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Same situation happened to me. I accepted at one school while I was waitlisted at my first choice. One week later, I got the call from my first choice and had to send word to the other school (I think I actually sent a letter although now a classy withdrawal e-mail is just as good). I ate $1000 for the deposit on the former school, but I ended up saving tens of thousands in the long run.
Congratulations on your first choice and good luck in d-school