Five years ago, Edward borrowed $$400,000$ to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was $5$ percent, the amortization period was $25$ years, the term was $5$ years, and the payments were made monthly. Now that the term of the mortgage is complete, Edward must renegotiate his mortgage. If the current market rate for mortgages is $7$ percent, what is Edward's new monthly payment? $($Round effective monthly rate to $6$ decimal places, e$.$g$.25\mathrm{.}125412\%$ and final answer to $2$ decimal places, e$.$g$.125\mathrm{.}12.$ Do not round your intermediate calculations.$)$

New monthly payment

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