$2$ points$]$ Since interest rates have dropped, you consider refinancing your mortgage at a lower $3\%$ rate. If you took out a new $30$ year mortgage at$3\%$ for your remaining loan balance, what would your new monthly payments be$?$

$[2$ points$]$ How much interest will you pay over the life of the new loan?

$[2$ points$]$ Notice that if you refinance, you are going to be making payments on your home for another $30$ years. In addition to the $15$ years you$$ve already been paying, that$$s $45$ years total. How much will you save each month because of the lower monthly payment?

$[2$ points$]$ How much total interest will you be paying $($consider the interest you paid over the first $15$ years of your original loan as well as interest on your refinanced loan$)?$