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For this example, divide your monthly debt payments ($2,400) by your total monthly gross income ($6,000). In this case, your total DTI would be 0.40, or 40 percent. To confirm your number, use a ...
GROSS MONTHLY INCOME $.00. CALCULATE. DEBT-TO-INCOME-RATIO: % See: Free Online Financial Calculators. Why Do I Need To Know My Debt-to-Income Ratio?
To calculate your front-end ratio, add up your monthly housing expenses only, divide that by your gross monthly income, then multiply the result by 100. It would come to 30 percent: 1,800 6,000 x ...
This is a different ratio, because it compares a cashflow number (yearly after-tax income) to a static number (accumulated debt) - rather than to the debt payment as above. The Institute reported on February 17, 2010 that the average Canadian Family owes $100,000, therefore having a debt to net income after taxes of 150% [7]
Here are factors to consider as you calculate how much house you can afford on your $170K ... (your total monthly debt limit) ... your debt-to-income ratio gauges how your ongoing debt aligns with ...
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Then divide your total debt by your gross or pre-tax monthly income. Multiply the result by 100 to convert that number into a percentage. This figure is your DTI.