Estimate the share of your gross monthly income that goes toward required payments. See the figures behind your current ratio and compare the effect of a proposed monthly payment.
This is an estimate based on the obligations and income you include. Lenders can use different definitions and limits. Use your take-home budget to assess everyday affordability.
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Quick reading
Use required payments rather than balances or extra payments you choose to make. Include your applicable housing obligation once. Keep income and obligations for the same people, and confirm which obligations a lender will count if you are comparing a specific loan.
Method and limits
DTI equals included required monthly payments divided by gross monthly income, multiplied by 100. Convert weekly income using 52 payments per year, every two weeks using 26, twice monthly using 24, and annual income using one. Divide the annualized total by 12. A zero or missing total gross income cannot produce a ratio.
Add a new payment to the current total, or replace the current housing amount with the proposed housing payment. The change is computed from the unrounded ratios and expressed in percentage points.
Sources
CFPB: debt-to-income ratio and worked example
Fannie Mae: an example of lender-program debt rules
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