Calculated Industries 3415, User Manual

Page 1: ...QUALIFIER PLUS IIIX ADVANCED RESIDENTIAL REAL ESTATE FINANCE CALCULATOR with COMPLETE BUYER QUALIFYING Model 3415 User s Guide...

Page 2: ...oan Amount Instant P I PITI and Total Payment Interest Only Payment Expanded Tax and Insurance Capabilities Built in Sales Price and Down Payment Works in Annual Term and Interest Flexible what if Loa...

Page 3: ...R SETTINGS 19 Decimal Place Selection 19 Preference Settings 20 MEMORY 22 Accumulative Memory 22 Memory Storage Keys M0 M6 23 EXAMPLES 25 MORTGAGE LOANS TIME VALUE OF MONEY TVM 25 Finding the Monthly...

Page 4: ...Amortization List for Individual Payment s 45 Amortization List for a Range of Payments or Years 46 APR and Total Finance Charges 47 Finding APR Total Finance Charges Excluding Mortgage Insurance 47...

Page 5: ...Qualifying Ratios 60 1ST AND 2ND TRUST DEEDS COMBO LOANS 61 Combo Loan 80 10 10 vs Fixed Rate Loan with Mortgage Insurance 62 Combo Loan 80 15 5 vs Fixed Rate Loan with Mortgage Insurance 64 Combo Lo...

Page 6: ...letes incorrect entries one digit at a time Decimal point Percent Four function x percent key See page 16 for examples Memory Adds the displayed number to the cumulative memory Pressing s M will subtr...

Page 7: ...uch as Price and Down Payment are also included These mortgage loan keys let you easily demonstrate various what if loan scenarios to your clients l Loan Amount Enters or solves for the initial loan a...

Page 8: ...cent down payment You do not have to label the value as a percent s d Loan to Value LTV Calculates the loan to value percent when a Down Payment and Sales Price Loan Amount and Down Payment or Loan Am...

Page 9: ...g 30 press 30 s and recalculate amortization values Note This is only for estimating a mortgage interest tax deduc tion it does not include property tax See Tax Savings keys for income tax savings inc...

Page 10: ...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 b...

Page 11: ...q Qualify Based on 28 36 A multi function key which based on entered variables performs the following pre qualifying functions 1 Stores income and debt ratios for loan quali fying Ratios are entered u...

Page 12: ...n such as a buyer s credit and employment history 2 Calculates the maximum loan amount for which a buyer may qualify based on the stored income and debt qualifying ratios and the entered Term Interest...

Page 13: ...qualify for if they paid off debt or increased income 3 Calculates the annual income required and allowable monthly debt for a desired loan amount or sales price based on the stored income and debt qu...

Page 14: ...stimated annual property or homeowner s insurance in either percent or dollar amount If entered as an annual dollar amount a press of and I con verts to the monthly insurance amount or premium and pre...

Page 15: ...and or T keys so that a loan comparison can be made Loan to Value Combo Loan for 80 10 10 This key provides a loan comparison see below key out puts of an 80 10 10 combo fixed rate loan versus a sing...

Page 16: ...with Mortgage Insurance 6 Adjusted 2nd Term if Savings Applied to 2nd TD 7 1st Trust Deed Loan Amount 8 2nd Trust Deed Loan Amount 9 1st Trust Deed Payment 10 2nd Trust Deed Payment 11 Displays LTV 1s...

Page 17: ...00 C 2 5 5 0 12 50 D 2 0 0 5 0 400 00 The Percent function is a key that has special applications for real estate professionals especially when figuring a commission amount Figuring Straight Commissio...

Page 18: ...r calculator o o 0 00 Enter sales price 1 7 5 5 0 0 175 500 Subtract 5 5 8 775 00 Find new listing price 166 725 00 Simple One Year Home Appreciation Add on Properties in your area have been going up...

Page 19: ...a second date in the past and 3 subtract one date from another date to find the number of days in between For exam ple if a 45 day escrow begins April 26 2004 what is the closing date and day STEPS KE...

Page 20: ...imal places you wish to display s 6 0 000000 s 5 0 00000 s 4 0 0000 s 3 0 000 s 2 0 00 s 1 0 0 s 0 0 s floating point To return to the standard two decimal place setting press s 2 Note This setting wi...

Page 21: ...its default or factory set Preference Set tings perform a total Reset see page 68 After s Keep Description Pressing Press to Advance Display within each category to Back up 1 Decimal Places DEC OFF 0...

Page 22: ...Ins Holds only percent mortgage insurance entry at O HOLD ALL M Ins Holds or mortgage insurance entry at O 5 Amortization Single Entries AMRT Ent Ent Displays amortization for specified year only e g...

Page 23: ...lay and clear Memory Subtract displayed value from Memory s Replace Memory with displayed value s The Memory is semi permanent that is it will only be cleared when you 1 turn off the calculator 2 pres...

Page 24: ...ue in one of these Memory registers by storing a new value in place of the stored value FUNCTION KEYSTROKES Store single value in M0 s 0 Store single value in M1 s 1 Store single value in M2 M6 s 2 3...

Page 25: ...ese storage registers use the follow ing keystrokes s with being digits 0 9 These storage registers operate identically to M0 M6 Examples Store 250 into M10 and recall the value KEYSTROKES DISPLAY 2 5...

Page 26: ...to press o twice after completing a finan cial problem to ensure that you have cleared the previous l and p registers 7 When solving for a financial component the calculator may dis play the word run...

Page 27: ...ly P I payment p run 1 674 98 Finding the Interest Rate Find the interest rate on a mortgage where the loan amount is 98 500 the term is 30 years and the payment is 1 150 a month STEPS KEYSTROKES DISP...

Page 28: ...run 208 370 81 Enter new interest rate 7 5 7 50 Find new loan amount l run 214 526 44 Paying Off a Mortgage Early Making Larger Payments How long does it take to pay off a 30 year fixed rate mortgage...

Page 29: ...mount 5 l 5 000 00 Enter term 5 T 5 00 Enter interest 6 6 00 Find future value s l run 6 744 25 Future Value Given any four components to a problem that includes a future value you can calculate the f...

Page 30: ...PS KEYSTROKES DISPLAY Clear calculator o o 0 00 Recall of payments year 4 00 IMPORTANT To return payments per year to the default value of 12 perform the following steps STEPS KEYSTROKES DISPLAY Clear...

Page 31: ...med to be a per centage Note When using P d and l keys it s recommended that you always enter the two known values Price and Down Payment then solve for the third Loan Amount before calculating financ...

Page 32: ...ged and tax and insurance will be recalculated automati cally If entered as dollar amounts however they will need to be re entered for a change in Sales Price or Loan Amount to be correct Entering val...

Page 33: ...ll insurance rate I 0 25 Recall mortgage insurance rate s I 0 50 Note To change these values simply enter new ones Or turn the calculator off then on and the values will be cleared unless they are pro...

Page 34: ...lator o o 0 00 Enter property tax rate 1 5 t 1 50 Enter insurance rate 2 5 I 0 25 Enter mortgage insurance rate 5 s I 0 50 Enter price 2 5 0 P 250 000 00 Enter down payment 1 0 d 10 00 Enter term 3 0...

Page 35: ...Insurance as a percentage or dollar amount i e 4225 t 812 5 I or 1389 38 s I Total Payment Including Expenses and Interest Only Payment Find the total payment including principal interest tax insuran...

Page 36: ...250 in annual property insurance find their estimated annual tax savings or mort gage interest property tax savings and after tax monthly payment STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 En...

Page 37: ...es at 1 25 and property insurance at 0 35 Your client is in the 28 tax bracket STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Enter interest rate 7 5 7 50 Enter term 3 0 T 30 00 Enter down payment...

Page 38: ...tered on an annual basis although you can also enter a 6 month adjustment term as 5 This value is permanently stored in memory 3 After performing an ARM calculation your permanently stored values for...

Page 39: ...lculator o o 0 00 Enter loan amount 1 7 6 l 176 000 00 Enter term in years 3 0 T 30 00 Enter annual interest 8 2 5 8 25 Find initial monthly payment 1st year p run 1 322 23 Enter ARM parameters 5 1 A...

Page 40: ...A 3 ARM 1 505 71 Find 4th adjusted 5th year ARM payment A 4 ARM 1 566 43 Find 5th adjusted 6th year ARM payment A 5 ARM 1 626 81 Find 6th adjusted 7th year ARM payment A 6 ARM 1 686 78 Find 7th adjust...

Page 41: ...Find 1st lower ARM payment A 1 ARM 1 197 01 Find 2nd lower ARM payment A 2 ARM 1 064 20 For second and third year payments Increasing and Decreasing ARM Payment Find the ARM payments for a 300 000 30...

Page 42: ...aining Balance using the s a key by specifying a year or range of years period or range of periods For example to find the Remaining Balance after the 10th year press 1 0 s a to find the Remaining Bal...

Page 43: ...7 A useful new feature is that your calculator will also display an estimated Mortgage Interest Tax Deduction at the end of the amortization value list after remaining balance is displayed if a tax b...

Page 44: ...amount 9 0 l 90 000 00 Enter interest 8 8 00 Enter term 3 0 T 30 00 Find monthly P I payment p run 660 39 Enter Year 1 1 a run 1 12 Find total interest in Year 1 a 7 172 83 Find total principal in Ye...

Page 45: ...STROKES DISPLAY Clear calculator o o 0 00 Set Month Offset to May 5 s 5 00 Enter loan amount 9 0 l 90 000 00 Enter interest 8 8 00 Enter term 3 0 T 30 00 Find monthly P I payment p run 660 39 Enter Ye...

Page 46: ...rest in Payment 1 a 1 146 70 Find remaining balance in Payment 1 a 174 852 25 Find remaining term in Payment 1 a 29 92 Find mortgage interest deduction in Payment 1 a 279 71 Display Payment 2 a run 2...

Page 47: ...d monthly P I payment p run 1 557 85 Enter Payments 1 9 1 9 s b a run 1 9 Find interest a 12 449 13 Find principal a 1 571 56 Total principal and interest a 14 020 69 Find remaining balance a 223 428...

Page 48: ...ulations are based on 360 days per year Finding APR Total Finance Charges Excluding Mortgage Insurance You are financing a mortgage of 250 000 for 30 years at a nominal or quoted rate of 8 interest Th...

Page 49: ...t payment 8 1 0 3 7 2 1 0 3 11 00 Find the prepaid interest due at closing s 252 08 Note This is based on a 360 day year as most banks use this method for comput ing prepaid interest DO NOT CLEAR CALC...

Page 50: ...unction s T that allows you to convert established fully amortized monthly loans into Bi Weeklies in which one half the monthly payment is made every two weeks Because you make two extra half payments...

Page 51: ...tal principal a 275 000 00 Find total interest principal paid a 585 938 79 Now Solve for the Bi Weekly Loan and Compare Interest Savings and Total Interest Principal Paid Find Bi Weekly term s T run 2...

Page 52: ...over the old rate then re calculate the loan amount STEPS KEYSTROKES DISPLAY Enter your new desired rate of return 2 0 20 00 Find purchase price l run 5 693 80 Finding the Yield on a Discounted Note...

Page 53: ...ES DISPLAY Clear calculator o o 0 00 Store loan amt in Memory 7 5 l M 75 000 00 Enter monthly payment 9 3 7 5 p 937 50 Enter annual term 7 T 7 00 Enter annual interest rate 1 1 11 00 Compute remaining...

Page 54: ...onal vs FHA loans Simply store different income and debt qualifying ratios For example the q key defaults to 28 Income and 36 Debt for conventional loan qualifying The Q key defaults to 29 Income and...

Page 55: ...e calculated from the Sales Price Mortgage Insurance is calculated from the Loan Amount QUALIFYING EXAMPLES Most of the examples in this section will be based on the default In come and Debt Ratios of...

Page 56: ...te 0 t 0 00 Clear insurance rate 0 I 0 00 Clear mortgage insurance rate 0 s I 0 00 Enter annual income 7 5 i 75 000 00 Enter monthly debt 5 0 0 D 500 00 Enter down payment 3 5 d 35 000 00 Display qual...

Page 57: ...cleared or changed these values please re enter them STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Enter annual income 7 5 i 75 000 00 Enter monthly debt 5 0 0 D 500 00 Enter down payment 5 d 5...

Page 58: ...nt q run 137 725 41 DO NOT CLEAR CALCULATOR Note If you re not continuing from the previous problem you ll need to re enter inter est term and in this case property tax and insurance Unrestricted Qual...

Page 59: ...monthly debt 5 0 0 D 500 00 Enter monthly association dues 5 0 e 50 00 Enter interest 6 2 5 6 25 Enter term 3 0 T 30 00 Enter property tax rate 1 2 5 t 1 25 Enter property insurance rate 3 I 0 30 Ente...

Page 60: ...mortgage insurance rate to zero as they are putting 20 down STEPS KEYSTROKES DISPLAY Clear calculator o o 0 00 Enter annual interest 6 7 5 6 75 Enter term in years 3 0 T 30 00 Enter tax rate 1 5 t 1...

Page 61: ...o o 0 00 Enter interest 6 5 6 50 Enter term 3 0 T 30 00 Enter loan amount 2 7 5 l 275 000 00 Enter down payment 6 8 7 5 0 d 68 750 00 Enter annual income 1 2 0 i 120 000 00 Enter monthly debt 5 5 0 D...

Page 62: ...entry of appropriate loan variables including 1st and 2nd TD interest and term the following loan val ues for 80 10 10 and 80 15 5 or any LTV loans Blended interest rate for 1st and 2nd TD and equiva...

Page 63: ...Interest 7 8 10 Term 30 30 year 10 year PMI 2 5 LTV 95 80 10 STEPS KEYSTROKES DISPLAY 1 Enter Fixed Rate Loan Values and Find Total Payment Clear calculator o o 0 00 Enter loan amount 1 0 0 l 100 000...

Page 64: ...ith mortgage insurance 9 95 Find total combined 1st 2nd payment 799 07 Find equivalent payment of single fixed rate loan with mortgage insurance 873 64 Find monthly savings over fixed rate loan with m...

Page 65: ...00 100 000 Interest 7 8 10 Term 30 30 year 10 year PMI 2 5 LTV 95 80 15 STEPS KEYSTROKES DISPLAY 1 Enter Fixed Rate Loan Values and Find Total Payment Clear calculator o o 0 00 Enter loan amount 1 0 0...

Page 66: ...te loan with mortgage insurance 9 95 Find total combined 1st 2nd payment 826 57 Find equivalent payment of single fixed rate loan with mortgage insurance 873 64 Find monthly savings over fixed rate lo...

Page 67: ...Term 30 30 year 10 year PMI 2 5 LTV 95 90 5 STEPS KEYSTROKES DISPLAY 1 Enter Fixed Rate Loan Values and Find Total Payment Clear calculator o o 0 00 Enter loan amount 1 0 0 l 100 000 00 Enter interest...

Page 68: ...64 70 Find equivalent payment of fixed rate loan with MI 873 64 Find monthly savings over fixed rate loan with MI 108 94 Find adjusted 2nd term if savings applied to 2nd TD 2 83 Find 1st TD loan amoun...

Page 69: ...the O key to perform a total reset It is recommended you use a straightened paper clip as the hole is extremely small Keystroke Reset Returning the Calculator to its Original Factory Settings You may...

Page 70: ...stries at 1 800 854 8075 Repair and Return Warranty Repair and Return Information Return Guidelines 1 Please read the Warranty in this User s Guide to determine if your Calculated Industries calculato...

Page 71: ...lease provide an explanation of the service requirement your name address day phone number and dated proof of purchase typically a sales receipt If the prod uct is over 90 days old include payment of...

Page 72: ...limitation of implied warranties or liability for incidental or consequential damages so the above limitation or exclusion may not apply to you This warranty gives you specific rights and you may als...

Page 73: ...Keys 5 Batteries 69 Bi Weekly Loans 49 BUYER QUALIFYING 53 CALCULATOR SETTINGS 19 Combo Loan 80 10 10 vs Fixed Rate Loan with Mortgage Insurance 62 Combo Loan 80 15 5 vs Fixed Rate Loan with Mortgage...

Page 74: ...mplete Example 56 Quarterly Payment Finding a 29 Reduction in Listing Price Discount 17 Rent vs Buy 36 Rent vs Buy Keys 10 Repair and Return guidelines 69 Reset 68 Restricted Qualifying 57 Sales Price...

Page 75: ...74 QUALIFIER PLUS IIIX NOTES...

Page 76: ...USER S GUIDE 75 NOTES...

Page 77: ...Designed in the United States of America Printed in China 3415UG E D...