Kay word: Calculate DTI
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The debt-to-income (DTI) ratio is a personal finance measure that compares an individual’s monthly debt payment to their monthly gross income. Your gross income is your pay before taxes and other deductions are taken out. The debt-to-income ratio is the percentage of your gross monthly income that goes to paying your monthly debt payments.
DTI=Total of Monthly Debt Payments/ Gross Monthly Income
If you want to apply for a mortgage loan ,your DTI must under 50% or lower. Here’s an example showing how to calculate your DTI:
John's monthly bills and income are as follows and we can calculate the DTI -40%.
|
Bills and income |
Amount |
Total |
DTI |
|
Mortgage |
$1500 |
$2720 |
2720/6800=40% |
|
Property Tax |
$480 |
||
|
Homeowner insurance |
$80 |
||
|
Car lease |
$340 |
||
|
Credit card |
$320 |
||
|
Gross Income |
$6800 |
$6800 |
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