Mortgage Rate Decrease

[Lewis Guest]

I am looking to decrease my interest rate from 3.59% to 1.74% offered by my mortgage company when I requested them to look into a rate decrease. Owe 335000 with 3 more years in current 5 yr fixed mortgage. 16000 penalty to pay if I decide to go through with it. Will I save enough in the interest difference to make the 16000 penalty worth it?

Thanks for any help