# Math Refinancing Question

posted by
**Maxie** on
.

A person purchased a $205,107 home 10 years ago by paying 10% down and signing a 30-year mortgage at 8.1% compounded monthly. Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 15-year mortgage at 4.5% compounded monthly. How much interest will refinancing save