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.
To keep it simple, a 130,000 mortgage at 4.5% for 30 years would be $658.69 for your principal and interest payment. If you could afford to do a 15 year loan, at the same interest rate, the monthly payment would be $994.49 and you would save nearly $60,000 in interest. the average mortgage payment is around $1400.00 a month. believe it or not when i bought my house in 1972 my mortgage was $143.75 a month.