THE SAMPSONS-A Continuing Case When the Sampsons purchased a home, they obtained a 30-year mortgage with a fixed interest rate of 8.6%. Their monthly mortgage payment (excluding property taxes and insurance) is about $700 per month. Today, they could obtain a 30-year mortgage with an interest rate of 5%. Dave and Sharon want to determine how much they can lower their monthly payments by refinancing. If they refinance their home, they would incur transaction fees of $2,400 after considering any tax effects. The Sampsons are in the 25% tax bracket. Go to the worksheets at the end of this chapter to continue this case