Combo Loan (80:15:5) Vs. Fixed-Rate Loan With Mortgage Insurance - Calculated Industries 3415 User Manual

Combo Loan (80:15:5) vs. Fixed-Rate Loan with Mortgage
Insurance
You'd like to show your client the savings of a fixed-rate Combo
Loan over that of a standard, fixed-rate loan with mortgage insur-
ance or PMI. The LTV for the 1st/2nd TD is 80/15. See the following
parameters:
Loan Amount
Interest
Term
PMI
LTV
STEPS
1. Enter Fixed-Rate Loan Values and Find Total Payment:
Clear calculator
Enter loan amount
Enter interest
Enter term
Enter PMI (mortgage
insurance) value
Clear tax register
Clear insurance register 0 I
Solve for P&I payment
Solve for PITI payment
(with PMI)
2. Enter Combo Loan Values:
Enter 1st TD
Interest:Term
Enter 2nd TD
Interest:Term
64 — Q
UALIFIER
FIXED-RATE
LOAN w/PMI
100,000
7%
30
2.5%
95%
KEYSTROKES
o o
1 0 0 ) l
7 ˆ
3 0 T
2 • 5 s I
0 t
p
p
8 : 3 0 !
1 0 : 1 0 s !
P ® III
LUS X
FIXED-RATE
COMBO LOAN
(1st TD – 2nd TD)
100,000
8% – 10%
30 year – 10 year
--
80% – 15%
100,000.00
8.00-30.00
10.00-10.00
DISPLAY
0.00
7.00
30.00
2.50
0.00
0.00
665.30
873.64
(Cont'd)