John’s family is expanding in number, and so he decides to sell his current home and upgrade to a larger home. He estimates that he can sell his current home for $400,000 and can buy a larger home for $475,000. He plans to use the entire $400,000 sale proceeds as a down payment on the new home and will finance the remainder for 10 years at 6% nominal annual interest compounded monthly. What is his estimated monthly mortgage payment?