The problem most people have with trying to update a laptop is the power requirements. Laptop manufacturers are notorious for providing only the minimum power necessary for a laptop's given configuration.
https://support.hp.com/us-en/document/c04027668#AbT0
If the I7 is a 43watt processor and your current I5 is a 35 watt processor, you're not going to have enough power to run the I7.
Same goes for the graphics. Anything that exceeds your current power requirements is likely not going to work.
Of course, all of the above depends on whether or not you actually can update this laptop. The GPU and GPU may be soldered to the motherboard.
Look up your motherboard specifications as well as your current power unit.
-Wolf sends