This debt to income ratio calculator (or DTI calculator for short) is a handy tool for every person who has taken any kind of loan, including a mortgage.It will tell you how profoundly indebted you are and whether you can afford yet another loan without disastrous consequences.
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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.
The question: "how much home can I afford?" The answer: it depends on your DTI. "DTI" stands for Debt To Income ratio and it’s relatively easy to calculate (see calculator below). You add up your total monthly debt obligations and then divide that number by your total gross monthly income.
Did You Know? You need to enter the expenses for the home you would like to purchase, not for your current living situation. If you don’t know the monthly mortgage payment for the home you would like to purchase, use our Mortgage calculator.
· The debt-to-income ratio is one of the most important factors mortgage lenders use to evaluate the creditworthiness of borrowers. It measures the size of your monthly debt burden relative to the size of your monthly pay. And in addition to your credit score and other financial information, it helps lenders decide whether you’re capable of taking on another loan.
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Borrowers looking to maximize their mortgage amount should pay down their debt to improve their debt-to-income ratio before they apply for a mortgage Use our Debt-to-Income Ratio Mortgage Calculator to understand how changes in your monthly debt expense impact how much mortgage you qualify for.
Knowing how lenders calculate the debt to income ratio can help you get a head start. If you know your debt ratio is high, you can work it down.
The Debt-to-Income Ratio, also known as "DTI Ratio", are simply a couple of percentage representing applicant debt compared to their total income. Lenders use mortgage debt-to-income ratio percentages to evaluate a borrowers ability to repay them as agreed. Maximum debt-to-income ratios may vary based upon the mortgage program and the lender.