Morty will have a $$682(+/-$ $$1$ due to rounding$)$ monthly cash flow deficit $($I hope you entered the answer as negative$).$

Whether you got it right or not, watch this $9-$minute video $/$ Excel demo, where I guide you through how I arrived at this solution. Don't skip the video $-$ there are things you might learn from it$,$ even if you answered correctly. After you watch the video, come back here and read on$...$

Recall that Morty was initially attracted to the $15-$year fixed rate mortgage, because of its lower interest rate, but as it turns out, he can$$t afford the monthly payment. That$$s a bummer!

$30-$year mortgages have higher interest rates and are scheduled to be paid for longer, and both of those are disadvantages $-$ but longer$-$term mortgages do have lower monthly payments, which is encouraging for Morty, because that is exactly what he needs to do $-$ to see if he can get a mortgage with a lower monthly payment, so that he can afford it$.$ Let's see if we can help Morty get out of his Mystifying Mortgage Morass, by seeing if he can afford a $30-$year mortgage. To remind you, $30-$year fixed rate he can qualify for is $3\mathrm{.}3\%,$ and he is borrowing $$640,000$ to buy an $$800,000$ apartment.

What will be the monthly payment with the $30-$year mortgage? $($Enter a positive amount with no dollar sign, even if the calculator gives you a negative answer.$)$