A couple took out a 30-year $900,000 mortgage at 4%. 30 months (2.5 years) later, home prices have appreciated and interest rates dropped 100 basis points to 3%. The company is considering refinancing their existing mortgage and assuming a new 30-year mortgage of $950,000. If closing costs equal 1.0% of the new mortgage balance, answer the following: 1-- What is the payment difference between the new and old mortgage? 2-- How much would the couple be able to cash-out (the difference between their old mortgage balance and new loan balance)? 3-- Should the couple execute the refinancing? If so, why?