Calculated Industries 43285, User Manual

Page 1: ...USER S GUIDE QUALIFIER PLUS IIx DT DESKTOP MODEL 43285 RESIDENTIAL REAL ESTATE FINANCE CALCULATOR with exclusive buyer qualifying features REAL ESTATE MASTER...

Page 2: ...ization Remaining Balances Balloon Payments Bi Weekly Loans ARM s with Lifetime Cap Date Math Functions Future Value and Appreciation And much much more It also works as a standard math calculator wit...

Page 3: ...s Real Estate Loans 14 Non Monthly Loan Payments Per Year 16 Sales Price Down Payment 17 Taxes Insurance PITI Payment 19 Amortization Remaining Balance 23 Future Value 28 Trust Deeds Discounted Notes...

Page 4: ...yed number to the independent memory Pressing Set M will subtract the displayed value from memory Rcl Recall Recalls and displays the contents of the memory press Rcl M or financial regis ters Pressin...

Page 5: ...rtization remaining bal ance value as per period rather than per year For example 360 Per Term enters 360 periods Price Sales Price Enters or calculates a Sales Price based on the entries of Loan Amou...

Page 6: ...Mortgage based on the inputs of both Interest Adjustment and Term Adjustment which are separated by the Colon key For example an ARM which adjusts 1 every year is entered 1 1 ARM By using the Set ARM...

Page 7: ...mal places see the section on Decimal Place Selection Also works with other keys to set or activate additional functions Think of it as a shift key on a typewriter It will perform the function printed...

Page 8: ...ve to positive Set Month Offset Used to set the first month of payment if other than January Used for calcu lating annual amortization ranges Set 000 Odd Days Interest Calculates the pre paid interest...

Page 9: ...income and debt ratios for this key are 28 and 36 respectively You may change qualifying ratios if desired 2 Calculates the maximum loan amount for which a buyer may qualify for based on the stored i...

Page 10: ...r s actual income and debt ratios given both buyer and property data First press of Qual 1 displays stored qualifying ratios 2nd press calculates the buyer s actual ratios Qual 2 Stores additional e g...

Page 11: ...e or loan amount is changed However if entered as a percentage of sales price or loan amount these items will automatically be re calculated if sales price or loan amount are changed Decimal Place Sel...

Page 12: ...x the sec ond value and then the equals sign A 3 2 5 B 3 2 1 C 3 x 2 6 D 3 2 1 5 Percentage Calculations The percent key can be used for finding a given percent of a number or for working add on disco...

Page 13: ...st and 3 subtract one date from another date to find the number of days in between For example if a 45 day escrow begins April 28 1998 what is the closing date Steps Keystrokes Display Clear calculato...

Page 14: ...eplace memory with displayed value Set Rcl M The memory is semi permanent it will only be cleared when you 1 turn off the calculator 2 press Rcl Rcl 3 press Set Rcl 4 press Set x all clear How to use...

Page 15: ...l registers 5 When solving for a financial component the calculator will display the word run in the display Solving for interest may take several seconds up to 15 while the word run displays 6 Once y...

Page 16: ...here the loan amount is 98 500 term is 30 years and payment is 1 150 a month Steps Keystrokes Display Clear calculator On C On C 0 00 Enter loan amount 98 500 L A 98 500 00 Enter term 30 Term 30 00 En...

Page 17: ...Recall of payments year Rcl 4 00 IMPORTANT To return the payments per year to the default value of 12 you must do the following steps or perform an All Clear Set x Steps Keystrokes Display Clear calcu...

Page 18: ...al values 2 If a Sales Price has been specifically entered it will only change when you enter a new Sales Price or by preceding the entry of Down Payment or Loan Amount with Set Finding L A Based on S...

Page 19: ...20 down and then find your monthly payment at 9 interest over 30 years Steps Keystrokes Display Clear calculator On C On C 0 00 Enter loan amt 125 000 L A 125 000 00 Enter down pmt 20 Dn Pmt 20 00 Fin...

Page 20: ...mounts they will need to be re entered for a change in Sales Price or Loan Amount to be correct Entering a number 10 or less is assumed to be an annual percentage IMPORTANT Both Tax and Property Insur...

Page 21: ...PITI Payment with Percentages Find both the P I and PITI payment on a new home with a selling price of 125 000 a 5 down payment at 8 75 inter est for a term 15 years given a 1 annual property tax and...

Page 22: ...nd a yearly 350 property insurance premium Steps Keystrokes Display Clear calculator On C On C 0 00 Set tax figure 1 200 Tax 1 200 00 Set insurance figure 350 Ins 350 00 Enter annual interest 7 75 Int...

Page 23: ...payment Steps Keystrokes Display Clear calculator On C On C 0 00 Enter annual taxes 1 500 Tax 1 500 00 Enter annual insurance 350 Ins 350 00 Enter annual interest 9 75 Int 9 75 Enter term in years 30...

Page 24: ...main ing balance after the 10th period you would press 10 Per Bal 3 Entered ranges are inclusive so that a range of 1 to 5 would include both year 1 and year 5 4 Entering a numerical value or performi...

Page 25: ...h Offset to one January Note If you have changed your Month Offset be sure to return it to 1 i e 1 Set or Off before proceeding to the next problem Total Principal Total Interest for a Loan How much t...

Page 26: ...Offset to May 5 Set 5 00 Enter loan amount 90 000 L A 90 000 00 Enter interest 8 Int 8 00 Enter term 30 Term 30 00 Find monthly payment Pmt run 660 39 Enter Yr 1 1 Amort run 1 8 Find total interest i...

Page 27: ...isplay 1st pmt period 1 Per Amort run 1 1 Find interest 1st pmt Amort 1 348 96 Find principal 1st pmt Amort 90 72 Display 2nd pmt period 2 Per Amort run 2 2 Find interest 2nd pmt Amort 1 348 26 Find p...

Page 28: ...Amort 488 21 Enter years 1 10 1 10 Amort run 1 120 Find interest Amort 123 522 48 Find principal Amort 10 892 71 Balloon Payment Remaining Balance Needed to Pay Off a Loan You are looking at a new hom...

Page 29: ...rth in 3 years figuring an inflation or appreciation rate of 8 5 Set periods to one per year Steps Keystrokes Display Clear calculator On C On C 0 00 Set to 1 pmt yr 1 Set 1 00 Enter present value 200...

Page 30: ...you want a 25 yield or return on your investment In this case you are paying for the income stream the incoming payments and not the future value Steps Keystrokes Display Turn calc off then on Off On...

Page 31: ...your investment Steps Keystrokes Display Clear calculator On C On C 0 00 Enter future value of note when due 7 500 FV 7 500 00 Enter purchase price 6 500 L A 6 500 00 Enter remaining term 5 Term 5 00...

Page 32: ...differ APR Solution You are taking out a real estate loan of 50 000 for 30 years at a nominal or quoted rate of 9 interest The cost of getting the loan is quoted as 1 5 points and 250 in fees What is...

Page 33: ...umber of days from escrow closing to the date of the first payment Finding ODI and APR Find the monthly payment on a 100 000 loan at 8 5 annual interest and 30 year term Then find the amount of odd da...

Page 34: ...the Annual Percentage Rate APR based on these closing costs Steps Keystrokes Display Store the pre paid interest in memory M 259 72 Find Loan Costs Recall loan amount Rcl L A 100 000 00 Find point cos...

Page 35: ...and then pressing Set Term A second press of Term shows the total interest savings over the entire loan Bi Weekly Term Reduction Payment Find the initial monthly payment on a 30 year 76 500 mort gage...

Page 36: ...ng ARM enter the two ARM para meters but press the Set key before pressing ARM 5 The calculator includes a lifetime cap i e the maximum amount the interest rate may increase over the life of a loan Pr...

Page 37: ...t 8 25 Find initial monthly pmt Pmt run 1 322 23 Enter interest cap 4 ARM Cap CAP 4 00 Enter ARM parameters 1 1 ARM 1 00 1 00 Find 1st adj payment ARM run 1 445 79 Find 2nd adj payment ARM run 1 570 8...

Page 38: ...Find 1st decreasing pmt ARM run 684 81 Find 2nd decreasing pmt ARM run 626 47 Increasing Decreasing ARM Payment Find the payment for the first three years for a 100 000 30 year ARM loan that starts o...

Page 39: ...ratios The Qual 1 key defaults to 28 Income and 36 Debt for Conventional loan qualifying The Qual 2 key defaults to 29 Income and 41 Debt for Government loan qualify ing However you may use these key...

Page 40: ...alculate the buyer s actual ratios 7 You may use the Exp Tax Ins and Mtg Ins keys as optional variables affecting buyers qualifying and PITI payment Taxes and Insurance rates if applicable are cal cul...

Page 41: ...eck your stored tax and insurance rates before completing any qualifying problems especially if you are in Pro Mode where these values are stored permanently Steps Keystrokes Display Clear calculator...

Page 42: ...68 000 Inc 68 000 00 Enter monthly debts 750 Debt 750 00 Display qual ratios Qual 1 28 00 36 00 Find qual loan amt Qual 1 run 184 492 74 D O N O T C L E A R C A L C U L A T O R Non Restrictive Qualify...

Page 43: ...rn the Pro Mode off Set before continuing to other problems as it will store future amounts entered into the Tax Insurance and Mortgage Insurance keys per manently in addition to changing the sequence...

Page 44: ...n the entered tax and insurance Steps Keystrokes Display Find P I payment Pmt run 1 046 69 Find PITI payment Pmt 1 290 00 Qualifying for both Conventional and Government Loans Based on Income Debts an...

Page 45: ...qualif loan Qual 2 run 99 680 98 Find Qual 2 P I payment Pmt 680 00 Find Qual 2 total payment Pmt 730 00 Income Required and Allowable Monthly Debt Sales Price Down Payment Again using 28 36 ratios h...

Page 46: ...nses what will this borrower s ratios be Use 10 interest for 30 years Steps Keystrokes Display Clear calculator On C On C 0 00 Enter interest 10 Int 10 00 Enter term 30 Term 30 00 Enter loan amount 15...

Page 47: ...u lator the display will show Error followed by one digit numer ic code To clear an error simply press any key Error 1 Number Too Large to Display Error 2 Attempted to Divide by Zero Error 3 Time Valu...

Page 48: ...se use caution when disposing of your old batteries as they contain hazardous chemicals Changing the Battery Use a small Phillip s head screwdriver and unscrew the two 2 screws on the base of the unit...

Page 49: ...D TO BE DAM AGES RESULTING FROM MISUSE OR ABUSE To obtain warranty service in the U S ship the product postage paid to CI address listed on the back page Please provide an explanation of the service r...

Page 50: ...ORMANCE IN NO EVENT WILL CI BE LIABLE FOR DIRECT INDIRECT SPE CIAL INCIDENTAL OR CONSEQUENTIAL DAMAGES RESULTING FROM ANY DEFECT IN THE PRODUCT OR ITS DOCUMENTATION The warranty disclaimer and remedie...

Page 51: ...er of special function calculators and digital measuring instruments is always looking for new product ideas in these areas If you have one or if you have any suggestions for improvements to this prod...