Tax, Insurance and Expense Keys
In addition to Qualifying, the following keys are also involved in PITI
or total payment calculations (e.g., they are added to the monthly
payment):
s 7
s 8
s 9
10 — Q
UALIFIER
Property Tax (Tax) — Used for calculating PITI and
Total payment, and Qualifying. Stores estimated
annual property tax in either percent or dollar
amount. If entered as an annual dollar amount,
pressing ® 7 converts to the monthly tax amount,
and pressing ® 7 again converts to the annual
percentage rate. If entered as a percentage, press-
ing ® 7 converts to the annual dollar amount, and
pressing ® 7 once more shows the monthly tax.
Note: Entering a number equal to or less than 10 is assumed to
be an annual percentage. Property tax is calculated from the
sales price (therefore, you should also enter a Down Payment).
Property Insurance (Ins) — Used for calculating
PITI and Total payment, and Qualifying. Stores esti-
mated annual property (or homeowner's) insurance
in either percent or dollar amount. If entered as an
annual dollar amount, pressing ® 8 converts to
the monthly insurance amount or premium, and
pressing ® 8 again converts to the annual per-
centage rate. If entered as a percentage, pressing
® 8 converts to the annual dollar amount, and
pressing ® 8 once more shows the monthly
insurance.
Note: Entering a number equal to or less than 10 is assumed to
be an annual percentage. Property insurance is calculated from
the sales price (therefore, you should also enter a Down Payment).
Mortgage Insurance (Mtg Ins) — Used for calculat-
ing PITI and Total payment, and Qualifying. Stores
estimated annual mortgage insurance (or Private
Mortgage Insurance) in either percent or dollar
amount. If entered as an annual dollar amount, a
press of ® 9 converts to the monthly mortgage
insurance amount or premium, and pressing ® 9
again converts to the annual percentage rate. If
entered as a percentage, pressing ® 9 converts
to the annual dollar amount, and pressing ® 9
once more shows the monthly insurance.
P
®
III
LUS
FX
(Cont'd)