Renew or switch

Worked example. Renewing a $380,000 balance at 4.79% for another 5 years runs $2,454.17 a month, about $82,914 of interest over the term. Switching to 4.29% elsewhere runs $2,353.53 a month, about $74,020 of interest. After a $1,200 switching cost, that is $7,694 ahead by switching.