Discover Your Debt to Income Ratio

Applicant Reference DISCOVER, YOUR RATIO DEBT TO INCOME When you shop for a mortgage or another loan, one of the key factors a lender takes into consideration is your debt-to-income ratio. This is the ratio between how much you owe each month in personal debt and how much you earn. Use This Formula To Figure Out Debt-to-income Ratio Minimum Monthly Credit Card Payments CREDITCA Monthly Car Loan Payments Other Monthly Debt Payments Expected Mortgage Payments total - Monthly Gross Income Debt-To-Income Ratio = When shopping for a mortgage Your housing expenses alone lenders want your debt-to-income should not exceed 28% of you ratio to be no higher than 36% total monthly gross income. When it comes to 28% 36% getting a loan, the lower your debt-to-income ratio the better. housing expenses income income expenses