Does residual income just subtract taxes and social security from my gross income? My net income includes $640 in deductions for healthcare, mandatory retirement and a flexible spending account. The FSA is $208 and will end Aug 31 if it matters. Even if all deductions are included, I think we're OK for a $170k loan:
$4600 Net
$490 car pymts
$145 student loans
$269 credit cards
$308 (.14/sq ft maintenance on 2200 sq ft)
$623 child care
$1270 monthly payment (170k plus 3000 annual taxes, 2200 annual insurance)
If this is right, it looks like we have $1495 remaining, well over the $1003 required for a family of 4 in Texas. My husband's MyFico EQ score is 691 currently, mines only 662 but should go up as my reports are updated, bringing a few cards down to zero and my utilization from 67 to 59%.
Can anyone check my numbers to see if my thinking is on the right track and how this looks? I'm hoping this is correct as $170k would put us at 45% DTI since some of my husband's income can't be included.
Thanks!
