You forgotten to add in a very important and expensive thing into the new plane cost.
The setting up of the productions lines.
Not exactly forgotten, just taken for granted that to keep one plane in operation you need to be able to repair, modernize and build it in enough quantities, otherwise how could war losses be sustained? That the USAF cannot recover from accidents and events like the Florida hurricane is not acceptable under a force planing point of view.
That a redesign of a known plane and known production line costs as much as the development of new technology and solutions that need to be tested and validated from zero cannot be sustained in view of how development and industrialization of complex systems work. Development starts from virtually "zero certainty" and progresses slowly through iterative processes into ever higher levels of knowledge of the system parts and their interaction in ever more complex modes and scenarios. When a plane has been tested for more than 10 years and operated for 15 like the F-22, everything is pretty much known and modifications can be made where just a small proportion of the relevant elements change and most of their interactions are known. To put it in other words, the structure of what already exists allows to build within the frame of strongly increased certainty / reduced complexity. This is rather elementary in terms of development management and allows to see that the rationale argued in the defence media to bolster NGAD at the expense of F-22 is not technically sound and rather is to be seen as a narrative building attempt.
I struggle to see why the F-22 is suddenly uninteresting and not worth the effort. It remains to this day probably the most advanced and capable platform in operation, all considered, for air superiority. China is not quite there with the engines and Russia not there with quantities, and it will remain like that for a while, more if the F-22 platform is duly maintained and upgraded. On the other hand, the expeditionary character envisaged for NGAD is IMO not well thought and pushes the development into a high risk / high cost profile that is excellent for contractors but not for the services, so the USAF needs, mandatorily, to invest in a B plan and that can only be a modernized F-22. Again this is risk management 101 but routinely pretty much the opposite has been the MO of military procurement.
The F22 is uninteresting in that its is over 30 years old design, before adding it is in the same boat as the F14 was before it post 1990.
High maintance, low usage, high cost, and barely supported.
The Thing was design in the late 80s boss, with all that implies. It was design to fight Soviets over Europe. Which has given it some major limitions in the upgrade ability department that can only be fix by literaly rebuilding the plane from the tires up. Preferably with a new airframe instead of adapting an existing one. The engines have already been touch on, you need to redesign the entire engine bay of the raptor to fit a different one in. Not easy even on the best of times with a full on production line still up for it.
Now let touch on something even more important. The RAM.
The stuff is shit compare to whats out there now. While the F22 is better then the F117s or B2s its is a maintance whore compares to the F35s, so much so that in areas where its not needed the Air Force says fuck it to save money. ANd because of how the RAM is needed to be design, you can't take the much better F35 or the newer stuff and slap it on a F22. The F22 RAM is a paint like substance while the F35 is more of ceramanic type deal. (The exact secret sauce is still a shotting worth secret.)
Then you have the major sticker. Range and payload.
The Raptor was again design to fight over EUROPE to gain and maintain air supremency so that the A10s, F15Es, F111s, F16, etc can help beat back the Soviet hoard. It was design to take off from England or Western Europe and slap down any Mig or SU that comes close. As such it did not need massive range to do its job. The F35 actually has more range then it and the military is feeling that that that plane needs more range. To increase the range you need to do major redesign for more fuel capacity and the newer Efficent engines which again needs a full Production line and not the maintance rigs to do.
But tankers-BUT NOTHING!
The Air Force does not have enough tankers to ensure that one can cover the Pacific that everyone is looking at being the next fight. Alot of the ones we have are ageing out while the replacements, once out of depevelopment hell, will not have the numbers to replace them all. Before adding in that everyone knows the Air Force playbook these days and have develop weapons specifically to take out the tankers from long range.
So more range is very much needed and is something you cant just modified the Raptor to do, you need to redesign it so much that its a new plane anyways.
Next is playload.
Now the F22 has a solid A2A playload, 6 AIM120s and 2 AIM9s is more then enough from most engagements. But... It lacks
FLEXIBILITY. The F22 is very much an one trick pony, which is A2A. For A2G work that the Air Force has realized that it may be call to do cause its the only thing in the AO to do it, the Raptor can bring... Two 1000lB Jdams or 8 SBDS, and none of the Stand off weapons like JASSMs or JSOWs, or combine effects weapons. They simply dont fit in the bay. Which also hurts it for the newer A2A missiles like the AIM260, only expected to be carrying 2. To fix that means another redesign of the reframe.
Also they apperantly they want the NGAD to go faster as well cause why not and the only way to make the Raptor go faster is to modified the intake with variable ramps. You will need new planes for that.
Basically to get the Raptor to do what the Air Force wants from the NGAD you are going to get a brand new plane. Not even a F18 vs a FA18 or F16 vs F16XL differences but a utterly new aircraft.
And at that point... You may as well cut out the halfassness of modding the Raptor and make a new plane from scratch. Be simpler, faster, and easier in the long run.
Not cheaper cause of how the US industancy is set up, but faster will be the king.