U
SER
’
S
G
UIDE
— 9
A
Adjustable Rate Mortgage
— Calculates the pay-
ment and re-amortizes a fully or partially amortized
Adjustable Rate Mortgage based on the inputs of
both an Interest Adjustment and a Term Adjustment,
which are entered using the Colon
:
key (
Interest
Adjustment
:
Term Adjustment
). For example, an
ARM which increases 1% every year is entered
1
: 1 A
; an ARM which decreases 1% per year is
entered
1 : 1 s A
. (ARM rates are stored
permanently.)
s %
Lifetime Interest Cap (Cap%)
— Sets the lifetime
interest cap for ARMs by entering the maximum
interest increase. This is a permanent setting. To
clear, set the cap back to zero (
0 s %
).
s T
Bi-Weekly (Bi-Wkly)
— Converts a regular monthly
loan to a Bi-Weekly loan, where the buyer may real-
ize significant interest savings. After loan variables
are entered, pressing
s T
displays the reduc-
tion in term. The second press of
T
shows the
total interest savings; third press displays the total
interest paid; fourth press displays the total principal;
and fifth press displays the total principal and inter-
est paid. Pressing
p
will calculate the Bi-Weekly
payment. Pressing
s T
again will return and
re-calculate to the original term, or pressing
o
twice will exit Bi-Weekly Mode.
s +
Tax Bracket (Tax Brkt%)
— Enters a buyer’s tax
bracket for figuring Rent vs. Buy calculations, for
calculating Tax Savings, or for calculating an esti-
mated mortgage interest tax deduction in the
Amortization calculation. Press
® +
to display
stored percentage.
(Default = 28%)
