Question: how much will this person save by refinancing to a 15 year loan with a lower rate after five years in the scenario they finance

how much will this person save by refinancing to a 15 year loan with a lower rate after five years in the scenario they finance a $400,000 home loan with a 30 year fixed rate loan with an 8% interest rate the mortgage payment principle and interest only is $2935 per month for 30 years they pay the loan off on schedule over 30 years scenario to the person decides to refinance after five years the remaining loan is $375,000 in this scenario they will pay $2935 per month for the first five years then refinance to 6% 15 year fixed loan and pay $3165 per month for the last 15 years the closing cost for the refinance are $2000

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