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In 2021, a standard 30-year fixed mortgage in the US could be had for somewhere...

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Accounting

In 2021, a standard 30-year fixed mortgage in the US could be had for somewhere around 3%. Following a series of interest rate increases by the Federal Reserve, that number is now above 7%. Suppose in 2021 you were interested in buying a house worth $521,000 by taking out a 30-year mortgage at 3% rate and 20% down payment. How much higher will your monthly mortgage payments be now for the same house at a 7% rate (same house price and percent down payment). Answer in whole dollars.

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