Tom Falkland is considering refinancing his home mortgage to reduce his house payment by $90 per month. Closing costs associated with the refinancing will total $5,580. Tom will finish medical school in 2 years, at which time he will sell the house and move to another state.

(a) What is the payback period for refinancing this loan?

(b) Given Toms plans, should he refinance his mortgage at this time?