Qualifying Loan Amount (Interest-Only Loan) - Calculated Industries 3416 User Manual

Qualifying Loan Amount (Interest-Only Loan)

Using the same values from the previous example, find qualifying
loan amount, price, and total payment for an interest-only loan:
STEPS
Clear
Enter income
Enter debt
Enter down
Set tax%
Set ins%
Set MI%
Enter association
dues
Enter interest
Enter term
Display ratios
Find qualifying loan
amount
Find price
Find the monthly P&I payment, PITI payment, total payment, and
Interest-Only payment:
STEPS
I/O payment
P&I payment
PITI payment
Total payment
58 — M
ORTGAGE
KEYSTROKES
o o
7 5 ) i
5 0 0 D
5 ) d
1 • 5 t
• 2 5 I
• 6 s I
5 0 e
6 • 7 5 ˆ
3 0 T
s q
q
P
— DO NOT CLEAR CALCULATOR —
KEYSTROKES
s p
p
p
p
Q P
UALIFIER LUS
®
DISPLAY
0.00
75,000.00
500.00
5,000.00
1.50
0.25
0.60
50.00
6.75
30.00
28.00 - 36.00
223,214.29
228,214.29
DISPLAY
1,255.58
1,447.76
1,892.18
1,942.18