Tax, Insurance And Expense Keys - Calculated Industries 3415 User Manual

Tax, Insurance and Expense Keys

In addition to Qualifying, the following keys are also involved in PITI
or total payment calculations (e.g., they are added to the monthly
payment):
t
I
s I
Property Tax — Used for calculating PITI and Total
payment, and Qualifying. Stores estimated annual
property tax in either percent or dollar amount. If
entered as an annual dollar amount, a press of ®
and t converts to the monthly tax amount, and
pressing t again converts to the annual percent-
age rate. If entered as a percentage, pressing ®
t converts to the annual dollar amount, and
pressing t once more shows the monthly tax.
Note: Entering a number equal to or less than 10 is assumed to
be an annual percentage. Property tax is calculated from the
sales price (therefore, you should also enter a Down Payment).
Property Insurance — Used for calculating PITI
and Total payment, and Qualifying. Stores estimated
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 pressing I again converts to the annual per-
centage rate. If entered as a percentage, pressing
® I converts to the annual dollar amount, and
pressing I once more shows the monthly insurance.
Note: Entering a number equal to or less than 10 is assumed to
be an annual percentage. Property insurance is calculated from
the sales price (therefore, you should also enter a Down Payment).
Mortgage Insurance (Mtg Ins) — Used for calculat-
ing PITI and Total payment, and Qualifying. Stores
estimated annual mortgage insurance (or Private
Mortgage Insurance) in either percent or dollar
amount. If entered as an annual dollar amount, a
press of ® and s I converts to the monthly
mortgage insurance amount or premium, and press-
ing I again converts to the annual percentage
rate. If entered as a percentage, pressing ® s
I converts to the annual dollar amount, and press-
ing I once more shows the monthly insurance.
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