Calculated Industries 3420, Pocket Reference Manual

Page 1: ...QUALIFIER PLUS IIIX PROFESSIONAL RESIDENTIAL REAL ESTATE FINANCE CALCULATOR with BUILT IN CANADIAN INTEREST MODE Model 3420 Pocket Reference Guide CANADIAN...

Page 2: ...P I payment PITH total payment and interest only payment Sales Price and Down Payment Loan to Value Complete Amortization Bi Weekly Mortgages Qualifying Mortgage Amount Required Income Debt Qualifying...

Page 3: ...te Mortgages 13 EXAMPLES CANADIAN MODE 14 Monthly Mortgage Payment 14 Term of a Mortgage 15 Mortgage Amount 15 Interest Rate 16 Non Monthly Mortgages and Payments Per Year Pmt Yr 17 PITH and Interest...

Page 4: ...s at Once 28 Finding Income Required and Allowable Monthly Debt 30 EXAMPLES U S MODE 31 Monthly Loan Payment 31 Setting Tax and Insurance 32 PITI Payment and Interest Only Payment 33 Qualifying Loan A...

Page 5: ...ranges ARM adjustment and qualifying ratios b Backspace Triple zero entry key Memory Function Adds value on dis play to Memory s Subtracts value on display from Memory Recalls Memory Total Clears Mem...

Page 6: ...et stored values s Payments per year Default 12 for monthly s Change sign or s Preference mode see large User s Guide s Month offset s Odd days interest s T Bi Weekly mortgage l Mortgage amount or pre...

Page 7: ...own Payment entered in or s d Loan to Value LTV a Amortization function s a Remaining balance q Qualify based on 32 40 Canada Q Qualify based on 35 42 Canada i Annual Income D Long term monthly Debt t...

Page 8: ...est Cap Cap s APR Annual Percentage Rate including mortgage insurance if entered s p Estimated tax savings after tax payment s P Rent vs Buy s Tax bracket I Estimated annual proper ty homeowner s insu...

Page 9: ...duction Preference Mode s Preference Mode see User s Guide for details Allows you to select special settings To access first press s and then the key Toggle through the various categories by pressing...

Page 10: ...alue then the Equals key to get your answer A 2 1 6 8 4 300 00 B 2 1 6 1 6 200 00 C 1 2 x 1 2 144 00 D 1 4 4 1 2 12 00 Percentage Calculations The Percent key is used to find a given percent of a numb...

Page 11: ...the displayed value from cumu lative Memory recalls and dis plays the total value in Memory displays and clears the Memory KEYSTROKES DISPLAY 1 3 5 5 355 00 2 3 5 5 2 5 5 7 4 5 s 135 00 Note s may be...

Page 12: ...ing You may do this before or after finding an answer Press s followed by the num ber of decimal places you wish to display s 4 0 0000 s 3 0 000 s 2 0 00 Default s 1 0 0 s 0 0 s Floating Decimal Note...

Page 13: ...ical Day and Numerical Year The date function lets you 1 add a number of days to a date to find a future date 2 subtract a number of days from a date to find a past date and 3 subtract one date from a...

Page 14: ...nown fourth variable p Financial values may be entered in any order Values for Term and Interest are per manently stored in Memory The word run will appear in the dis play when calculating interest an...

Page 15: ...our User s Guide or download it at www calculated com User_Guide_Index Monthly Mortgage Payment Find the monthly payment on a 25 year mortgage of 165 000 at 7 75 annual interest STEPS KEYSTROKES DISPL...

Page 16: ...0 p 200 00 Find Term yrs T 9 71 Periodic Term T 116 54 Mortgage Amount Approximately how much can you borrow if the interest rate is 7 5 on a 25 year mortgage and you can afford 1 500 in monthly paym...

Page 17: ...ES DISPLAY Clear o o 0 00 Enter Mortgage 1 5 5 5 0 0 l 155 500 00 Enter Term 2 5 T 25 00 Enter Payment 1 1 5 0 p 1 150 00 Find annual Interest 7 63 Find periodic Interest 0 64 Note If desired press s...

Page 18: ...ng the number of pay ments per year then pressing s as shown in the following exercise Enter number of payments per year STEPS KEYSTROKES DISPLAY Clear o o 0 00 4 s Pmt Yr 4 00 To recall the currently...

Page 19: ...yment STEPS KEYSTROKES DISPLAY Clear o o 0 00 Enter Term 2 5 T 25 00 Enter Interest 7 7 00 Enter Price 1 9 8 P 198 000 00 Down 5 d 5 00 Set Tax 1 3 t 1 30 Enter heating 1 0 0 e 100 00 Find Mtg l 188 1...

Page 20: ...nter Term 1 0 T 10 00 Enter Interest 1 2 12 00 Find quarterly Payment p 644 36 Reset to 12 Payments per year 1 2 s 12 00 Mortgage Amount Based on Sales Price and Down Payment Find mortgage amount and...

Page 21: ...0 l 150 000 00 Enter Down 5 d 5 00 Enter Term 2 5 T 25 00 Enter Interest 7 7 5 7 75 Find Payment p 1 120 98 Find Down d d 7 894 74 Find Price P 157 894 74 Finding Loan to Value LTV Find the Loan to Va...

Page 22: ...home be worth in three years figuring 6 appreciation STEPS KEYSTROKES DISPLAY Clear o o 0 00 Set 1 Payment per year 1 s 1 00 Enter PV 2 5 0 l 250 000 00 Enter Term 3 T 3 00 Enter Appreciation Rate 6...

Page 23: ...mples Find total interest principal and total pay ments Then find the remaining balance after 10 years STEPS KEYSTROKES DISPLAY Clear o o 0 00 Enter Mtg 1 7 5 l 175 000 00 Enter Term 2 5 T 25 00 Enter...

Page 24: ...S KEYSTROKES DISPLAY Clear o o 0 00 Enter Mtg 2 1 2 5 0 0 l 212 500 00 Enter Term 2 5 T 25 00 Enter Interest 7 8 5 7 85 Find Payment p 1 601 53 Find Bi Weekly Term s T 20 14 Find total Interest saving...

Page 25: ...of 35 42 in the Q key However you can enter any ratios you desire For example enter new qualifying ratios of 30 for GDS and 38 for TDS in q STEPS KEYSTROKES DISPLAY Clear o o 0 00 Set Ratios 3 0 3 8 q...

Page 26: ...Income 4 5 i 45 000 00 Enter Debt 2 5 0 D 250 00 Enter Down 2 5 d 25 00 Set Tax 1 5 t 1 50 Enter heating expense 1 0 0 e 100 00 Enter Term 2 5 T 25 00 Enter Interest 7 2 5 7 25 Enter Ratios 3 2 4 0 q...

Page 27: ...nterest 7 25 GDS TDS ratios 32 40 Find the Restricted qualifying mortgage amount actual ratios Unrestricted mort gage amount and maximum allowable debt with above variables STEPS KEYSTROKES DISPLAY Cl...

Page 28: ...unt q 154 769 36 Find actual Ratios q 32 00 35 46 Find Unrestricted Mortgage Amount q 177 974 93 Find maximum allowable Debt q 346 67 Note The word DEBT displayed on your cal culator tells you this Un...

Page 29: ...yment 10 Term 25 years Interest 7 25 Qualify this buyer based on both stored 32 40 and 35 42 ratios STEPS KEYSTROKES DISPLAY Clear o o 0 00 Enter Income 5 0 i 50 000 00 Enter Debt 1 2 5 D 125 00 Enter...

Page 30: ...q 145 893 06 Find Qual 1 P I Payment p 1 044 48 Find Qual 1 PITH Payment p p 1 333 33 DO NOT CLEAR CALCULATOR STEPS KEYSTROKES DISPLAY Display Qual 2 Ratios Q 35 00 42 00 Find Qual 2 maximum Qualifyi...

Page 31: ...the income required to finance a 225 000 home and also find the maxi mum allowable debt STEPS KEYSTROKES DISPLAY Clear o o 0 00 Enter Interest 7 5 7 50 Enter Term 2 5 T 25 00 Enter Tax 1 5 t 1 50 Ente...

Page 32: ...Find PITH p p 1 476 15 IMPORTANT Your calculator must be in U S Mode by pressing s 9 Monthly Loan Payment Find the monthly payment on a 30 year loan of 215 000 at 7 5 interest STEPS KEYSTROKES DISPLAY...

Page 33: ...1 5 a property homeowner s insurance rate of 25 and a mortgage insurance rate of 50 STEPS KEYSTROKES DISPLAY Set Tax 1 5 t 1 50 ANN TAX Set homeowner s Insurance 2 5 I 0 25 ANN INS Set Mortgage Insura...

Page 34: ...hly Association Dues 60 Find the PITI total and interest only pay ments STEPS KEYSTROKES DISPLAY Clear o o 0 00 Enter Term 3 0 T 25 00 Enter Interest 6 6 00 Enter Price 2 5 5 P 255 000 00 Down 5 d 5 0...

Page 35: ...lifying Ratios 28 36 Find qualifying loan price and payment STEPS KEYSTROKES DISPLAY Clear o o 0 00 Enter Income 1 0 0 i 100 000 00 Enter Debt 5 5 0 D 250 00 Enter Down 2 5 d 25 00 Set Tax 1 5 t 1 50...

Page 36: ...ARM payments through year six STEPS KEYSTROKES DISPLAY Clear o o 0 00 Enter Loan 3 3 0 l 330 000 00 Enter Term 3 0 T 30 00 Enter Interest 7 7 00 Find initial monthly P I Payment p run 2 195 50 Enter i...

Page 37: ...099 73 M Find Principal at start of year l 316 262 56 Recall current Interest rate 11 00 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 38: ...Clear o o 0 00 Enter Loan 2 5 0 l 250 000 00 Enter Term 3 0 T 30 00 Enter Interest 6 2 5 6 25 Find P I Pmt p 1 539 29 Enter MI 1 2 0 0 1 200 00 Find Loan Costs Recall Loan l 250 000 00 Find points x 1...

Page 39: ...r What is this buyer 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 6 7 5 6 75 Enter Tax 1 5 0 0 t 1 500 00 Enter In...

Page 40: ...nt that he or she could afford STEPS KEYSTROKES DISPLAY Clear o o 0 00 Enter Term 3 0 T 30 00 Enter Interest 6 5 6 50 Enter Down 1 0 d 10 00 Enter Tax 1 2 5 t 1 25 Enter Ins 3 5 I 0 35 Tax bracket 3 0...

Page 41: ...read the Warranty in this User s Guide to determine if your Calculated Industries calculator measuring device or electronic tool remains under warranty before calling or return ing any device for eval...

Page 42: ...provide an explanation of the service requirement your name address day phone number and dated proof of purchase typically a sales receipt If the product is over 90 days old include payment of 6 95 f...

Page 43: ...agent or employee is authorized to make any modifica tion extension or addition to this warranty Some states do not allow the exclusion or limitation of implied war ranties or liability for incidenta...

Page 44: ...Master Technologies LLC 2004 Pocket Reference Guide copyrighted by Calculated Industries Inc 2004 Qualifier Plus and Calculated Industries are registered trademarks of Calculated Industries Inc ALL RI...