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Solving for Actual Qualifying Ratios
A buyer who makes $60,000 per year and has $350 in long-term
monthly debt wants to borrow $100,000 to purchase a home. He has
$55,000 down payment and annual property tax is estimated at
1.4%. Monthly housing expenses are estimated at $150. Use 7.5%
interest for 25 years. What are his actual ratios? What is the price of
the home he can afford? What is the monthly payment?
STEPS
Clear calculator
Enter Interest
Enter Term
Enter Mortgage Amount
Enter annual Income
Enter monthly Debt
Enter Down Payment
Enter property Tax rate
Enter mo. housing Expense 1 5 0 e
Display stored Ratios
Calculate actual Ratios
Find sales Price
Find P&I Payment
Find total/PITH Payment
KEYSTROKES
o o
7 • 5 ˆ
2 5 T
1 0 0 ) l
6 0 ) i
3 5 0 D
5 5 ) d
1 • 4 t
q
q
P
p
p p
DISPLAY
25.00
100,000.00
60,000.00
350.00
55,000.00
150.00
32.00-40.00
"run" 21.25-28.25
155,000.00
731.55
1,062.39
U
'
G
— 53
SER
S
UIDE
0.00
7.50
1.40
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