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.
The usual rule of thumb is that you can afford a mortgage two to 2.5 times your income. At $60,000, that's a $120,000 to $150,000 mortgage. You also have to be able to afford the monthly mortgage payments, however.