Simplified Debt-to-Income Worksheet | Get the Lead Out ...



Simplified Debt-to-Income Worksheet

‘Get the Lead Out’ Prequalification

In order to do a quick check to determine whether you may be eligible for an amortizing ‘Get the Lead Out’ loan, fill in the columns below as appropriate, add them up, and divide the totals to calculate a rough estimate of your Debt-to-Income ratio. If the ratio is 50% or more, you may not qualify for the loan.

Gross Monthly Income:

Regular income $__________

(if weekly, multiply by 4.3)

Bonuses, commissions $__________

or tips, if usual

Monthly dividends $__________

or interest earnings

Government Assistance $__________

or benefits

Other______________ $__________

Total Income: $__________

Total Monthly Debt:

Mortgage payment or Rent $__________

1/12th real estate taxes $__________

(if not included in mortgage)

1/12th hazard insurance $__________

(if not included in mortgage)

Other house debt $__________

(sewer, water, trash fees, etc.)

Car loan payment $__________

Education or student loan $__________

Child Support $__________

Credit card payment, $__________

minimum monthly x 2

Installment loan $__________

(i.e., furniture, appliances)

Other debt____________ $__________

Total Debt: $__________

Now, do the calculation: Divide the total monthly debt $_________ into the total monthly

income $__________ to find the Debt-to Income (DTI) ratio of ._________, or _________%.

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