Open Question: Considering refinancing given the rate cut. Can someone help me with t

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I have a mortgage of about 125,000 @ 5.5% and about 25 years yrs left on term. I may be able to refi for for a 5% rate @ 30 yrs. My questions is, how much more would I save over the 30 yrs if I refinanced? This is a property I intend on owning over my lifetime, so I don't mind extending the term. If I took the closing costs of appr. 3000 and applied it to my existing principle, how much more or less would that save?


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