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.
A general rule is that you can qualify for a loan of up to twice the family's income (i.e. a family with income of $30,000 a year usually can qualify for a mortgage of up to $60,000). Often, the amount you earn may not be as important as how you earn it.