Two years ago, Elizabeth Maynes took out ten-year $400,000 mortgage loan from XYZ Bank Limited at an annual interest rate of 4% compounded semi-annually. ABC Bank Limited is offering an 8-year mortgage loan at 3% interest rate per year, compounded semi-annually. To settle existing mortgage loan with XYZ, Elizabeth must pay a penalty equivalent to last three months of interest. (Month 22, 23 and 24).

1. Determine the monthly payment for the original mortgage loan.
2. Determine the principle outstanding today on the original mortgage loan.
3. Determine the amount of interest paid to date
4. Should Elizabeth Switch to ABC? Support your answer with numerical calculations.