Considering the following information, what is the net benefit of refinancing the loan for the?

Expected holding period: $8$ years

Current loan balance: $$416,000$

Current loan interest: $6\mathrm{.}92\%$

Current loan mortgage payment: $$3,205\mathrm{.}30$

Remaining term on current mortgage: $20$ years

New loan interest: $5\mathrm{.}875\%$

New loan mortgage payment: $$2,950\mathrm{.}43$

New loan term: $20$ years

Cost of refinancing: $$8,320$

Assume that the opportunity cost is the interest rate on the new loan $(5\mathrm{.}875\%)$

$$3,320$

$-$$$16,147\mathrm{.}08$

$$254\mathrm{.}87$

$$16,147\mathrm{.}52$