After renting an apartment in North York for many years, Monica and Chandler have decided to buy a house close to their favourite park, Westchester Park in Brampton, Ontario. They plan to take many walks on the adjacent Hartford trail with their two young children, Erica and Jack. They have saved $220,000 towards a down-payment. Monica and Chandler have made an offer of $940,000 with a condition that financing can be obtained.

This offer was accepted by the seller. The happy couple have approached their Canadian lending institution, Citibank, for financing. An appraisal of the house, conducted by Citibank, was $880,000. The property tax rate in Brampton is 0.9% and the heating cost for the modest 3-bedroom, 1,800 square feet home is estimated to be $2,200 for the year. The happy couple have elected to obtain a variable monthly mortgage with a term of 5 years, amortized over 25 years, compounded semi-annually. The rate the bank would offer is 70 bps below prime. The prime rate is currently at 2.45%.

Calculate the monthly mortgage payment for Monica and Chandler.