Joe and Tammy Felton are paying $3,568.60 per month on their existing home mortgage (principal and interest). After researching the situation, you discover that they have sufficient equity in the home to initiate a debt refinancing. The amount needed to repay the current loan balance and finance the points is $496,000. How much expense will they save the first year (12 months) if they lock in a 20 year, 4.2% loan? (Calculate your answer based on end of month payments. Show your work.)