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What are all the bills in debt-to-ratio calculation?
I keep looking at all these debt ratio calculators to try and figure out my percentage, but they all ask for mortgage, credit card, loans and car loans. Then the last question is all other bills? So what bills do I include in this? do I include my cell, electric, water, car insurance? can any one tell me what bills exactly do banks calculate?
thanks
2 Answers
- 9 years agoFavorite Answer
Only something to which you owe on like loans, outstanding bills. Not regular bills like rent, electric, car ins are not included those are just normal regular monthly bills not debt. Unless youre past due on your accounts then that is considered debt
- ReenaLv 79 years ago
Include all bills that show up regularly and are not covered in the first set of categories. That means yes, cell phone, utilities, car insurance, cable, etc. etc.
If it shows up once a month and wants to be paid... it's a bill that belongs under "all other bills". If you pay certain bills quarterly then divide the amount by 3 to find out what your monthly obligation would be.
The bank will want to see all bills.... to make sure you have enough cash available to pay the mortgage and the remaining bills without going broke every month.
