Assume that mortgage rates are now lower than the current rate you pay on your home, and you don’t expect them to go any lower. Your current monthly mortgage payment is $1,680 and you figure that your new monthly payment will be $1,540. The closing costs on the new loan amount to $5,500, and interest points amount to $2,300. You expect to remain in the house for another 5 years and you estimate that a conservative, low risk rate of return that you could receive on some investment would be 6%. What would be your net savings from refinancing? (Minor rounding errors are acceptable)