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Income Required (Stated Income) and
Allowable Monthly Debt
• Sales price: $300,000
• Down%: 20%
• Property taxes: 1.5%
• Property insurance: 0.25%
• Mortgage insurance: 0%
• Term: 30 years
• Interest: 5.88%
Find the income required to finance a
$300,000 home and the maximum allow-
able debt.
Note: Clear mortgage insurance rate to zero, as
the down payment is 20%.
STEPS
Clear
Enter interest 5 • 8 8 ˆ
Enter term
Enter tax%
Enter insurance%
Clear MI%
Enter price
Enter down
Find $ down
Find loan
P
KEYSTROKES
o o
3 0 T
1 • 5 t
• 2 5 I
0 s I
3 0 0 ) P
2 0 d
d
l
R
OCKET
EFERENCE
300,000.00
60,000.00
240,000.00
G
— 27
UIDE
DISPLAY
0.00
5.88
30.00
1.50
0.25
0.00
20.00
(Cont'd)
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