How do I calculate my debt-to-income ratio?
An example of an AI chatbot conversation about calculating debt-to-income ratio.
How do I calculate my debt-to-income ratio?
To calculate your debt-to-income (DTI) ratio, divide your total monthly debt payments by your gross monthly income.
What types of debts should I include in this calculation?
Include all recurring monthly debts like mortgage payments, car loans, student loans, and credit card payments.
Is there a specific DTI ratio I should aim for?
Generally, a DTI ratio below 36% is considered good, but some lenders may accept higher ratios depending on other factors.
Can I improve my DTI ratio?
Yes, you can improve your DTI by paying down existing debts or increasing your income.
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