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Should refinance the remaining balance

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Problem 1: You have been living in the house you bought 9 years ago for $350,000. At that time, you took out a loan for 80% of the house at a fixed rate 25-year loan at an annual stated rate of 9.5%. You have just paid off the 108th monthly payment. Interest rates have meanwhile dropped steadily to 3.5% per year, and you think it is finally time to refinance the remaining balance over the residual loan life. But there is a catch. The fee to refinance your loan is $5,500. Should you refinance the remaining balance? How much would you save/lose if you decided to refinance?

Reference no: EM133009596

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