What is debt-to-income ratio?
An example of an AI chatbot conversation about understanding debt-to-income ratio.
What is debt-to-income ratio?
The debt-to-income ratio (DTI) is a financial measure that compares your total monthly debt payments to your gross monthly income.
Why is the debt-to-income ratio important?
It's important because lenders use it to assess your ability to manage monthly payments and repay debts.
How do I calculate my debt-to-income ratio?
To calculate your DTI, divide your total monthly debt payments by your gross monthly income and multiply by 100 to get a percentage.
What is considered a good debt-to-income ratio?
A good DTI is typically below 36%, with no more than 28% of that going towards housing expenses.
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