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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