Help me with my DTI calculation

Tooliebell · ‎12-01-2011

My LO says my DTI is 49% but I am not getting that when I do it myself.

Income: 44,387.20 per year

Farm Loss: calculated by lender as 3828 per year

Which means income should be 40,559.20 per year

Debts:

Current Home 473.00 with escrow payment

New home purchase would be 154,700, $7,700 down=$147,000

I was figuring the payment with escrow at $1033 per month. Taxes are 1800 per year, insurance 981.00 per year.

So if I add that all up 473+1033=$1506

divided by income 40,559.20/12=3379.9

which is 44.6%.

Am I off somewhere?

PixieQueen80 · ‎12-01-2011

Do you have any other monthly obligations that show up on your credit report such as car payment, student loan, credit cards? All of these were taken into consideration when calculating my DTI ratios.

Starting Scores (7/26/2010): EQ 517; TU 508; EX 527 (lender)
Scores Along the Way (11/4/2010): EQ 542; TU 547; (11/8/2010) EX Plus 641
Scores Along the Way: (4/15/2011): EQ 516; TU 622; EX 585 (lender)
Scores Along the Way: (8/25/2011): EQ 617; TU 627; EX 625 (lender)
Scores Along the Way: (11/28/2011): EQ 617; TU 645; EX 667 (lender)
Current Scores: (8/9/2013): EQ 634; TU 662; EX 694 (lender)
Closed on a Home: 12/30/2011 Goal Scores (8/25/2014): 700 club

Tooliebell · ‎12-01-2011

Nope, that is it.

Tooliebell · ‎12-01-2011

Found out there is a student loan account reporting on my credit report that I don't know anything about! It is isn't in repayment and I graduated from college about 7 years ago!

Guess I have to try and get that taken care of too.

PixieQueen80 · ‎12-01-2011

Glad, you found where the error is coming from.

Starting Scores (7/26/2010): EQ 517; TU 508; EX 527 (lender)
Scores Along the Way (11/4/2010): EQ 542; TU 547; (11/8/2010) EX Plus 641
Scores Along the Way: (4/15/2011): EQ 516; TU 622; EX 585 (lender)
Scores Along the Way: (8/25/2011): EQ 617; TU 627; EX 625 (lender)
Scores Along the Way: (11/28/2011): EQ 617; TU 645; EX 667 (lender)
Current Scores: (8/9/2013): EQ 634; TU 662; EX 694 (lender)
Closed on a Home: 12/30/2011 Goal Scores (8/25/2014): 700 club