A risk manager of ABC bank is looking at the mechanics of a refinancing event. A house was originally purchased for USD 500,000 and financed with an interest-only hybrid adjustable rate mortgage (with a LTV of 80%) at an initial annual fixed rate of 2.75%. Before the interest-only period elapses, the house's appraised value drops to USD 400,000. The homeowner decides to refinance the existing mortgage with a 15-year fixed mortgage at an annual rate of 4.5% (LTV 80%) and uses cash to pay off the remainder of the original mortgage's principal balance. Assuming standard payments, what is the approximate change in monthly payments as a result of the refinancing?