Debt-to-Income calculator
Debt-to-Income Calculator (DTI)
Debt to income is an important sign of a person’s debt load. It is used by lenders to determine how much of a risk it would be to lend to you. DTI can be used by loan providers, credit card firms, and auto dealers to evaluate the risks of doing business with you and whether you will be able to pay back what you owe. Different lenders have different requirements for what a reasonable DTI is. Nonetheless, the lower DTI ratio is preferable.
Are you ready to buy a house? Use this Debt-to-Income Calculator to determine whether you are eligible for a home loan. Lenders use your debt-to-income ratio to determine whether to lend you money or extend credit. Use this calculator to input your monthly debts and annual income to get a better understanding of your DTI and find out how much money you could borrow for a new home.