mortgage payment increase?
Well, dear listener thanks for sharing, but that is true only if you pay it off in one year. With a 25-year amortization the increase in payment is approx. $48 per 1% increase per $100,000.
However, with an average mortgage of $600,000 that comes to close to a $300 increase and if rates (like in the US) go up by 3% then that $600,000 mortgage payment increases by almost $900 even with accounting for amortization. And the $1 million mortgages? Is $1500 more per month.