Amanda Tolson purchased a condominium 4 years ago for $200,000, paying $1,250 per month on her $162,000, 8%, 25-year mortgage. The current loan balance is $152,401. Amanda has now considered refinancing her condo at the prevailing rate of 3%. She expects to remain in the condo for at least 4 more years and has found a lender that will make a 3%, 15-year, $152,401 loan, requiring monthly payments of $1,127. Although there is no prepayment penalty on her current mortgage, Amanda will have to pay $1,500 in closing costs on the new mortgage. She is in the 15% tax bracket.