4.5% vs. 3.875 monthly mortgage payment

Factual Questions
1

My wife and I are buying a home. Today is the last day of out interest rate lock at 4.5% on a 15 year loan. Payments on the $165,000 loan are about $1200 a month.

Interest rates have now dropped to 3.875% for a 15 year loan. If we start the loan process over again at 3.875%, how much would it lower our monthly payment?

(We can’t ask our loan officer because its a holiday.)

Thanks!

2

According to this, about $50.

3

Note that is $9,000 over the course of the loan. So I would say the hassle of redoing the loan is well worth it.

4

Thanks for your replies!