♥ Mary ♥ asked:
I have an income of $1497 a month and pay $225 for a home equity loan. (That’s it, no mortgage, no auto loan and no credit cards.) What is my debt to income ratio?
Jean
I have an income of $1497 a month and pay $225 for a home equity loan. (That’s it, no mortgage, no auto loan and no credit cards.) What is my debt to income ratio?
Jean
Annette
15.03%
Nellie
even with a number, be warned that there are other factors.
NO one, not even a bank is going to believe that it does not take more than 225 for you to live.
If you apply for a loan there are going to be realistic living expenses calculated for example although it is not a debt, you will need to eat and quite possibly pay for gas, taxes on your home, electric etc.
Congrats for being nearly debt free
so many of us are jealous!
Glenda
Take your total debt and divide it by your total income and voila- DTI.
Melinda
225:7