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A property worth $16 million can be refinanced with an 80% loan at 9.5% over 20 years. The balance on the current loan is $12,148,566.

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A property worth $16 million can be refinanced with an 80% loan at 9.5% over 20 years. The balance on the current loan is $12,148,566. Loan payments are $113,302 per month. The loan balance in 10 years will be $8,396,769. If the property is expected to be sold in 10 years, what is the incremental cost of refinancing

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