I purchased a house $5$ years ago for $$450,000.$ I had savings to cover $15\%$ of the house for downpayment. For the rest, I financed with $2$ loans.

For loan X$,$ $$250000$ was given, payable over $30$ years with monthly payment $(8\%$ annual interest rate$)$

For loan Y$,$ remainer of the needed money payable over $30$ years $(7\%$ annual interest rate$)$

Today, at the end of $5$th year, I could refinance the loans at $6\%$ annual interest rate payable over $25$ years with uniform monthly payment. The refinancing will be $$5000$ and will be a part of the new loan $($will have to be borrowed at $6\%)$

Provide calculations to answer the question: $"$Is it an attractive refinance proposition? Would you suggest refinancing the house? What are the monthly savings, if any."

Please make sure of justifying your answer by figuring out:

$-$the current monthly payments on both loans;

$-$ the amount owes today on both loans;

$-$ the loan amount for the new loan as well as the monthly payments. cash flow diagrams. It will make things easier to solve!