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.
â¢ The length, or term, of your mortgage affects how much mortgage you can afford. Most mortgages are for either 30- or 15-year terms. A 30-year mortgage is the most common because the mortgage payment is lower.