Qualifying Comparison (Comparing 2 Different Loans Or Ratios At Once) - Calculated Industries 3415 User Manual

Qualifying Comparison (Comparing 2 Different Loans or Ratios
at Once)
Given a buyer's annual income of $60,000, $500 in long-term
monthly debt, estimated monthly homeowner's association dues of
$50, an interest rate of 6.25% and term of 30 years, what loan
amounts can they qualify for based on both 28%:36% and higher
29%:41% ratios? Also, find the corresponding total monthly payment
for each. Estimate property tax/insurance rates of 1.25% and .3%,
respectively, and a mortgage insurance rate of .45%.
STEPS
Clear calculator
Enter annual income
Enter monthly debt
Enter monthly association
dues
Enter interest
Enter term
Enter property tax rate
Enter property insurance
rate
Enter mortgage insurance
rate
Display Qual 1 stored ratios q
Find Qual 1 qualifying loan q
Find P&I payment
Find PITI payment
Find total payment
Find interest-only payment p
STEPS
Display Qual 2 stored ratios Q
Find Qual 2 qualifying loan Q
Find P&I payment
Find PITI payment
Find total payment
Find interest-only pmt
*Notice that, of course, the qualifying loan amount is significantly higher using Qual 2
ratios.
58 — Q
UALIFIER
KEYSTROKES
o o
6 0 ) i
5 0 0 D
5 0 e
6 • 2 5 ˆ
3 0 T
1 • 2 5 t
• 3 I
• 4 5 s I
p
p
p
— DO NOT CLEAR CALCULATOR —
KEYSTROKES
p
p
p
p
P ® III
LUS X
DISPLAY
60,000.00
500.00
50.00
30.00
28.00-36.00
"run" 159,768.12
983.72
1,250.00
1,300.00
832.13
DISPLAY
29.00-41.00
"run" 178,940.29*
1,101.77
1,400.00
1,450.00
931.98
0.00
6.25
1.25
0.30
0.45