
Ah a complex subject :)
The inbreeding is computed as a percentage of chances for two alleles to be identical by descent. This percentage is called "inbreeding coefficient".
Typical inbreeding coefficient percentages are as follows,
assuming no previous inbreeding between any parents:
Father/daughter, mother/son or brother/sister 25%
Grandfather/granddaughter or grandmother/grandson 12.5%
Half-brother/half-sister, Double cousins 12.5%
Uncle/niece or aunt/nephew 12.5%
Great-grandfather/great-granddaughter or great-grandmother/great-grandson 6.25%
Half-uncle/niece or half-aunt/nephew 6.25%
First cousins 6.25%
First cousins once removed or half-first cousins 3.125%
Second cousins or first cousins twice removed 1.56%
Second cousins once removed or half-second cousins 0.78%
Third cousins or second cousins twice removed 0.39%
Third cousins once removed or half-third cousins 0.20%
As many pedigrees will have animals that are line or inbred themselves the calculations of COI can be complex and computer programmes are needed. A pedigree that doesn't look too closely related over first few generations can actually be quite inbred if calculated over 10 or 20 generations.
Rare breeds will generally have greater COI due to restrictions in breeding populations however popular sires can result in higher COI over time in popular breeds.
For me I consider COI alongside many other considerations such as health, temperament, work ability, type etc.