4 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
s ÷
Payments per Year (Pmt/Yr) — Used to set the
number of payment periods per year. Default value
is 12, for monthly.
Note: You can store the number of payments/year permanently or
semi-permanently. See Preference Settings).
a
Amortization (Amort) — Finds total interest, princi-
pal, remaining balance, remaining term and estimat-
ed mortgage interest tax deduction.
The output of this key is as follows:
Press Display or Calculation
1
Displays range of periods
2
Calculates total interest for period range
3
Displays total principal for range
4
Calculates total principal and interest
5
Calculates remaining balance
6
Calculates remaining term
7
Calculates estimated mortgage interest tax
deduction for the specified period, based on
the default tax bracket of 28%*
*You may enter any tax bracket (e.g., 30%, press 30
s +
and recalculate amortization values).
Note: This is only for estimating a mortgage interest tax
deduction — it does not include property tax. See Tax Savings
Function for income tax savings including property tax and
mortgage interest.
s a
Remaining Balance (Bal) — Displays the remain-
ing balance when preceded by a single year or
range of years (or individual payment or range of
payments by using the
s b
keys). Note that
you can also view the remaining balance as part of
the Amortization display (see above
a
description).
:
Colon Separator (Date) — Used as a separator for
entering dates, ARM adjustments, qualifying ratios,
Combo Loan (1st/2nd) interest and terms, and for
entering amortization ranges.
s )
Month Offset (Mo Offset) — Used to set the first
month of payment if other than January.
s :
Odd-Days Interest — Calculates the prepaid inter-
est, or simple interest accumulated (based on a
360-day year) during the days before the first loan
payment is made using the interest rate stored in
the Interest register.
