You borrow $265,000 through a 30-year fixed-rate mortgage at an interest rate of 2.5% and a monthly payment of $1,047.07. You observe that 5 years after taking out the mortgage, mortgage rates fall to 2.3%. If you have no cash on hand and closing costs on a new mortgage are $1,500, what would be your gain from refinancing? If you determine that you will refinance, report the gain from refinancing. If you determine that you will not refinance, report a gain of 0.