Analyzing the refinance Notice that if you refinance, you are going to be making payments on your home for another 30 years. In addition to the 10 years you've already been paying, that's 40 years total. How much will you save each month because of the lower monthly payment?

• How much total interest will you be paying (consider the interest you paid over the first 10 years of your original loan as well as interest on your refinanced loan)
• Now the non-computational question: Does it make sense to refinance? (there isn't a correct answer to this question. Just give your opinion and your reason)