Is it worth Refinancing under HARP?

Is it worth refinancing my home from 5.5% to 5.0% interest rate. My mortgage company said I would save $ 150.00 . They said the $ 1200 closing cost would be added onto my original mortgage. Is this how the HARP program works and would it be worth refinancing?

I owe $ 105,000 on my mortgage. Its probably only worth $ 90,000 . I still have 20 yrs left on the loan.

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