Five years ago, Kevin borrowed $260,000 to purchase a house in Sandy Lake. At the time, the quoted rate on the mortgage was 3 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, Kevin must renegotiate his mortgage. If the current market rate for mortgages is 5 percent, what is Kevins new monthly payment?