one year ago, you could have purchased a home for $400,000, making a 20% downpayment and borrowing the rest through a 30 year loan at a rate of 3%. if over the past year, home prices rose by 20% and prevailing mortgage rates have risen to 6.5% (for similar 80% loan to value mortgages), what is the approximate difference in your mortgage payment today if you bought the house at the current price and under current mortgage terms?
