An existing mortgage with a $200,000 balance has a 5% rate and 20 years remaining. Monthly payments are $1320. A new 20-year $200,000 mortgage is offered with a 4.5% rate. There is a 1% loan origination fee, and also $2000 in miscellaneous closing costs (i.e. lender title insurance) on the new loan. In deciding whether to refinance, what is the crude "breakeven" point for house tenure for the borrower? The true breakeven point is somewhat longer.