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Explanation: the current monthly payments under the original mortgage is 1,111.664956 Explanation: Monthly payment on this new loan be 1,061.45573 Explanation: current outstanding balance is 190,935.2182 7. Two years ago you took out a mortgage at 4.5%. The initial balance of the loan was $200,000 and it was for 25 years (300 months.) Today, you observe that you could take out a new loan at 4.25% (with a 300-month term), but you would have to pay $5,000 in closing and other fees. d. Taking into account all of the fees, how much would your wealth change if you were to refinance? (use a negative sign for decrease and a positive sign for increase)