For example, a mortgage lender will use your debt-to-income ratio to figure out the mortgage payment you can handle after all your other monthly debts are paid. You can easily calculate your debt-to-income ratio to figure out the percentage of your income that goes toward paying down your debts each month.
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Obligations commonly used to calculate your debt-to-income ratio include mortgage (including escrowed taxes and insurance) or rent payments, car payments, student loan payments, personal (and other) loan payments, loan payments on any loans you’ve co-signed (an important line item for parents with debt-burdened adult children), alimony, child.
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· Debt-to-income ratio is a measure of risk expressed in a percentage that is primarily used by lenders to determine if you qualify for a loan. DTI is most closely associated with buying a home because in order to get a qualified mortgage you must have a DTI lower than 43 percent. How to Calculate Debt-to-Income Ratio
Some lenders, like Prosper, only accept borrowers with DTI ratios below 35% to 45%. Some lenders will calculate your DTI ratio excluding mortgage or rent.
To calculate your debt-to-income ratio, you would divide $1,800 by $4,000, which is 0.45. Multiply that number by 100 to get 45%. Using the example above, your back-end DTI ratio, which excludes your mortgage payments, would be 20% ($800 ÷ $4,000).
This number is one way lenders measure your ability to manage the payments you make every month to repay the money you have borrowed. To calculate your debt-to-income ratio, you add up all your monthly debt payments and divide them by your gross monthly income.
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Zillow’s Home Affordability Calculator will help you determine how much house you can afford by analyzing your income, debt, and the current mortgage rates.