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Combo Loan (80:10:10) vs. Fixed-Rate Loan with Mortgage
Insurance
You'd like to show your client the savings of a fixed-rate Combo
Loan (80:10:10) over that of a standard, fixed-rate loan with mort-
gage insurance, or MI. You have 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 down payment
Enter interest
Enter term
Enter MI (mortgage
insurance) value
Clear Tax register
Clear Insurance register 0 I
Solve for price
Solve for P&I payment
Solve for PITI payment
(with MI)
2. Enter Combo Loan Values:
Enter 1st TD
Interest:Term
Enter 2nd TD
Interest:Term
62 — M
ORTGAGE
FIXED-RATE
LOAN w/PMI
100,000
7%
30
2.5%
90%
KEYSTROKES
o o
1 0 0 ) l
1 0 d
7 ˆ
3 0 T
2 • 5 s I
0 t
P
p
p
8 : 3 0 !
1 0 : 1 0 s !
Q
P
UALIFIER
LUS
FIXED-RATE
COMBO LOAN
(1st TD – 2nd TD)
100,000
8% – 10%
30 year – 10 year
--
80% – 10%
®
DISPLAY
0.00
100,000.00
10.00
7.00
30.00
2.50
0.00
0.00
111,111.11
665.30
873.64
8.00-30.00
10.00-10.00
(Cont'd)
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