P
OCKET
R
EFERENCE
G
UIDE
— 18
P&I, PITI and Interest-Only Payments
• Term: 30 years
• Interest: 6.25%
• Sales price: $325,000
• Down payment: 5%
• Property tax: 1.3%
• Property insurance: 0.25%
• Mortgage insurance: 0.45%
STEPS
KEYSTROKES
DISPLAY
Clear
o o
0.00
Enter term
3 0 T
30.00
Enter interest
6 • 2 5 ˆ
6.25
Enter price
3 2 5 ) P
325,000.00
Down%
5 d
5.00
Set tax%*
1 • 3 t
1.30
Set insurance%
• 2 5 I
0.25
Set MI%
• 4 5 s I
0.45
Find loan
l
308,750.00
Find P&I
payment
p
“run” 1,901.03
Find PITI
payment
p
2,436.60
Find interest-only
payment
p
1,608.07
*Note: Perform the same steps when entering $
Tax/Insurance — e.g., $1,625 tax, enter
1 6 2
5 t
.
3405PRG-E-B 1/9/04 8:45 AM Page 18