John had a mortgage loan with a payment of $1250 at 8% and he discovered he could refinance his mortgage at 6% with a payment of $1065. The closing costs associated with the refinance loan totaled $1500. John intends to keep the property for at least another 5 years. Does it make sense financially to refinance his mortgage given the stated facts given that he intends to stay in the property for another 5 years? Fully explain why or why not.