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How do I calculate my debt-to-income ratio for a mortgage?
Posted : 28/04/2024 3:16 pm
To calculate your debt-to-income (DTI) ratio, you need to divide your total debt figure by your total gross income.
Here's a step-by-step guide to do this
1. Calculate your monthly income by adding up all your income from all sources.
2. Calculate your monthly debt by adding up all your monthly debt payments.
3. Divide your total monthly debt payments by your total monthly income.
4. The result is your DTI ratio.
For example, if your total monthly debt payment is $2,000 and your total monthly income is $6,000, your DTI ratio is 0.33 or 33 percent.
Posted : 30/04/2024 10:14 pm