To calculate the back-end ratio, figure out how much you pay monthly in total debt – student loans, car payments, credit card bills, other loans, etc. Add to this figure the proposed mortgage payment and then divide that total by your gross monthly income. If your potential mortgage payment is $2,000 and all your other monthly liabilities add up to $1,500, then you would divide $3,500 by your $10,000 gross monthly.
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When you apply for a mortgage or any other type of loan, the lender calculates your future debt to income ratio. The sweet spot for approval is a ratio of 41% or less. Keep in mind that the underwriter assesses your future debt ratio, not the one you have right now.
To calculate your debt-to-income ratio, you add up all your monthly debt payments and divide them by your gross monthly income. Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out.
The debt-to-income (DTI) ratio is the percentage of your gross monthly income that goes to paying your monthly debt payments. Generally, 43% is the highest DTI ratio a borrower can have and still.
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· While accepted debt-to-income ratios vary by lender, generally a DTI of 36% or lower is considered a good debt-to-income ratio. Many lenders will finance (up to) a 43% DTI. Many lenders will finance (up to) a 43% DTI.
When lenders are considering you for a loan, they often look at two main things: your credit reports and scores, and your debt-to-income ratio (DTI).. Your DTI is a calculation that looks at how much you earn each month versus how much you owe, and it is used by lenders to measure your monthly ability to repay new debt.
Zillow’s Debt-to-Income calculator will help you decide your eligibility to buy a house.
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How to Calculate Your Debt-to-Income Ratio One of the main factors mortgage lenders consider when determining your ability to afford a home loan is your debt-to-income (DTI) ratio. Your DTI ratio is the relationship between your monthly debt payments and gross monthly income. When you calculate DTI, the ratio is expressed as a percentage.