If an adjustable-rate 25-year mortgage for $126,000 starts at 6.5 percent and increases to 7.0 percent, what is the increase in the monthly payment amount? Use Exhibit 7-7. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Monthly payment increase

$

Exhibit 7-7 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount)