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Calculating Tax and Insurance Percent or Dollar
If loan variables are entered in addition to tax and insurance per-
centage rates or dollar values, the respective dollars values or per-
centage rates can be computed by simply pressing the applicable
keys a second time. For example, enter an annual property tax rate
of 1.5%, a property insurance rate of 0.25% and a mortgage insur-
ance rate of 0.50%. Then enter a sales price of $250,000, 10%
down, a term of 30 years and an interest rate of 8%. Calculate the
loan, payments, and annual tax and insurance
dollar amounts
, or
premiums:
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter property Tax rate
1 • 5 s 7
1.50
Enter insurance rate
• 2 5 s 8
0.25
Enter Mortgage Insurance
rate
• 5 s 9
0.50
Enter Price
2 5 0 ) P
250,000.00
Enter Down Payment %
1 0 d
10.00
Enter Term in years
3 0 T
30.00
Enter annual Interest rate
8 ˆ
8.00
Find Loan Amount
l
225,000.00
Recall property Tax %
® 7
1.50
Calculate property Tax $
® 7
3,750.00
Recall property insurance %
® 8
0.25
Calculate property
insurance $
® 8
625.00
Recall Mortgage Insurance %
® 9
0.50
Calculate Mortgage
Insurance $
® 9
1,125.00
Find monthly P&I Payment
p
“run” 1,650.97
Find monthly PITI Payment
p
2,109.30
Note: The same procedure can be performed to find the opposite — that is, to find
the percentage rates based on entered annual dollar amounts or insurance premi-
ums. Simply enter the tax/insurance dollar amounts and loan variables first, and press
®
and the tax/insurance keys to calculate the percentage rate.
