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.
Using traditional mortgage underwriting rules, your income will qualify you for a roughly $220K mortgage. That presumes a 35% DTI, no PMI (20% down), about $300/mo for taxes and insurance, all at 4.5% on a 30 year.ating Newest Oldest. Rule of thumb is that you can afford a house that is about 3 times your gross annual income. Some people qualify for more based on their individual situation (mine is 4x). For a $300,000 mortgage, you need a gross income of at least $100,000.