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 can buy a $500,000 house, put down $450,000, and get a mortgage for $50,000 that might be affordable on $30,000 a year.Your repayment burden is driven by the loan, not necessarily by the purchase price.f you're assuming the purchase price is roughly equal to the loan amount, then you're assuming little or no down payment, and you're in the realm of government loans... If you go through the loan qualification process for a government loan, you'll find out exactly how much you can afford.