42 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
Amortization List for Individual Year(s) —
Using Month Offset
The first payment of a loan begins in May. How much total interest
and principal will you pay on a 30-year, $90,000 loan at 8% interest
during the first year? The second year? Third year, etc.? (First find
monthly payment to “set-up” this loan.)
Note: The mortgage interest tax deduction is based on the default tax bracket of 28%
unless you have changed it via
s +
. Calculator will automatically advance to the
next year upon subsequent presses of
a
.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Set Month Offset to May
5 s )
5.00
Enter loan amount
9 0 ) l
90,000.00
Enter interest
8 ˆ
8.00
Enter term
3 0 T
30.00
Find monthly P&I payment
p
“run” 660.39
Enter Year 1
1 a
“run” 1-8
Find total interest in Year 1
a
4,788.58
Find total principal in Year 1
a
494.53
Find principal/interest in
Year 1
a
5,283.10*
Find remaining balance
a
89,505.47
Find remaining term
a
29.33
Find mortgage interest
tax deduction in Year 1
a
1,005.60
Display next year (Year 2)
a
“run” 9-20
(etc.—sequence repeats for each year)
Return Month Offset to 1**
1 s )
1.00
*Note: Payments are rounded to the nearest whole cent; therefore, the penny difference.
**Note: Remember to reset Month Offset to 1. Check this setting by pressing
® )
.
