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Figuring out debt to income

New Visitor

Figuring out debt to income

Can someone tell me which of my bills calculate this?

I have 4000 left on a student loan that I pay, 850 rent, about 100-200 reports on my 4 cards each month (total), no car payment (take Bart so I'm not sure they include that), 61300 salary

Thank you
Message 1 of 4
Valued Contributor

Re: Figuring out debt to income

If I understand it correctly (and someone please correct me if that's the case) DTI is calculcated with any recurring debt like loans, cc payments, mortgage, and so on. In your case depending how much your payment is on your student loan I would take that amount and add the other amounts you already provided to the rought estimate of $1050. Then take that total and divide by the ~$5000 a month you make and that will more or less determine your DTI.

FICO 08 Scores (Mar-18): TU 811, EQ 810, EX 805

Message 2 of 4

Re: Figuring out debt to income

DTI is rent or mortgage+car payment+min cc + any other loan payments (all monthly) divided by gross monthly income.  This is what banks use to determine your DTI

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | Barclay's | US Bank | Fifth Third Bank | FNBO
Message 3 of 4
Community Leader
Legendary Contributor

Re: Figuring out debt to income

Additionally, if the DTI is being calculated as part of a mortgage underwriting process, such as FHA, there may be various regs that provide for inclusion in the DTI calculation a percentage of amounts owed on reported collections.

Calculation of DTI has various factors that are dependent upon the intended use of the ratio.

Message 4 of 4