You purchased a property 4 years ago at a price of $600,000. You borrowed 80% of the property value at 8 percent amortized over 15 years. Mortgage rates have dropped, so that a new 15-year loan (in an amount equal to the balance of the original loan) can be obtained at 6.5 percent. There is no prepayment penalty on either loan, but two points will be charged on the new loan and other closing costs will be $5,900. Should the borrower refinance if he plans to be in the home only 6 more years?