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.
Dave Ramseyâs Financial Rules of Thumb # 1 â How much house can I afford? Financial Rule of Thumb: Limit your mortgage payment (including insurance, HOA fees and taxes) to 25% or less of your monthly take-home pay on a 15-year fixed-rate loan. Analysis: Sound advice here. If you can afford to save 20% down and take out a 15-year mortgage, youâre doing a lot of things right.