6. Mortgage Refinancing Net Benefit Analysis Existing mortgage: Amount: Remaining term: Interest rate: Monthly payment: New mortgage: $100,000 15 years 7.0 percent $898.83 $100,000 15 years 5.5 percent Amount: Term: Interest rate: Monthly payment: $817.08 Expected time to paying off new loan: 6 years Cost of refinancing: 5 percent of loan amount What is the approximate net benefit of refinancing?

6. Mortgage Refinancing Net Benefit Analysis Existing mortgage: Amount: $100,000 Remaining term: 15 years Interest rate: 7.0 percent Monthly payment: $898.83 New mortgage: \begin{tabular}{ll} Amount: & $100,000 \\ Term: & 15 years \\ Interest rate: & 5.5 percent \end{tabular} Monthly payment: $817.08 Expected time to paying off new loan: 6 years Cost of refinancing: 5 percent of loan amount What is the approximate net benefit of refinancing