spring for new router bit(s) or make a jig, you can do it with it a drill and router bits you most likely already have. As an example, lets say you want to wind up with a 3/4" hole...
- Drill a hole with a 1/2" drill bit. It doesn't matter if it isn't completely vertical as long as you are close.
- Use a 3/8" router bit with a 1/4" shank with the depth set to less than the depth of the hole and run it around the hole using the shank as a bearing. The part you cut is now 3/4" and vertical.
- Turn the workpiece over. Use any router bit less than the diameter of the hole with a shank the same size (eg, 1/2 & 1/2, 1/4 and 1/4) and run it around the hole using the shank as a bearing on what you cut in #2.