Calculated Industries 3416, Pocket Reference Manual

Page 1: ...Pocket Reference Guide Residential Mortgage Finance Calculator MORTGAGE QUALIFIER PLUS Model 3416...

Page 2: ...come Debt Property Tax and Insurance Mortgage Insurance P I and PITI payment Sales Price Down Payment and LTV Adjustable Rate Mortgages Amortization and Remaining Balance Bi Weekly Loans Date Math Pro...

Page 3: ...nt 9 Date Example 9 Setting Tax and Insurance 10 PITI Payment Total Payment and Interest Only Payment 10 Quarterly Payment 12 Estimated Tax Savings 13 Rent vs Buy 14 ARM Payment Lifetime Cap 15 Amorti...

Page 4: ...ncome Required and Allowable Monthly Debt 27 80 10 10 Combo Loan vs Fixed Rate Loan with Mortgage Insurance 28 80 20 Interest Only Combo Loan 32 APPENDIX 34 Default Settings 34 Decimal Place Setting 3...

Page 5: ...e ARM adjustment qualifying ratios and combo loans b Backspace key for back ing up deleting wrong entry Recalls or re displays a value when followed by a chosen key e g will display current interest v...

Page 6: ...ill clear reset stored values s Preference mode see Large User s Guide for details s Payments per year Default 12 for monthly s b Periodic identifies entry as periodic rather than yearly s Month offse...

Page 7: ...ge insurance if entered P Home s sales price d Down payment s T Bi Weekly loan a Amortization function s a Remaining balance A Adjustable rate mortgage s A ARM decreasing interest adjustment s ARM lif...

Page 8: ...er as per cent or dollar amount s I Mortgage Insurance enter as percent or dollar amount e Monthly Expenses such as homeowner s associa tion dues s d For entering or finding Loan to Value ratio and co...

Page 9: ...10 10 LTV loan calcu lates 1st 2nd TD values and compares them to entered fixed rate loan w mortgage insurance You may enter any LTV prior to pressing this key e g LTV of 90 5 enter 9 0 5 s Interest...

Page 10: ...YSTROKES DISPLAY Clear o o 0 00 Enter loan 2 6 5 l 265 000 00 Enter term 3 0 T 30 00 Enter interest 6 7 5 6 75 Find payment p 1 718 78 Interest Only Payment Calculation Find the interest only payment...

Page 11: ...TROKES DISPLAY Clear o o 0 00 Enter Interest 7 7 00 Enter Payment 1 s p 1000 00 Find Loan l 171 428 57 Term of a Loan How long does it take to pay off a loan of 15 000 at 10 interest if you make pay m...

Page 12: ...erm 3 0 T 30 00 Enter payment 1 1 5 0 p 1 150 00 Find annual interest 13 78 Find periodic interest 1 15 Loan Amount Approximately how much can you borrow if the interest rate is 6 5 on a 30 year loan...

Page 13: ...ning to put 20 down STEPS KEYSTROKES DISPLAY Clear o o 0 00 Enter price 3 7 5 5 0 0 P 375 500 00 Enter down 2 0 d 20 00 Find down d 75 100 00 Find loan l 300 400 00 You do not have to label the value...

Page 14: ...ance 5 0 s I 0 50 Note Do not label as a percent or use the key it is automatically registered as a percent To Enter Tax Insurance in Dollar Figures Enter dollar values for tax insurance in the same m...

Page 15: ...5 Find loan l 308 750 00 Find P I payment p run 1 901 03 Find PITI payment p 2 436 60 DO NOT CLEAR CALCULATOR Find the total payment if you estimate homeowner s association fees at 80 mo Also find the...

Page 16: ...ear loan of 15 000 with an annual interest rate of 12 STEPS KEYSTROKES DISPLAY Clear o o 0 00 Set to 4 payments per year 4 s 4 00 Enter loan 1 5 l 15 000 00 Enter term 1 0 T 10 00 Enter interest 1 2 1...

Page 17: ...s estimated income tax savings and after tax payment STEPS KEYSTROKES DISPLAY Clear o o 0 00 Enter term 3 0 T 30 00 Enter interest 8 8 00 Enter tax 1 5 0 0 t 1 500 00 Enter insurance 2 5 0 I 250 00 En...

Page 18: ...could afford STEPS KEYSTROKES DISPLAY Clear o o 0 00 Enter term 3 0 T 30 00 Enter interest 7 5 7 50 Enter down 1 0 d 10 00 Enter property tax 1 2 5 t 1 25 Enter insurance 3 5 I 0 35 Tax bracket 3 0 s...

Page 19: ...the adjusted ARM payments through year six STEPS KEYSTROKES DISPLAY Clear o o 0 00 Enter loan 2 3 0 l 230 000 00 Enter term 3 0 T 30 00 Enter interest 7 2 5 7 25 Find initial monthly payment p run 1...

Page 20: ...204 68 M Find principal at start of year l 220 856 34 Recall current interest rate 11 25 Recall remaining term T 25 00 Clear Cap 0 s CAP 0 00 Note that the payment for 4th and 5th adjust ments corresp...

Page 21: ...0 00 Find P I pmt p 2 097 64 Find pmts a 1 360 Find total int a 455 151 67 Find total prin a 300 000 00 Find total pmts a 755 151 67 Find all values for the first year Enter Year 1 1 a 1 12 Find total...

Page 22: ...lear o o 0 00 Enter loan 2 5 0 l 250 000 00 Enter term 3 0 T 30 00 Enter interest 7 7 00 Find P I pmt p 1 663 26 Enter MI 1 2 0 0 s I 1 200 00 Find Loan Costs Recall loan l 250 000 00 Find points x 1...

Page 23: ...preciation rate of 6 STEPS KEYSTROKES DISPLAY Clear o o 0 00 Set to 1 payment per year 1 s 1 00 Enter PV 3 5 0 l 350 000 00 Enter term 3 T 3 00 Enter appreciation rate 6 6 00 Find FV s l 416 855 60 Re...

Page 24: ...DISPLAY Clear o o 0 00 Enter loan 2 1 2 5 0 0 l 212 500 00 Enter term 3 0 T 30 00 Enter interest 7 8 5 7 85 Find P I payment p 1 537 09 Find Bi Weekly term s T 22 97 Find total interest savings T 94 3...

Page 25: ...21 Setting Qualifying Ratios Enter new qualifying ratios of 30 for Income and 38 for Debt in q STEPS KEYSTROKES DISPLAY Clear o o 0 00 Set qualifying ratios 3 0 3 8 q 30 00 38 00 Return ratios to 28 3...

Page 26: ...m 30 years Interest 7 5 Qualifying ratios 28 36 Find the Qualifying Loan Amount Price and Total Payment STEPS KEYSTROKES DISPLAY Clear o o 0 00 Enter income 7 5 i 75 000 00 Enter debt 5 0 0 D 500 00 E...

Page 27: ...d qualifying loan amount q 189 119 31 Find price P 194 119 31 DO NOT CLEAR CALCULATOR Find the monthly P I payment and total payment STEPS KEYSTROKES DISPLAY P I payment p 1 322 35 PITI payment p 1 70...

Page 28: ...ratios 28 36 Find the restricted qualifying loan amount actual ratios unrestricted loan amount and maximum allowable debt Re enter 0 6 mortgage insurance rate 50 association dues and 5 000 down Note...

Page 29: ...ind actual ratios q 22 76 36 00 Find unrestricted loan amount q 170 870 75 LA INC Find maximum allowable debt q 453 33 Note The INC tells you this unrestricted Qualifying Loan Amount is based on the b...

Page 30: ...5 0 0 D 500 00 Enter down 5 d 5 000 00 Set tax 1 5 t 1 50 Set ins 2 5 I 0 25 Set MI 6 s I 0 60 Enter association dues 5 0 e 50 00 Enter interest 6 7 5 6 75 Enter term 3 0 T 30 00 Display ratios s q 28...

Page 31: ...he income required to finance a 300 000 home and the maximum allow able debt Note Clear mortgage insurance rate to zero as the down payment is 20 STEPS KEYSTROKES DISPLAY Clear o o 0 00 Enter interest...

Page 32: ...onthly debt q 530 85 Find P I payment p 1 420 46 Find PITI payment p 1 857 96 80 10 10 Combo Loan vs Fixed Rate Loan with Mortgage Insurance Compare an 80 10 10 Combo Loan vs a Fixed Rate loan w mortg...

Page 33: ...ayment 1 0 d 10 00 Find price P 277 777 78 Enter interest 6 5 6 50 Enter term 3 0 T 30 00 Enter MI 6 2 s I 0 62 Clear Tax 0 t 0 00 Clear Insurance 0 I 0 00 Solve for P I payment p 1 580 17 Solve for P...

Page 34: ...nd 1st 2nd TD combined monthly payment 1 605 87 Find equivalent payment for fixed rate loan with mortgage insurance 1 709 34 Display monthly savings over fixed rate loan with mortgage insurance 103 46...

Page 35: ...ter a different LTV without changing the stored LTV you can enter it prior to pressing the key For example enter 8 0 2 0 then press the key as above for the new calculations To return to the existing...

Page 36: ...ar 15 year LTV 80 20 STEPS KEYSTROKES DISPLAY 1 Enter the Total of the Combined Loans Clear All s x 0 00 Enter combined Loan total 3 5 0 P 350 000 00 2 Enter Combo Loan Values Enter 1st TD Interest an...

Page 37: ...70 000 00 Find 1st TD payment 1 546 17 Find 2nd TD payment 408 33 Display entered LTV 80 00 20 00 To enter a different LTV without changing the stored LTV you can enter it prior to pressing the key F...

Page 38: ...2 Periods per Year Property Tax Insurance Rates Not Permanently Stored Clears Upon O Mortgage Insurance Rates Not Permanently Stored Clears upon o o Month Offset of January 1 Two Fixed Decimal Places...

Page 39: ...4 0 0000 s 3 0 000 s 2 0 00 s 1 0 0 s 0 0 s Floating Point Preference Settings To access the Preference Mode press s then then keep pressing to toggle through the preference settings list ed Press the...

Page 40: ...ll batteries making sure they re facing positive side up Close the battery door Reset Keystroke Reset Returning the Calculator to its Original Factory Settings You may at times want to reset your cal...

Page 41: ...Industries 2006 Qualifier Plus and Calculated Industries are registered trademarks of Calculated Industries Inc ALL RIGHTS RESERVED CALCULATED INDUSTRIES 4840 Hytech Drive Carson City NV 89706 U S A 1...