Qualifying Mortgage Amount And Sales Price (Including Down Payment, Property Tax And Monthly Heating/Condo Fees); Qualifying Mortgage Amount And Sales Price - Calculated Industries 3423 User Manual

Qualifying Mortgage Amount and Sales Price (Including Down
Payment, Property Tax and Monthly Heating/Condo Fees)
The same buyers as in the previous example (who make $45,000
annually and have $200 in long-term monthly debt) wish to buy a
lower-priced condo, but can only afford $7,500 down. If you include
estimated annual property tax of 1.5% and other housing expenses of
$150 ($100 for heating, $50 for monthly condo fees), for what mort-
gage amount can they now pre-qualify? What sales price can they
afford? What's their total (PITH) payment? (Again, using previously
stored 7.5% interest, 25-year term and qualifying ratios of 32%:40%; if
you've cleared or changed these values, please re-enter them.)
STEPS
Clear calculator
Enter annual Income
Enter monthly Debt
Enter Down Payment
Enter property Tax rate
Enter housing Expense
Recall Interest*
Recall Term*
Display Qualifying Ratios
Find pre-qualifying
Mortgage Amount
Find Price
Now find the monthly P&I payment (Principal & Interest) and Total
(PITH) Payment:
STEPS
Find P&I Payment
Find Total (PITH) Payment p
*Re-enter interest and term if you are not continuing from the previous example.
44 — Q
UALIFIER
KEYSTROKES
o o
4 5 ) i
2 0 0 D
7 5 0 0 d
1 • 5 t
1 5 0 s D
® ˆ
® T
q
q
P
— DO NOT CLEAR CALCULATOR —
KEYSTROKES
p
P ® 4
LUS X
DISPLAY
0.00
45,000.00
200.00
7,500.00
1.50
150.00
7.50
25.00
32.00-40.00
"run" 121,489.58
128,989.58
DISPLAY
"run" 888.76
1,200.00