Craig decides to purchase a property that's been valued at

$

$475$

$,$

$000$

$.$ He has

$

$80$

$,$

$000$

available as a deposit, and will require a mortgage for the remaining amount. The bank offers him a

$25$

$-$year mortgage at

$2$

$\%$

interest. Calculate his monthly payment.

Round your answer to the nearest cent.