refinance puzzle

[semtex]

I know you guys always give me wise advice.

what's the way to analyze refinance?

here is the case
Current mortgage: 530k with 30fixed 6.5% 355 months left.
new deal: 530k with 30fixed biweek 5.75% 360 months left. Cost is around 5k

Current mortgage, monthly pay 3362
new deal , monthly pay 3349

So two deal has same cash flow, only new deal pay extra 3093 to equity per year.

Then my breakeven is 5000/3093= 1.6 years.

Do I understand it correctly? Good deal or not?