What happens to my mortgage payment if Interest Rates Rise?

If you wait to buy a Home for any reason, you stand the chance of interest rates rising. We do not have the economy for interest rates to fall, so I doubt that will happen.

Say you would be financing a $200,000 mortgage for 30 years.  You were quoted a 4.5% interest rate. 
Your Monthly Principal & Interest Payment would be: $1013.
Over 10 years you would have paid approx $82,000 in interest.

But, you wait a year, interest rates rise to 5.5%.
Your Monthly Principal & Interest Payment would now be: $1135.

Over 10 years you would have paid approx $101,000 in interest.