Assume mortgage rates increase to 7.5 percent and you borrow $329,000 for 30 years to purchase a house.What will your loan balance be at the end of the first 15 years of monthly payments?

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Using a mortgage calculator with the given parameters, the monthly payment for a 30-year mortgage with an interest rate of 7.5% and principal of $329,000 is $2,310.54.

After 15 years, you would have made 180 payments. Using the same mortgage calculator with the remaining balance after 15 years and the remaining term of 15 years, the loan balance would be $248,153.73.

Assume Mortgage Rates Increase to 7