Cost of instantiating

I have been reading in different publications by well known authors about
how we don't need to be as concerned about instantiating a few extra objects
here and there because the processing in JDK1.5 is so much better than that
of JDK1.3  (note that these comments have come in from the J2EE crowd).

So I have an example I would like comments on below. In one I create my
objects outside of the while loop and in the latter one I create the
variables within my while loop. Note that I don't need to have access to the
variables outside my while loop, but if I declare them outside the while
loop I need to initialize them with each loop iteration.

My question would be, do I save anything (meaning memory, CPU cycles, etc)
by declaring my variables outside my while loop?

Integer total1 = new Integer(0);
Integer total2 = new Integer(0);
Integer total3 = new Integer(0);
Integer total4 = new Integer(0);
Integer total5 = new Integer(0);
Iterator iter = myList.iterator();
while (iter.hasNext()) {
    total1 = new Integer(0);
    total2 = new Integer(0);
    total3 = new Integer(0);
    total4 = new Integer(0);
    total5 = new Integer(0);

    total1 = methodTotal1();
    total1 = methodTotal1();
    total1 = methodTotal1();
    total1 = methodTotal1();
    total1 = methodTotal1();    
    // write totals to PDF
}




Iterator iter = myList.iterator();
while (iter.hasNext()) {

    Integer total1 = new Integer(0);
    Integer total2 = new Integer(0);
    Integer total3 = new Integer(0);
    Integer total4 = new Integer(0);
    Integer total5 = new Integer(0);
    
    total1 = methodTotal1();
    total1 = methodTotal1();
    total1 = methodTotal1();
    total1 = methodTotal1();
    total1 = methodTotal1();    
    // write totals to PDF
}