A family earning $60,000 should be able to comfortably afford housing costs in cities where the median household income ranges from $55,000 to $65,000. That is lower than the threshold of 30% which the Department of Housing and Urban Development defines as housing cost-burdened.

Divide your interest rate by the number of payments you’ll make in the year (interest rates are expressed annually). So, for example, if you’re making monthly payments, divide by 12. 2. Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount.

For example, the interest on a $30,000, 36-month loan at 6% is $2,856.

This is a one word answer. What would be the interest cost(simple interest) for a $3000 loans with a 8% rate for nine months of a years? [Simple interest= PrincipalRateTime.

Depending on your needs the cheapest way to borrow money will most likely be a personal loan or a credit card. These aren’t the only ways of getting hold of money, however. You can also use a bank current account overdraft or borrow against the value of your house.

Pay back the loan in 4 years or less. Don’t spend more than 10% of your income on payments and insurance. Rough estimate: your annual income should be at least 2.5 times the purchase price. So to afford a car that costs $70,000, you would need to make at least $175,000 per year.

$60,000 Car Loan. Calculate the Monthly Payment.

The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income. That’s a $120,000 to $150,000 mortgage at $60,000. Lenders want your principal, interest, taxes and insurance – referred to as PITI – to be 28 percent or less of your gross monthly income.