Calculating debt to income Mortgage Mondays #69

Calculating debt to income Mortgage Mondays #69. Math 1324 Finding Mortgage Payment

Calculating debt to income Mortgage Mondays #69 video duration 2 Minute(s) 39 Second(s), published by Matt the Mortgage Guy on 07 06 2016 - 03:13:37.

https://www.mattthemortgageguy.com 916-529-7600 This episode I talk about calculating debt-to-income
For most people this really is a simple math equation https://www.mattthemortgageguy.com 916-529-7600 This episode I talk about calculating debt-to-income
For most people this really is a simple math equation .

This video provides an example of how to determine a monthly mortgage payment when the loan requires a down payment and points
The results are also http://www.ratehub.ca - Land Transfer Tax is added to the sale of homes in most provinces
Real estate lawyer Shadi Nasseri shows you how to calculate it, This is Tim finding the principal and interest payment (PIP) for a 30-year mortgage for his Math 1324 class.

https://www.mattthemortgageguy.com 916-529-7600 This episode I talk about calculating debt-to-income. For most people this really is a simple math equation and can be done easily. For some self employed and variable income borrowers it is more complex but for the majority it's an easy thing to figure out.

Matt, the mortgage guy. Mortgage Mondays. Episode 69 -, where I’m talking about calculating debt to income. For most mortgages, you’re going to have a yearly pay, - monthly pay, - on a debit to that’s fairly consistent. You know what your cross monthly income is and in that case you can do simple math formula to figure out how much you’re going to qualify for and the basics of it are; you take your cross monthly income, let’s call it six thousand ($6000), for an example, multiply (x) that by 45%. Six thousand ($6000) times 45%, is twenty-seven-hundred ($2700). Your monthly debts cannot exceed twenty-seven-hundred ($2700) and that includes the new mortgage.

So, do you have three-hundred-and-fifty ($350) a month car payment, two-hundred-and-fifty ($250) a month in student loans and a hundred ($100) a month in credit card debts, you minus (-) that seven hundred ($700) of the twenty-seven-hundred ($2700) a month figure and you got two thousand ($2000) a month in which you qualify for a mortgage. Qualify for a mortgage of up to two thousand ($2000) a month. So, that’s the basics of it, your current debt plus (+) the mortgage cannot exceed 45% of your cross monthly income.

Again, real quick, for demonstration, you take your cross monthly income you multiply (x) it by 45% and that’s how you get your maximum “debt-to-income” and that “debt-to-income” is going to include on the debt sides; current debts plus (+) your future mortgage.

Any questions at all, feel free to reach out. Hope I didn’t go to fast on that and obviously there’s just thousands and thousands of different scenarios based on how you get paid, when you get paid, how you file your tax returns and things of that nature.

So I’m happy to look at your scenario if you’d like.
Matt, the mortgage guy: Mortgage Mondays.
Until next week

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