Jan has the opportunity to refinance her current 30 year level payment mortgage with a new lower rate 30 year level payment mortgage. her current mortgage has a remaining balance of $350,000 with a monthly P and I payment of $2098.43. she can refinance the current mortgage balance with the new mortgage carrying the lower note rate provided she pays two discount points upfront and other loan refinancing cost of $2600. she plans on staying in the home for five more years.

by how much would her monthly P & I payment have to be reduced for her to at least break even on the decision to refinance?

ignore the time value of money.