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Summary of Contents for Calculated Industries 3423
- Page 1 ANADIAN UALIFIER ® ADVANCED REAL ESTATE FINANCE CALCULATOR with CASH FLOW and BUILT-IN CANADIAN INTEREST MODE Model 3423 Pocket Reference Guide...
- Page 2 • Qualifying Based on Different Ratios • Cash Flows/Interest Analysis (IRR, NPV, NFV) • Date Math • U.S. Loan Problems — TVM problems, APR, Tax/Insurance, PITI Payment, U.S. Qualifying • and more! For product registration, visit www.calculated.com UALIFIER UALIFIER ® calculator...
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Page 3: Table Of Contents
TABLE OF CONTENTS KEY DEFINITIONS ...1 Canadian/U.S. Interest Modes ...5 Preference Mode...6 EXAMPLES...6 Basic Math ...6 Percentage Calculations ...6 Memory Functions...7 Delta % - Rate of Appreciation...7 Setting Decimal Places ...8 Using the Meters and Feet Conversion Function ...8 Date Function...10 EXAMPLES —... - Page 4 Setting Qualifying Ratios ...20 Qualifying Mortgage Amount ...21 “Restricted” Qualifying ...22 “Unrestricted” Qualifying ...23 Qualifying Comparison (Two Ratios at Once) ...24 Finding Income Required and Allowable Monthly Debt ...25 Cash Flow ...26 EXAMPLES — U.S. MODE ...28 Monthly Loan Payment ...28 Interest-Only Payment (Entry) ...28 Setting Tax and Insurance ...29 PITI Payment and Interest-Only...
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Page 5: Key Definitions
KEY DEFINITIONS Note: This is a short “reference” guide. Please see your large User’s Guide for details. + – x ÷ = 0 – 9 and • µ OCKET On/Clear Key — Turns on power. Pressing once clears the display. Pressing twice clears all temporary values. - Page 6 ® s ÷ s – OCKET Recalls or re-displays a value when followed by a chosen key (e.g., ® ˆ will display current interest value) Sets number of displayed decimal places and acti- vates 2nd functions Clear All Note: perform with caution as it will clear/reset stored values.
- Page 7 ˆ s ˆ OCKET Delta Percent ( the percent change between two values. Month Offset Bi-Weekly mortgage Mortgage amount or present value P&I, PITI (U.S.) , Total (PITH) payment, and inter- est-only payment (U.S.) Number of years Annual interest rate Effective Interest Rate (Eff%) —...
- Page 8 OCKET Qualify based on 35%-42% (Canada) Annual Income Long-term, monthly Debt Estimated annual property Tax (enter as percent or dollar amount) Property Insurance — Used for calculating the Total Payment and for Qualifying Housing Expense, including monthly heating cost (Canada) Canadian Mortgage Insurance Used to enter up to 20 Cash...
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Page 9: Canadian/U.s. Interest Modes
U.S. ONLY KEYS: s ˆ Canadian / U.S. Interest Modes Your calculator can easily be switched between Canadian or U.S. Interest Mode by pressing: s + U.S. Mode allows: • Entry/calculation of U.S. interest rates. • Entry/calculation of U.S. mortgage insurance (s 9). -
Page 10: Preference Mode
+ key. To set the preference and exit, press the o key. To reset the calculator back to its default set- tings, turn off the calculator, hold down x and turn back on (“All Reset” will flash for one second before clearing to zero). -
Page 11: Memory Functions
Memory Functions Pressing the µ key adds the displayed value to cumulative Memory. s µ sub- tracts the displayed value from cumulative Memory. ® µ recalls and displays the total value in Memory. ® ® displays and clears the Memory. KEYSTROKES 1. -
Page 12: Setting Decimal Places
Setting Decimal Places You can use the s key to select the number of decimal places displayed. (Values are rounded using 5/4 rounding.) You may do this before or after finding an answer. Press s followed by the number of decimal places you wish to display: s •... -
Page 13: Steps Keystrokes
Convert 20 Feet to Meters. STEPS Clear Enter 20 Feet 2 0 Find number of Meters Convert 10 Square Meters to Square Feet. STEPS Clear Enter 10 Square Meters Find number of Square Feet W Convert 20 Square Feet to Square Meters. STEPS Clear Enter 20 Square... -
Page 14: Date Function
Date Function Using the : key, you can quickly solve common real estate date problems: escrow or closing dates, listing expiration dates, and the number of days prepaid interest, etc. You enter a date as follows: Numerical Month :, Numerical Day : and Numerical Year. -
Page 15: Examples - Canadian Mode
EXAMPLES — CANADIAN MODE See page 5 for instructions to return your calculator to Canadian Mode if your calcu- lator does not display the letters “CDN” upon pressing the ˆ key. Or, if your cal- culator was not reset, press s + until the display reads “INT Cdn.”... -
Page 16: Monthly Mortgage Payment
Find Payment *Note: When entering or calculating interest in Canadian Mode, the letters “CDN” will appear in the upper left side of the calculator display. Term of a Mortgage How long does it take to pay off a mort- gage of $15,000 at 10% interest if you... -
Page 17: Mortgage Amount
Enter Mortgage 1 5 5 5 0 0 l Enter Term Enter Payment 1 1 5 0 p Find annual Interest Find periodic Interest – DO NOT CLEAR CALCULATOR – OCKET KEYSTROKES 7 • 5 ˆ 2 5 T 7 ˆ KEYSTROKES 2 5 T ˆ... -
Page 18: Effective Interest Rate
Enter number of payments per year: STEPS Clear To recall the currently stored number of payments, press ® ÷ : STEPS Clear IMPORTANT: Return your calculator to 12 payments per year (default): STEPS Clear OCKET KEYSTROKES s ˆ KEYSTROKES 4 s ÷... -
Page 19: Total (Pith) Payment
Total (PITH) Payment • Term: • Interest: • Sales Price: • Down Payment: • Property Tax: • Monthly heating expense: Find the total (PITH) payment: STEPS Clear Enter Term Enter Interest Enter Price Down% Set Tax%* Enter heating Find Mortgage l Find P&I Pmt. -
Page 20: Quarterly Payment
Quarterly Payment Find the quarterly payment on a ten year, 12%-interest loan of $15,000. STEPS Clear Set to four payments per year Enter Loan Enter Term Enter Interest Find quarterly Payment Reset to 12 payments per year Mortgage Amount Based on Sales Price and Percent Down Payment Find mortgage amount and dollar down payment if the price is $235,900 and you're... -
Page 21: Sales Price Based On Mortgage Amount And % Down Payment
Sales Price Based on Mortgage Amount and Percent Down Payment Find sales price if the mortgage amount is $150,000, down payment 5%, term 25 years and interest rate 7.75%. STEPS Clear Enter Mortgage 1 5 0 ) l Enter Down% Enter Term Enter Interest Find Payment... -
Page 22: Canadian Mortgage Insurance
Canadian Mortgage Insurance Find the monthly P&I payment on a 25-year, $150,000 mortgage at 7.5% annual interest with 1.5% mortgage insurance. STEPS Clear Enter Mortgage 2 5 0 ) l Enter Term Enter Interest Enter Mortgage Insurance Find Payment Future Value (Appreciation) What will a $250,000 home be worth in three years, figuring 6% appreciation? STEPS... -
Page 23: Amortization (Total Principal/Total Interest, Remaining Balance)
Amortization (Total Principal / Total Interest, Remaining Balance) • Mortgage: • Term: • Interest: Note: See large User’s Guide for more examples. Find total interest, principal and total pay- ments. Then, find the remaining balance after ten years. STEPS Clear Enter Mortgage 1 7 5 ) l Enter Term Enter Interest... -
Page 24: Bi-Weekly Mortgages
Bi-Weekly Mortgages • Mortgage: • Term: • Int: Find Bi-Weekly term, savings, total cost and Bi-Weekly payment: STEPS Clear Enter Mortgage 2 1 2 5 0 0 l Enter Term Enter Interest Find Payment Find Bi-Weekly Term Find total interest savings Find total interest paid... -
Page 25: Qualifying Mortgage Amount
STEPS Clear Set Ratios Qualifying Mortgage Amount • Buyer’s Income: • Monthly Debt: • Down Payment: • Property Tax: • Monthly heating exp: • Term: • Interest: • GDS/TDS Ratios: Find qualifying mortgage amount, price and total payment: STEPS Clear Enter Income Enter Debt Enter %Down... -
Page 26: Restricted" Qualifying
“Restricted” Qualifying Buyers who make $45,000 annually and have $600 in long-term monthly debt wish to buy a home offered at $165,000. They will put 15% down. Will they qualify? For what maximum mortgage amount can they qualify? (Use previously stored 7.25% interest and 25-year term, tax rate of 1.5%, monthly heating expense of $100, and qualifying ratios of 32%:40%). -
Page 27: Unrestricted" Qualifying
Find $ Down Payment Find total (PITH) Payment — DO NOT CLEAR CALCULATOR — “Unrestricted” Qualifying The amount calculated above is the “restricted” mortgage they may qualify for, based on current income and debt. What are the buyer's actual income and debt ratios? What is the “unrestricted”... -
Page 28: Qualifying Comparison (Two Ratios At Once)
(Cont’d) **The restricted Qualifying Mortgage Amount is based on the ratio (income or debt) that limits the buyer the most — in this case it was debt. This means that if the buyer lowers their debt below the maximum allowable of $300 a month, they would qualify for the larger “unrestricted”... -
Page 29: Finding Income Required And Allowable Monthly Debt
Display Qual 1 Ratios Find Qual 1 maximum Qualifying Mortgage Find Qual 1 P&I Payment Find Qual 1 PITH Payment — DO NOT CLEAR CALCULATOR — STEPS Display Qual 2 Ratios Find Qual 2 maximum Qualifying Mortgage Find Qual 2 P&I Payment... -
Page 30: Cash Flow
(Cont’d) STEPS Clear Enter Interest Enter Term Enter Tax% Enter heating Enter Price Enter %Down Find $ Down Find Mortgage l Display Qualifying Ratios Find income required Find maximum allowable Monthly Debt Find P&I Payment Find total Cash Flow A real estate investor wishes to purchase a home for $225,000 and rent it out. - Page 31 STEPS Clear cash flow s 6 Set 1 payment per year Enter initial investment as cash outlay Enter 1st CF Enter 2nd CF Enter 3rd CF Enter 4th CF Enter last CF Find IRR Enter desired rate of return and find NPV Find NFV Re-display desired rate...
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Page 32: Examples - U.s. Mode
EXAMPLES — U.S. MODE IMPORTANT: Your calculator must be in U.S. Mode by pressing s + . Monthly Loan Payment Find the monthly payment on a 30-year loan of $215,000 at 7.5% interest. STEPS Set US Mode Clear Enter Loan... -
Page 33: Setting Tax And Insurance
Setting Tax and Insurance Enter an annual property tax rate of 1.5%, a property/homeowner’s insurance rate of .25%, and a mortgage insurance rate of .50%: STEPS Set Tax%* Set homeowner’s insurance% Set mortgage insurance% Recall Tax% Recall insurance% Recall mortgage insurance% *Enter dollar values for tax/insurance in the same manner —... -
Page 34: Piti Payment And Interest-Only Payment
PITI Payment and Interest-Only Payment • Term: • Interest: • Sales Price: • Down Payment: • Property Taxes: • Property Insurance: • Mortgage Insurance: • Monthly Association Dues: Find the PITI, total and interest-only pay- ments: STEPS Clear Enter Term Enter Interest Enter Price Down%... -
Page 35: Qualifying Loan Amount
Qualifying Loan Amount • Buyer’s Income: • Monthly Debt: • Down Payment: • Property Tax: • Property Insurance: • Mortgage Insurance (not required): 0 • Term: • Interest: • Qualifying Ratios: Find qualifying loan, price and payment: STEPS Clear Enter Income Enter Debt Enter %Down Set Tax%... -
Page 36: Interest-Only Qualifying Loan Amount
Interest-Only Qualifying Loan Amount • Buyer’s Income: • Monthly Debt: • Down Payment: • Property Tax: • Property Insurance: • Mortgage Insurance (not required): 0 • Term: • Interest: • Qualifying Ratios: Find qualifying loan, price and payment: STEPS Clear Enter Income Enter Debt Enter %Down... -
Page 37: Apr And Total Finance Charges, Including Mortgage Insurance
APR and Total Finance Charges, Including Mortgage Insurance • Loan: • Term: • Interest: • Cost: • Mortgage Ins./MI: STEPS Clear Enter Loan Enter Term Enter Interest Find P&I Pmt. p Enter MI Find Loan Costs: Recall Loan Find points Add fees and find total Find APR... -
Page 38: Appendix
APPENDIX Default Settings Your calculator has the following default settings. Performing a Full Reset (e.g. - turn off calculator, hold down x and turn on) will return your calculator to the settings below: • Canadian Interest Mode • 12 Periods per Year •... -
Page 39: Repair And Return
Repair and Return Return Guidelines Please read the Warranty in this User's Guide to determine if your Calculated Industries product remains under warranty before calling or returning any device for evaluation or repairs. If your product won't turn on, check the battery as outlined in the User's Guide. -
Page 40: Warranty
Non-warranty repair covers service beyond the warranty peri- od, or service requested due to damage resulting from misuse or abuse. Contact Calculated Industries at the number listed on the back cover to obtain current product repair information and charges. Repairs are guaranteed for 90 days. -
Page 41: Fcc Class B
Class B computing device, pursuant to Subpart J of Part 15 of FCC rules. Looking For New Ideas Calculated Industries, a leading manufacturer of spe- cial-function calculators and digital measuring instru- ments, is always looking for new product ideas in these areas. - Page 42 Software copyrighted and licensed to Calculated Industries, Inc. by Real Estate Master Technologies, LLC, 2006. Pocket Reference Guide copyrighted by Calculated Industries, Inc. © 2006. Qualifier Plus® and Calculated Industries® are registered trademarks of Calculated Industries, Inc. ALL RIGHTS RESERVED CALCULATED INDUSTRIES®...
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