44 — Q
UALIFIER
P
LUS
®
4
X
Qualifying Mortgage Amount and Sales Price (Including Down
Payment, Property Tax and Monthly Heating/Condo Fees)
The same buyers as in the previous example (who make $45,000
annually and have $200 in long-term monthly debt) wish to buy a
lower-priced condo, but can only afford $7,500 down. If you include
estimated annual property tax of 1.5% and other housing expenses of
$150 ($100 for heating, $50 for monthly condo fees), for what mort-
gage amount can they now pre-qualify? What sales price can they
afford? What’s their total (PITH) payment?
(Again, using previously
stored 7.5% interest, 25-year term and qualifying ratios of 32%:40%; if
you’ve cleared or changed these values, please re-enter them.)
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter annual Income
4 5 ) i
45,000.00
Enter monthly Debt
2 0 0 D
200.00
Enter Down Payment
7 5 0 0 d
7,500.00
Enter property Tax rate
1 • 5 t
1.50
Enter housing Expense
1 5 0 s D
150.00
Recall Interest*
® ˆ
7.50
Recall Term*
® T
25.00
Display Qualifying Ratios
q
32.00-40.00
Find pre-qualifying
Mortgage Amount
q
“run” 121,489.58
Find Price
P
128,989.58
— DO NOT CLEAR CALCULATOR —
Now find the monthly P&I payment (Principal & Interest) and Total
(PITH) Payment:
STEPS
KEYSTROKES
DISPLAY
Find P&I Payment
p
“run” 888.76
Find Total (PITH) Payment
p
1,200.00
*Re-enter interest and term if you are not continuing from the previous example.
