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House Payment To Income Ratio

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Instead of worrying about your debt-to-income ratio, you should work towards lowering the number to a more favorable percentage. The DTI is an important tool for lending institutions, but it is only one of the many barometers they use to gauge how safe it would be to lend you money.

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How To Calculate Your Income. To determine your DTI ratio, simply take your total debt figure and divide it by your income. For instance, if your debt costs $2,000 per month and your monthly income equals $6,000, your DTI is $2,000 ÷ $6,000, or 33 percent.

Lender’s Criteria. Debts include credit card payments, child support and other outstanding loans (auto, student, etc.). In other words, if you pay $2,000 each month in expenses and you make $4,000 each month, your ratio is 50%: Half of your monthly income is being used to pay debt.

One week’s paycheck is about 23 percent of your monthly (after-tax) income. If I had to set a rule, it would be this: Aim to keep your mortgage payment at or below 28 percent of your pretax monthly income. aim to keep your total debt payments at or below 40 percent of your pretax monthly income.

To calculate your debt-to-income ratio, add up all the payments you make toward. and housing expenses-either rent or the costs for your mortgage principal,

Total Debt-to-Income Ratio. Your total debt-to-income ratio, sometimes called the back-end ratio, shows what percentage of your income goes toward all debt obligations, including the mortgage, credit cards and your car payment. Normally, your back-end ratio should not exceed 43 percent of gross monthly income.

Home Price Growth Falls Below 25-Year Average – The current rate of 22 percent of median income required to purchase the average-priced house is the lowest payment-to-income ratio in more than a year and below the 25 percent average set between.

Ideally, lenders prefer a debt-to-income ratio lower than 36%, with no more than 28% of that debt going towards servicing a mortgage or rent payment. The maximum DTI ratio varies from lender to.

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