Joe Levi bought a home in Arlington, Texas, for $$140,000.$ He put down $20\%$ and obtained a mortgage for $30$ years at $6\frac{1}{8}\%.$ What is the difference in interest cost if he had obtained a mortgage rate of $5\frac{1}{2}\%?($Use Table $15.).)$

Note: Use $360$ days a year. Round your intermediate calculations and final answer to the nearest cent.

Difference in interest cost