,201.97 $9,313.95 $2,225,144.84 $1,716,559.25 146 5/1/2031 $2,225,144.84 $19,515.91 $0.00 $19,515.91 $10,244.48 $9,271.44 $2,214,900.36 $1,725,830.69 147 6/1/2031 $2,214,900.36 $19,515.91 $0.00 $19,515.91 $10,287.16 $9,228.75 $2,204,613.20 $1,735,059.44 148 7/1/2031 $2,204,613.20 $19,515.91 $0.00 $19,515.91 $10,330.02 $9,185.89 $2,194,283.18 $1,744,245.33 149 8/1/2031 $2,194,283.18 $19,515.91 $0.00 $19,515.91 $10,373.07 $9,142.85 $2,183,910.11 $1,753,388.17 150 9/1/2031 $2,183,910.11 $19,515.91 $0.00 $19,515.91 $10,416.29 $9,099.63 $2,173,493.83 $1,762,487.80 151 10/1/2031 $2,173,493.83 $19,515.91 $0.00 $19,515.91 $10,459.69 $9,056.22 $2,163,034.14 $1,771,544.02 152 11/1/2031 $2,163,034.14 $19,515.91 $0.00 $19,515.91 $10,503.27 $9,012.64 $2,152,530.87 $1,780,556.66 153 12/1/2031 $2,152,530.87 $19,515.91 $0.00 $19,515.91 $10,547.03 $8,968.88 $2,141,983.83 $1,789,525.54 154 1/1/2032 $2,141,983.83 $19,515.91 $0.00 $19,515.91 $10,590.98 $8,924.93 $2,131,392.86 $1,798,450.48 155 2/1/2032 $2,131,392.86 $19,515.91 $0.00 $19,515.91 $10,635.11 $8,880.80 $2,120,757.75 $1,807,331.28 156 3/1/2032 $2,120,757.75 $19,515.91 $0.00 $19,515.91 $10,679.42 $8,836.49 $2,110,078.33 $1,816,167.77 157 4/1/2032 $2,110,078.33 $19,515.91 $0.00 $19,515.91 $10,723.92 $8,791.99 $2,099,354.41 $1,824,959.76 158 5/1/2032 $2,099,354.41 $19,515.91 $0.00 $19,515.91 $10,768.60 $8,747.31 $2,088,585.80 $1,833,707.07 159 6/1/2032 $2,088,585.80 $19,515.91 $0.00 $19,515.91 $10,813.47 $8,702.44 $2,077,772.33 $1,842,409.51 160 7/1/2032 $2,077,772.33 $19,515.91 $0.00 $19,515.91 $10,858.53 $8,657.38 $2,066,913.81 $1,851,066.90 161 8/1/2032 $2,066,913.81 $19,515.91 $0.00 $19,515.91 $10,903.77 $8,612.14 $2,056,010.03 $1,859,679.04 162 9/1/2032 $2,056,010.03 $19,515.91 $0.00 $19,515.91 $10,949.20 $8,566.71 $2,045,060.83 $1,868,245.75 163 10/1/2032 $2,045,060.83 $19,515.91 $0.00 $19,515.91 $10,994.83 $8,521.09 $2,034,066.00 $1,876,766.83 164 11/1/2032 $2,034,066.00 $19,515.91 $0.00 $19,515.91 $11,040.64 $8,475.28 $2,023,025.37 $1,885,242.11 165 12/1/2032 $2,023,025.37 $19,515.91 $0.00 $19,515.91 $11,086.64 $8,429.27 $2,011,938.73 $1,893,671.38 166 1/1/2033 $2,011,938.73 $19,515.91 $0.00 $19,515.91 $11,132.83 $8,383.08 $2,000,805.89 $1,902,054.46 167 2/1/2033 $2,000,805.89 $19,515.91 $0.00 $19,515.91 $11,179.22 $8,336.69 $1,989,626.67 $1,910,391.15 168 3/1/2033 $1,989,626.67 $19,515.91 $0.00 $19,515.91 $11,225.80 $8,290.11 $1,978,400.87 $1,918,681.26 169 4/1/2033 $1,978,400.87 $19,515.91 $0.00 $19,515.91 $11,272.58 $8,243.34 $1,967,128.30 $1,926,924.60 170 5/1/2033 $1,967,128.30 $19,515.91 $0.00 $19,515.91 $11,319.54 $8,196.37 $1,955,808.75 $1,935,120.97 171 6/1/2033 $1,955,808.75 $19,515.91 $0.00 $19,515.91 $11,366.71 $8,149.20 $1,944,442.04 $1,943,270.17 172 7/1/2033 $1,944,442.04 $19,515.91 $0.00 $19,515.91 $11,414.07 $8,101.84 $1,933,027.97 $1,951,372.01 173 8/1/2033 $1,933,027.97 $19,515.91 $0.00 $19,515.91 $11,461.63 $8,054.28 $1,921,566.34 $1,959,426.30

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Page 10 of 16 PRINCIPAL INTEREST PMT NO PAYMENT DATE BEGINNING BALANCE SCHEDULED PAYMENT EXTRA PAYMENT TOTAL PAYMENT ENDING BALANCE CUMULATIVE INTEREST 174 9/1/2033 $1,921,566.34 $19,515.91 $0.00 $19,515.91 $11,509.39 $8,006.53 $1,910,056.96 $1,967,432.82 175 10/1/2033 $1,910,056.96 $19,515.91 $0.00 $19,515.91 $11,557.34 $7,958.57 $1,898,499.62 $1,975,391.39 176 11/1/2033 $1,898,499.62 $19,515.91 $0.00 $19,515.91 $11,605.50 $7,910.42 $1,886,894.12 $1,983,301.81 177 12/1/2033 $1,886,894.12 $19,515.91 $0.00 $19,515.91 $11,653.85 $7,862.06 $1,875,240.27 $1,991,163.87 178 1/1/2034 $1,875,240.27 $19,515.91 $0.00 $19,515.91 $11,702.41 $7,813.50 $1,863,537.86 $1,998,977.37 179 2/1/2034 $1,863,537.86 $19,515.91 $0.00 $19,515.91 $11,751.17 $7,764.74 $1,851,786.68 $2,006,742.11 180 3/1/2034 $1,851,786.68 $19,515.91 $0.00 $19,515.91 $11,800.13 $7,715.78 $1,839,986.55 $2,014,457.89 181 4/1/2034 $1,839,986.55 $19,515.91 $0.00 $19,515.91 $11,849.30 $7,666.61 $1,828,137.25 $2,022,124.50 182 5/1/2034 $1,828,137.25 $19,515.91 $0.00 $19,515.91 $11,898.67 $7,617.24 $1,816,238.58 $2,029,741.74 183 6/1/2034 $1,816,238.58 $19,515.91 $0.00 $19,515.91 $11,948.25 $7,567.66 $1,804,290.32 $2,037,309.40 184 7/1/2034 $1,804,290.32 $19,515.91 $0.00 $19,515.91 $11,998.04 $7,517.88 $1,792,292.29 $2,044,827.27 185 8/1/2034 $1,792,292.29 $19,515.91 $0.00 $19,515.91 $12,048.03 $7,467.88 $1,780,244.26 $2,052,295.16 186 9/1/2034 $1,780,244.26 $19,515.91 $0.00 $19,515.91 $12,098.23 $7,417.68 $1,768,146.03 $2,059,712.84 187 10/1/2034 $1,768,146.03 $19,515.91 $0.00 $19,515.91 $12,148.64 $7,367.28 $1,755,997.40 $2,067,080.12 188 11/1/2034 $1,755,997.40 $19,515.91 $0.00 $19,515.91 $12,199.26 $7,316.66 $1,743,798.14 $2,074,396.77 189 12/1/2034 $1,743,798.14 $19,515.91 $0.00 $19,515.91 $12,250.09 $7,265.83 $1,731,548.05 $2,081,662.60 190 1/1/2035 $1,731,548.05 $19,515.91 $0.00 $19,515.91 $12,301.13 $7,214.78 $1,719,246.92 $2,088,877.38 191 2/1/2035 $1,719,246.92 $19,515.91 $0.00 $19,515.91 $12,352.38 $7,163.53 $1,706,894.54 $2,096,040.91 192 3/1/2035 $1,706,894.54 $19,515.91 $0.00 $19,515.91 $12,403.85 $7,112.06 $1,694,490.69 $2,103,152.97 193 4/1/2035 $1,694,490.69 $19,515.91 $0.00 $19,515.91 $12,455.53 $7,060.38 $1,682,035.15 $2,110,213.35 194 5/1/2035 $1,682,035.15 $19,515.91 $0.00 $19,515.91 $12,507.43 $7,008.48 $1,669,527.72 $2,117,221.83 195 6/1/2035 $1,669,527.72 $19,515.91 $0.00 $19,515.91 $12,559.55 $6,956.37 $1,656,968.18 $2,124,178.19 196 7/1/2035 $1,656,968.18 $19,515.91 $0.00 $19,515.91 $12,611.88 $6,904.03 $1,644,356.30 $2,131,082.23 197 8/1/2035 $1,644,356.30 $19,515.91 $0.00 $19,515.91 $12,664.43 $6,851.48 $1,631,691.87 $2,137,933.71 198 9/1/2035 $1,631,691.87 $19,515.91 $0.00 $19,515.91 $12,717.20 $6,798.72 $1,618,974.67 $2,144,732.43 199 10/1/2035 $1,618,974.67 $19,515.91 $0.00 $19,515.91 $12,770.18 $6,745.73 $1,606,204.49 $2,151,478.16 200 11/1/2035 $1,606,204.49 $19,515.91 $0.00 $19,515.91 $12,823.39 $6,692.52 $1,593,381.10 $2,158,170.68 201 12/1/2035 $1,593,381.10 $19,515.91 $0.00 $19,515.91 $12,876.82 $6,639.09 $1,580,504.27 $2,164,809.76 202 1/1/2036 $1,580,504.27 $19,515.91 $0.00 $19,515.91 $12,930.48 $6,585.43 $1,567,573.79 $2,171,395.20 203 2/1/2036 $1,567,573.79 $19,515.91 $0.00 $19,515.91 $12,984.35 $6,531.56 $1,554,589.44 $2,177,926.76 204 3/1/2036 $1,554,589.44 $19,515.91 $0.00 $19,515.91 $13,038.46 $6,477.46 $1,541,550.98 $2,184,404.21 205 4/1/2036 $1,541,550.98 $19,515.91 $0.00 $19,515.91 $13,092.78 $6,423.13 $1,528,458.20 $2,190,827.34 206 5/1/2036 $1,528,458.20 $19,515.91 $0.00 $19,515.91 $13,147.34 $6,368.58 $1,515,310.86 $2,197,195.92 207 6/1/2036 $1,515,310.86 $19,515.91 $0.00 $19,515.91 $13,202.12 $6,313.80 $1,502,108.75 $2,203,509.71 208 7/1/2036 $1,502,108.75 $19,515.91 $0.00 $19,515.91 $13,257.13 $6,258.79 $1,488,851.62 $2,209,768.50 209 8/1/2036 $1,488,851.62 $19,515.91 $0.00 $19,515.91 $13,312.36 $6,203.55 $1,475,539.26 $2,215,972.05 210 9/1/2036 $1,475,539.26 $19,515.91 $0.00 $19,515.91 $13,367.83 $6,148.08 $1,462,171.43 $2,222,120.13

Page 11 of 16 PRINCIPAL INTEREST PMT NO PAYMENT DATE BEGINNING BALANCE SCHEDULED PAYMENT EXTRA PAYMENT TOTAL PAYMENT ENDING BALANCE CUMULATIVE INTEREST 211 10/1/2036 $1,462,171.43 $19,515.91 $0.00 $19,515.91 $13,423.53 $6,092.38 $1,448,747.89 $2,228,212.51 212 11/1/2036 $1,448,747.89 $19,515.91 $0.00 $19,515.91 $13,479.46 $6,036.45 $1,435,268.43 $2,234,248.96 213 12/1/2036 $1,435,268.43 $19,515.91 $0.00 $19,515.91 $13,535.63 $5,980.29 $1,421,732.81 $2,240,229.24 214 1/1/2037 $1,421,732.81 $19,515.91 $0.00 $19,515.91 $13,592.03 $5,923.89 $1,408,140.78 $2,246,153.13 215 2/1/2037 $1,408,140.78 $19,515.91 $0.00 $19,515.91 $13,648.66 $5,867.25 $1,394,492.12 $2,252,020.38 216 3/1/2037 $1,394,492.12 $19,515.91 $0.00 $19,515.91 $13,705.53 $5,810.38 $1,380,786.59 $2,257,830.77 217 4/1/2037 $1,380,786.59 $19,515.91 $0.00 $19,515.91 $13,762.63 $5,753.28 $1,367,023.96 $2,263,584.04 218 5/1/2037 $1,367,023.96 $19,515.91 $0.00 $19,515.91 $13,819.98 $5,695.93 $1,353,203.98 $2,269,279.98 219 6/1/2037 $1,353,203.98 $19,515.91 $0.00 $19,515.91 $13,877.56 $5,638.35 $1,339,326.42 $2,274,918.33 220 7/1/2037 $1,339,326.42 $19,515.91 $0.00 $19,515.91 $13,935.39 $5,580.53 $1,325,391.03 $2,280,498.85 221 8/1/2037 $1,325,391.03 $19,515.91 $0.00 $19,515.91 $13,993.45 $5,522.46 $1,311,397.58 $2,286,021.32 222 9/1/2037 $1,311,397.58 $19,515.91 $0.00 $19,515.91 $14,051.76 $5,464.16 $1,297,345.83 $2,291,485.47 223 10/1/2037 $1,297,345.83 $19,515.91 $0.00 $19,515.91 $14,110.30 $5,405.61 $1,283,235.52 $2,296,891.08 224 11/1/2037 $1,283,235.52 $19,515.91 $0.00 $19,515.91 $14,169.10 $5,346.81 $1,269,066.42 $2,302,237.90 225 12/1/2037 $1,269,066.42 $19,515.91 $0.00 $19,515.91 $14,228.14 $5,287.78 $1,254,838.29 $2,307,525.67 226 1/1/2038 $1,254,838.29 $19,515.91 $0.00 $19,515.91 $14,287.42 $5,228.49 $1,240,550.87 $2,312,754.16 227 2/1/2038 $1,240,550.87 $19,515.91 $0.00 $19,515.91 $14,346.95 $5,168.96 $1,226,203.92 $2,317,923.13 228 3/1/2038 $1,226,203.92 $19,515.91 $0.00 $19,515.91 $14,406.73 $5,109.18 $1,211,797.19 $2,323,032.31 229 4/1/2038 $1,211,797.19 $19,515.91 $0.00 $19,515.91 $14,466.76 $5,049.15 $1,197,330.43 $2,328,081.46 230 5/1/2038 $1,197,330.43 $19,515.91 $0.00 $19,515.91 $14,527.04 $4,988.88 $1,182,803.40 $2,333,070.34 231 6/1/2038 $1,182,803.40 $19,515.91 $0.00 $19,515.91 $14,587.56 $4,928.35 $1,168,215.83 $2,337,998.69 232 7/1/2038 $1,168,215.83 $19,515.91 $0.00 $19,515.91 $14,648.35 $4,867.57 $1,153,567.49 $2,342,866.26 233 8/1/2038 $1,153,567.49 $19,515.91 $0.00 $19,515.91 $14,709.38 $4,806.53 $1,138,858.11 $2,347,672.79 234 9/1/2038 $1,138,858.11 $19,515.91 $0.00 $19,515.91 $14,770.67 $4,745.24 $1,124,087.44 $2,352,418.03 235 10/1/2038 $1,124,087.44 $19,515.91 $0.00 $19,515.91 $14,832.21 $4,683.70 $1,109,255.22 $2,357,101.73 236 11/1/2038 $1,109,255.22 $19,515.91 $0.00 $19,515.91 $14,894.02 $4,621.90 $1,094,361.21 $2,361,723.62 237 12/1/2038 $1,094,361.21 $19,515.91 $0.00 $19,515.91 $14,956.07 $4,559.84 $1,079,405.13 $2,366,283.46 238 1/1/2039 $1,079,405.13 $19,515.91 $0.00 $19,515.91 $15,018.39 $4,497.52 $1,064,386.74 $2,370,780.98 239 2/1/2039 $1,064,386.74 $19,515.91 $0.00 $19,515.91 $15,080.97 $4,434.94 $1,049,305.77 $2,375,215.93 240 3/1/2039 $1,049,305.77 $19,515.91 $0.00 $19,515.91 $15,143.80 $4,372.11 $1,034,161.97 $2,379,588.03 241 4/1/2039 $1,034,161.97 $19,515.91 $0.00 $19,515.91 $15,206.90 $4,309.01 $1,018,955.07 $2,383,897.04 242 5/1/2039 $1,018,955.07 $19,515.91 $0.00 $19,515.91 $15,270.27 $4,245.65 $1,003,684.80 $2,388,142.69 243 6/1/2039 $1,003,684.80 $19,515.91 $0.00 $19,515.91 $15,333.89 $4,182.02 $988,350.91 $2,392,324.71 244 7/1/2039 $988,350.91 $19,515.91 $0.00 $19,515.91 $15,397.78 $4,118.13 $972,953.12 $2,396,442.84 245 8/1/2039 $972,953.12 $19,515.91 $0.00 $19,515.91 $15,461.94 $4,053.97 $957,491.18 $2,400,496.81 246 9/1/2039 $957,491.18 $19,515.91 $0.00 $19,515.91 $15,526.37 $3,989.55 $941,964.82 $2,404,486.36 247 10/1/2039 $941,964.82 $19,515.91 $0.00 $19,515.91 $15,591.06 $3,924.85 $926,373.76 $2,408,411.21

Page 12 of 16 PRINCIPAL INTEREST PMT NO PAYMENT DATE BEGINNING BALANCE SCHEDULED PAYMENT EXTRA PAYMENT TOTAL PAYMENT ENDING BALANCE CUMULATIVE INTEREST 248 11/1/2039 $926,373.76 $19,515.91 $0.00 $19,515.91 $15,656.02 $3,859.89 $910,717.74 $2,412,271.10 249 12/1/2039 $910,717.74 $19,515.91 $0.00 $19,515.91 $15,721.25 $3,794.66 $894,996.48 $2,416,065.76 250 1/1/2040 $894,996.48 $19,515.91 $0.00 $19,515.91 $15,786.76 $3,729.15 $879,209.72 $2,419,794.91 251 2/1/2040 $879,209.72 $19,515.91 $0.00 $19,515.91 $15,852.54 $3,663.37 $863,357.18 $2,423,458.28 252 3/1/2040 $863,357.18 $19,515.91 $0.00 $19,515.91 $15,918.59 $3,597.32 $847,438.59 $2,427,055.60 253 4/1/2040 $847,438.59 $19,515.91 $0.00 $19,515.91 $15,984.92 $3,530.99 $831,453.68 $2,430,586.60 254 5/1/2040 $831,453.68 $19,515.91 $0.00 $19,515.91 $16,051.52 $3,464.39 $815,402.15 $2,434,050.99 255 6/1/2040 $815,402.15 $19,515.91 $0.00 $19,515.91 $16,118.40 $3,397.51 $799,283.75 $2,437,448.50 256 7/1/2040 $799,283.75 $19,515.91 $0.00 $19,515.91 $16,185.56 $3,330.35 $783,098.19 $2,440,778.85 257 8/1/2040 $783,098.19 $19,515.91 $0.00 $19,515.91 $16,253.00 $3,262.91 $766,845.18 $2,444,041.76 258 9/1/2040 $766,845.18 $19,515.91 $0.00 $19,515.91 $16,320.72 $3,195.19 $750,524.46 $2,447,236.94 259 10/1/2040 $750,524.46 $19,515.91 $0.00 $19,515.91 $16,388.73 $3,127.19 $734,135.73 $2,450,364.13 260 11/1/2040 $734,135.73 $19,515.91 $0.00 $19,515.91 $16,457.01 $3,058.90 $717,678.72 $2,453,423.03 261 12/1/2040 $717,678.72 $19,515.91 $0.00 $19,515.91 $16,525.58 $2,990.33 $701,153.14 $2,456,413.36 262 1/1/2041 $701,153.14 $19,515.91 $0.00 $19,515.91 $16,594.44 $2,921.47 $684,558.70 $2,459,334.83 263 2/1/2041 $684,558.70 $19,515.91 $0.00 $19,515.91 $16,663.58 $2,852.33 $667,895.11 $2,462,187.16 264 3/1/2041 $667,895.11 $19,515.91 $0.00 $19,515.91 $16,733.02 $2,782.90 $651,162.09 $2,464,970.05 265 4/1/2041 $651,162.09 $19,515.91 $0.00 $19,515.91 $16,802.74 $2,713.18 $634,359.36 $2,467,683.23 266 5/1/2041 $634,359.36 $19,515.91 $0.00 $19,515.91 $16,872.75 $2,643.16 $617,486.61 $2,470,326.39 267 6/1/2041 $617,486.61 $19,515.91 $0.00 $19,515.91 $16,943.05 $2,572.86 $600,543.56 $2,472,899.25 268 7/1/2041 $600,543.56 $19,515.91 $0.00 $19,515.91 $17,013.65 $2,502.26 $583,529.91 $2,475,401.52 269 8/1/2041 $583,529.91 $19,515.91 $0.00 $19,515.91 $17,084.54 $2,431.37 $566,445.37 $2,477,832.89 270 9/1/2041 $566,445.37 $19,515.91 $0.00 $19,515.91 $17,155.72 $2,360.19 $549,289.65 $2,480,193.08 271 10/1/2041 $549,289.65 $19,515.91 $0.00 $19,515.91 $17,227.21 $2,288.71 $532,062.45 $2,482,481.79 272 11/1/2041 $532,062.45 $19,515.91 $0.00 $19,515.91 $17,298.99 $2,216.93 $514,763.46 $2,484,698.71 273 12/1/2041 $514,763.46 $19,515.91 $0.00 $19,515.91 $17,371.06 $2,144.85 $497,392.40 $2,486,843.56 274 1/1/2042 $497,392.40 $19,515.91 $0.00 $19,515.91 $17,443.44 $2,072.47 $479,948.95 $2,488,916.03 275 2/1/2042 $479,948.95 $19,515.91 $0.00 $19,515.91 $17,516.12 $1,999.79 $462,432.83 $2,490,915.82 276 3/1/2042 $462,432.83 $19,515.91 $0.00 $19,515.91 $17,589.11 $1,926.80 $444,843.72 $2,492,842.62 277 4/1/2042 $444,843.72 $19,515.91 $0.00 $19,515.91 $17,662.40 $1,853.52 $427,181.32 $2,494,696.14 278 5/1/2042 $427,181.32 $19,515.91 $0.00 $19,515.91 $17,735.99 $1,779.92 $409,445.33 $2,496,476.06 279 6/1/2042 $409,445.33 $19,515.91 $0.00 $19,515.91 $17,809.89 $1,706.02 $391,635.44 $2,498,182.08 280 7/1/2042 $391,635.44 $19,515.91 $0.00 $19,515.91 $17,884.10 $1,631.81 $373,751.34 $2,499,813.90 281 8/1/2042 $373,751.34 $19,515.91 $0.00 $19,515.91 $17,958.61 $1,557.30 $355,792.73 $2,501,371.19 282 9/1/2042 $355,792.73 $19,515.91 $0.00 $19,515.91 $18,033.44 $1,482.47 $337,759.29 $2,502,853.66 283 10/1/2042 $337,759.29 $19,515.91 $0.00 $19,515.91 $18,108.58 $1,407.33 $319,650.71 $2,504,260.99 284 11/1/2042 $319,650.71 $19,515.91 $0.00 $19,515.91 $18,184.03 $1,331.88 $301,466.67 $2,505,592.87

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Page 13 of 16 PRINCIPAL INTEREST PMT NO PAYMENT DATE BEGINNING BALANCE SCHEDULED PAYMENT EXTRA PAYMENT TOTAL PAYMENT ENDING BALANCE CUMULATIVE INTEREST 285 12/1/2042 $301,466.67 $19,515.91 $0.00 $19,515.91 $18,259.80 $1,256.11 $283,206.87 $2,506,848.98 286 1/1/2043 $283,206.87 $19,515.91 $0.00 $19,515.91 $18,335.88 $1,180.03 $264,870.99 $2,508,029.01 287 2/1/2043 $264,870.99 $19,515.91 $0.00 $19,515.91 $18,412.28 $1,103.63 $246,458.70 $2,509,132.64 288 3/1/2043 $246,458.70 $19,515.91 $0.00 $19,515.91 $18,489.00 $1,026.91 $227,969.70 $2,510,159.55 289 4/1/2043 $227,969.70 $19,515.91 $0.00 $19,515.91 $18,566.04 $949.87 $209,403.66 $2,511,109.42 290 5/1/2043 $209,403.66 $19,515.91 $0.00 $19,515.91 $18,643.40 $872.52 $190,760.27 $2,511,981.94 291 6/1/2043 $190,760.27 $19,515.91 $0.00 $19,515.91 $18,721.08 $794.83 $172,039.19 $2,512,776.77 292 7/1/2043 $172,039.19 $19,515.91 $0.00 $19,515.91 $18,799.08 $716.83 $153,240.11 $2,513,493.60 293 8/1/2043 $153,240.11 $19,515.91 $0.00 $19,515.91 $18,877.41 $638.50 $134,362.70 $2,514,132.10 294 9/1/2043 $134,362.70 $19,515.91 $0.00 $19,515.91 $18,956.07 $559.84 $115,406.63 $2,514,691.95 295 10/1/2043 $115,406.63 $19,515.91 $0.00 $19,515.91 $19,035.05 $480.86 $96,371.58 $2,515,172.81 296 11/1/2043 $96,371.58 $19,515.91 $0.00 $19,515.91 $19,114.36 $401.55 $77,257.21 $2,515,574.36 297 12/1/2043 $77,257.21 $19,515.91 $0.00 $19,515.91 $19,194.01 $321.91 $58,063.21 $2,515,896.26 298 1/1/2044 $58,063.21 $19,515.91 $0.00 $19,515.91 $19,273.98 $241.93 $38,789.22 $2,516,138.19 299 2/1/2044 $38,789.22 $19,515.91 $0.00 $19,515.91 $19,354.29 $161.62 $19,434.93 $2,516,299.82 300 3/1/2044 $19,434.93 $19,515.91 $0.00 $19,434.93 $19,353.95 $80.98 $0.00 $2,516,380.79

Page 14 of 16 PRINCIPAL INTEREST PMT NO PAYMENT DATE BEGINNING BALANCE SCHEDULED PAYMENT EXTRA PAYMENT TOTAL PAYMENT ENDING BALANCE CUMULATIVE INTEREST

Page 15 of 16 PRINCIPAL INTEREST PMT NO PAYMENT DATE BEGINNING BALANCE SCHEDULED PAYMENT EXTRA PAYMENT TOTAL PAYMENT ENDING BALANCE CUMULATIVE INTEREST

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