Enter your income and expenses to see what is left each month, where your money goes, and your debt-to-income ratio.
Enter each income and expense either per month or per year, and the calculator converts everything to a yearly and monthly figure. Your income tax is taken from your total income to find your after-tax income. Your expenses are then subtracted from that to show what is left over, or the shortfall if you spend more than you earn.
Contributions to a 401(k), an IRA or a college savings plan usually come out of your pay before tax. Because that money is not taxed, the calculator reduces these contributions by your tax rate, so they are compared with your after-tax income on the same basis as everything else. Stocks, bonds and other savings are counted at their full amount. Financial planners often suggest putting aside at least 15% of your income into savings and investments.
The debt-to-income ratio, or DTI, is the share of your gross income that goes to housing and debt payments each year. Housing is mortgage or rent, property tax, insurance and HOA fees; debts are auto, credit card, student and other loan payments. A ratio under 35% is generally considered good, 35% to 49% leaves room for improvement, and 50% or more is very high. The front-end ratio looks at housing costs alone.
The calculator adds up all your income for the year, then removes the income tax rate you enter. Everything is treated as taxable at that one flat rate.
These contributions are made before tax, so they cost you less than their face value. The calculator multiplies them by one minus your tax rate to show what they cost you after tax.
Below 35% is generally seen as good. From 35% to 49% there is room for improvement, and 50% or higher is very high and may put you at financial risk.
Mortgage, rent, property tax, home insurance, HOA fees, and auto, credit card, student and other loan payments. Utilities, home maintenance and living costs are not included.
It is your yearly housing costs divided by your gross yearly income. Lenders use it alongside the full DTI ratio.
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