We agree with the contractor that the damages resulting from increased interest rates are consequential damages. Increases in interest rates are not caused by delays in completion of construction contracts.
So you can multiply your current rent by 1.33 to arrive at a rough estimate of a mortgage payment. Hereâs an example: If you currently pay $1,500 per month in rent, you should be able to comfortably afford a $2,000 monthly mortgage payment after factoring in the tax benefits of homeownership.
You won't have to guess whether you can afford that new home you want to buy using the basic recommendation of lenders for a salary-to-mortgage ratio. How much other debt you're carrying and how much of a down payment you plan on making will also affect what you may be able to afford.he standard industry recommendation for mortgage payments is that no more than 28 percent of your gross income should go to your monthly payments. To calculate this, simply multiply your annual, gross income by .28 and divide by 12.