Consider a $25-$year, $$345,000$ mortgage with a rate of $7\mathrm{.}20$ percent. Eight years into the mortgage, rates have fallen to $5\mathrm{.}9$ percent.

What would be the monthly saving to a homeowner from refinancing the outstanding mortgage balance at the lower rate?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Savings