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Homeowners could save $11.5 billion over the next five years if they took advantage of federal mortgage-assistance programs this year, according to a report from a real estate tracking firm.

California-based First American CoreLogic said that an analysis of 2.2 million residential mortgage modifications between October 2008 and June showed that borrowers shaved $120 from their monthly mortgage payments, a 10.5 percent reduction from the median buyer’s previous payment.

The study looked at the impact of Federal Reserve Board interest rate reductions and government refinance programs.

A First American CoreLogic economist estimated a savings of $2.3 billion for homeowners who refinanced in the first six months of the year.

The study concludes that over the long term, the homeowners will be able to sustain the reduced mortgage payments and should have increased disposable income to help drive growth when the economy rebounds.