You signed an initial 300000, 30 years mortgage with BMO. The quoted rate was 6.075% (semi-annual compounding), monthly payments, fixed for 5 years. After exactly 5 years, you plan to re-new your mortgage. You are offered a new quoted rate of 3.9% (fixed, semi-annual compounding). What is your new monthly payment, if you re-finance the full outstanding amount for 25 years?

Your new monthly payment will be