Run the numbers for a self employed borrower in seconds with the income calculator on this page, then upload the statements here to get every deposit in Excel, ready to tag as eligible or excluded. Built for loan officers and processors working non-QM bank statement loans.
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Qualifying income from bank statements is the eligible deposits for 12 or 24 months, minus excluded deposits such as transfers and loan proceeds, divided by the number of months. Business accounts also apply an expense factor, commonly 50 percent unless a tax professional attests to a lower ratio, and the borrower ownership share. Example: $450,000 of eligible business deposits x 50% x 100% ownership / 12 = $18,750 a month.
A business account can carry 60 to 150 deposits a month. Twelve months is up to 1,800 lines, twenty four months is double, and every one has to be copied out of a PDF and marked eligible or excluded before the worksheet means anything. That is where bank statement loan files stall.
Estimate qualifying income instantly, then convert the actual statements so the full calculation is a filter and a sum.
Expense factor and ownership for business accounts, straight deposits for personal accounts, 12 or 24 months.
Date, description and amount on one row each, credits separate from debits, from PDF or scanned statements.
Filter transfers, loan proceeds, refunds and NSF items by description instead of reading every page.
Plus uploads up to 50 statements in one batch, so a full 24 month file converts together.
The same routine for a 12 month or a 24 month file.
Upload the 12 or 24 monthly PDFs and download the transactions as Excel or CSV.
Filter to credits and mark transfers, loan proceeds, refunds and unsourced large deposits as excluded.
Enter total and excluded deposits, expense factor and ownership from your investor matrix.
Keep the spreadsheet with the file so the underwriter can trace every included deposit.
People who qualify self employed borrowers on deposits instead of tax returns.
Pre qualify a self employed borrower on the first call with a realistic monthly income figure.
Build the income package from 12 or 24 months of statements without keying every deposit.
Recheck the broker figure against a full export of the deposits and NSF items.
Enter the total deposits from the statements, the deposits your guideline excludes, the number of months and the account type. For business accounts, add the expense factor and the borrower ownership share. The monthly qualifying income updates as you type. The default figures are the worked example used on the rest of this page.
Business accounts: eligible deposits x (1 minus expense factor) x ownership, divided by months. Personal accounts: eligible deposits divided by months. Your investor guideline governs the final number, including which deposits count.
The slow part of a bank statement loan is not the arithmetic above. It is getting 12 or 24 months of deposits out of the PDFs and into a sheet where you can tag each one as eligible or excluded. The converter at the top of this page does that: upload the statements and download every transaction in Excel or CSV, with the date, description and amount in their own columns, ready to filter by credits.
Add up the eligible deposits for the period, subtract any the guideline excludes, apply the expense factor and the borrower ownership share if the account is a business account, and divide by the number of months. For personal accounts most non-QM programs skip the expense factor and divide eligible deposits by the months reviewed. The investor matrix you are submitting to always decides the details.
As a concrete reference we used the Non QM Bank Statements matrix from NDM, effective March 2, 2026. For business and commingled statements it states the calculation as 12 months of deposits that are clearly business related, times the percentage of ownership, times the expense factor, divided by 12. For personal statements it counts business related deposits and transfers from the documented business account, divided by 12, with no expense factor, and asks for three months of business statements to show the business cash flow. Other investors differ on the details, so treat the table below as the shape of the calculation, not a substitute for the matrix.
| Statement type | How the deposits are counted | Typical formula | Worked example, 12 months |
|---|---|---|---|
| Business bank statements | Business related deposits only, less an expense factor | Eligible deposits x (1 minus expense factor) x ownership / months | $450,000 x 50% x 100% / 12 = $18,750 a month |
| Business, CPA or tax preparer letter | Same deposits, lower expense ratio if a licensed tax professional attests to it | Same formula with the attested ratio (NDM floor: 10%) | $450,000 x 70% x 100% / 12 = $26,250 a month at a 30% ratio |
| Business, 50% owner | Same deposits, cut to the borrower share | Formula above x 50% ownership | $450,000 x 50% x 50% / 12 = $9,375 a month |
| Personal bank statements | Business related deposits and transfers from the business account, no expense factor | Eligible deposits / months | $150,000 / 12 = $12,500 a month |
| Commingled account | One personal account used for business and personal money | Treated like business statements by NDM | Apply the business formula to the business related deposits |
50 percent is the common standard. The NDM matrix applies a standard 50 percent expense factor to business bank statements and accepts a lower ratio only when a licensed tax professional verifies it in a letter, with a floor of 10 percent. Ocrolus builds the same three routes into its calculator: a standard expense factor, a CPA or licensed tax preparer factor, and a factor derived from a borrower profit and loss statement. The expense factor is the single input that moves the result most, so it is the first thing to confirm with your investor.
Usually 25 percent. NDM requires a minimum of 25 percent ownership to use business bank statements and multiplies the result by the ownership share, so a 50 percent owner qualifies on half of the net deposits. The business should be owned by the borrower and active for at least two years; NDM allows one to two years of self employment with six extra months of reserves and two years of prior experience in the same line of work.
Anything that is not business income: transfers between the borrower own accounts, loan proceeds, refunds and reversals, and large deposits that cannot be sourced. NDM counts only deposits that are clearly business related, plus transfers from the documented business account when the personal statements are used. Ocrolus automatically sets aside NSF related items, overdraft items and deposits above a large deposit threshold you configure as a dollar amount or a percentage of the baseline, and lets the reviewer toggle any deposit in or out. That toggling is where a clean spreadsheet of every credit saves the most time.
NSFs matter too, though they do not change the arithmetic. The NDM matrix allows three NSF instances with one or more in the most recent two months, or none in the most recent two months with five instances in 12 months. Count them from the same export: filter the description column for NSF and returned item wording.
The formula is identical; only the divisor changes. Twelve months is the standard for most programs, while a 24 month review smooths out a seasonal business or a single unusually strong quarter. Because the result is an average, a 24 month file with a weak first year will produce a lower figure than the most recent 12 months on their own, and underwriters look at the trend as well as the average. Twenty four months is also twice the data entry, which is the practical reason processors put off the longer review.
Most processors already have a worksheet. Lenders and mortgage insurers publish Excel income worksheets, and many brokers built their own years ago. The worksheet is rarely the problem. The problem is feeding it: a business account with 60 to 150 deposits a month produces 700 to 1,800 lines a year that someone has to type or copy out of a PDF, then tag. Converting the statements to Excel first turns that into a filter on the amount column. Our PDF bank statement to Excel converter keeps each transaction on one row, with credits and debits in separate columns, so a SUMIF on the eligible flag gives you the deposit total the calculator above needs.
There are four ways to get this done, and they differ mainly in who does the judgement work. We read each vendor page on 18 September 2026.
| Option | What you get | Published price | Turnaround | Best for |
|---|---|---|---|---|
| Excel worksheet from a lender or mortgage insurer | A spreadsheet you fill in by hand | No charge | However long it takes to key 12 to 24 months of deposits | Occasional files |
| Rapidio | Calculated qualifying income, findings, conditions and human underwriter review | $35 per self employed file pay as you go, or $159 a month for 10 credits down to $499 a month (annual) for 50 | Under 30 minutes, per their SLA | Brokers who want the calculation done for them |
| Ocrolus Bank Statement Income Calculator | Dashboard feature with expense factor, ownership and large deposit threshold settings, PDF and XLSX reports | Not published. Part of the Ocrolus dashboard under an annual agreement | Automated | Lenders already on Ocrolus |
| Carrington Correspondent calculation service | Income calculated by the investor for its correspondent clients | Not shown on the page | Within 24 hours with a full 12 months of statements | Carrington correspondents |
| OFXStatement | Every deposit from the PDF statements in Excel, CSV or OFX, so the worksheet or calculator takes minutes | $49 a month for 2,500 pages, $24.50 a month billed annually | Minutes per file | Processors who keep their own worksheet and want the typing gone |
Be clear about what each row is. Rapidio and the Ocrolus calculator produce the qualifying income figure and apply guideline logic; Rapidio adds a human underwriter review and conditions. OFXStatement does not calculate income or apply any investor guideline. It removes the data entry so that your own worksheet, or the calculator on this page, takes minutes instead of an afternoon. If you want the answer handed to you, a calculation service is the right purchase. If you trust your own worksheet and hate the typing, a converter is.
From about $10 to $35 per file with a calculation service, or a couple of dollars in extraction if you run the worksheet yourself. Rapidio publishes $35 per self employed file pay as you go and $9.98 to $15.90 per credit on its subscriptions, where one credit is one file. A 12 month business file is typically 12 statements of three to ten pages, so 36 to 120 pages. On OFXStatement Starter, $49 buys up to 2,500 pages a month, about $0.02 a page, which is roughly $0.70 to $2.35 of extraction per 12 month file and room for 20 or more files a month. A 24 month file doubles both numbers.
For heavier volume, Plus is $149 a month for 10,000 pages, uploads up to 50 files at once so a full 24 month file goes in one batch, and removes the per statement page cap. Every plan is a single seat. Current prices for every plan are on the pricing page, and the first 15 pages are free to test on a real borrower statement.
Loan officers pre qualifying a self employed borrower before they order anything, processors building the income package the investor will review, and underwriters checking the broker figure. The first group needs a fast estimate, which the calculator gives with round numbers. The second and third need every deposit accounted for, which is where the extraction step pays for itself. If you are comparing the bigger analysis platforms as well, our Ocrolus pricing breakdown covers what its contract says, and the roundup of bank statement analysis software for lenders prices the rest of the field.
Bank statement income is eligible deposits, less the expense factor and times the ownership share for business accounts, divided by 12 or 24. The common standard is a 50 percent expense factor, 25 percent minimum ownership, no expense factor on personal statements, and exclusions for transfers, loan proceeds and unsourced large deposits. The calculation takes a minute. Collecting the deposits takes the time, and that is the part the converter at the top of this page does for you. For repeat work at volume, see our bank statement extraction software page.
Add up the eligible deposits for the period, subtract the deposits your guideline excludes, and for a business account multiply by one minus the expense factor and by the borrower ownership share. Divide by the number of months, usually 12 or 24. Personal accounts in most non-QM programs skip the expense factor.
Fifty percent is the common standard. The NDM non-QM matrix effective March 2, 2026 applies a standard 50 percent expense factor and accepts a lower ratio only with a letter from a licensed tax professional, with a minimum of 10 percent. Some programs also derive the ratio from a borrower profit and loss statement.
Usually not. Under the NDM matrix, personal statements count 100 percent of business related deposits and transfers from the documented business account, divided by 12, and the borrower supplies three months of business statements to show the business cash flow. Ownership only applies if another account holder is not on the loan.
Transfers between the borrower own accounts, loan proceeds, refunds and reversals, and large deposits that cannot be sourced are the usual exclusions. Only deposits that are clearly business related count. Calculators such as the one in Ocrolus also set aside NSF and overdraft items and flag deposits above a threshold you set.
Twenty five percent is common. NDM requires at least 25 percent ownership to use business bank statements and multiplies the income by the ownership share, so a 50 percent owner qualifies on half the net deposits. Some programs require 50 percent ownership.
Yes. Lenders and mortgage insurers publish Excel income worksheets, and many brokers maintain their own. The worksheet still needs every deposit entered, which is the slow part. Converting the PDF statements to Excel first lets you filter and total the eligible deposits instead of typing them.
Rapidio publishes $35 per self employed file pay as you go and subscriptions from $159 a month for 10 files to $499 a month billed annually for 50, which works out to about $10 to $16 a file. Ocrolus and Carrington do not show a price on their pages.
No. OFXStatement extracts every transaction from PDF and scanned bank statements into Excel, CSV or OFX so your worksheet, or the calculator on this page, can total the eligible deposits in minutes. It does not apply investor guidelines, flag fraud or produce an income certification.
Twelve or 24 months, depending on the program. Twelve months is the most common requirement, and some programs offer 24 months for borrowers whose income is seasonal or who want the longer average. The calculation is the same with a different divisor.
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