A $400,000 Home Could End Up Costing $836,280 in 2022

By now, I’m sure you’ve heard that buying a home has gotten astronomically more expensive in just the past 12 months as interest rates on mortgages shot up, an intentional shift stemming from the Federal Reserve’s efforts to fight record-high inflation. You may have also heard that interest rates for a 30-year mortgage are approaching 7%, rising steadily from less than 3% a year ago (with further increases predicted), and vaguely thought, Gee, that is a lot! But when you actually break down what that means for homebuyers now, it’s a dizzying, infuriating amount more.

The new rates add hundreds...