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I purchased a house $5$ years ago for $$450,000.$ I paid $$67500$ 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$)$

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?

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.