Debt 2 Income Calculator 1.0

Heng Jia Liang ❘ Commercial ❘
iOS
out of 5 votes

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The Debt to Income Calculator is a tool designed to assist you in determining your financial standing by calculating the ratio between your current income and debt obligations.

Utilize this debt-to-income ratio calculator, also known as a DTI calculator, to assess your risk level concerning debt management and potential loan eligibility based on your financial circumstances. Lenders generally follow specific guidelines when assessing credit applications. This calculator provides both front-end and back-end debt-to-income analyses.

Debt-to-Income Ratio: The percentage of your monthly income allocated towards various debt payments, such as mortgages, student loans, auto loans, minimum credit card payments, and child support.

Debt Payments / Income Example: For instance, if Peter earns $10,000 monthly and his total debt payments amount to $3,800, his debt-to-income ratio would be 38 percent. ($3,800 / $10,000 = 0.38)

Front-End Ratio: A common rule among lenders states that your monthly housing expenses should not exceed 28 percent of your income before taxes, encompassing principal, interest, taxes, and insurance – known as the "housing ratio" or "front-end ratio."

Back-End Ratio: Lenders consider the "back-end ratio," which factors in all debt obligations (e.g., car loans, student loans, minimum credit card payments) alongside housing costs. Ideally, lenders prefer a back-end ratio of 36 percent or lower.

Ratio Flexibility: The typical thresholds of 28 percent front-end and 36 percent back-end ratios aren't absolute requirements. Many lenders approve applicants with higher debt-to-income ratios under the "qualified mortgage rule," which provides legal protection for well-documented mortgages up to a 43 percent back-end ratio.

Credit History: A positive credit history can lead to lower interest rates and potentially higher loan amounts. Borrowers with credit scores of 740 or above typically secure the most competitive rates.

We appreciate your interest in our tool and invite you to explore additional applications for iOS devices at nitrio.com.

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