Finding Income Required And Allowable Monthly Debt - Calculated Industries 3430 User Manual

Finding Income Required and Allowable Monthly Debt

Using the 28%:36% ratios, how much income would a buyer need to
finance a $250,000 home if they put 20% down? What is the maxi-
mum allowable debt? What is the $ down payment and loan
amount? What is the monthly payment? Use 6.75% interest for 30
years. Estimate property tax/insurance rates of 1.5% and 0.25%,
respectively. Clear mortgage insurance rate to zero, as they are put-
ting 20% down.
STEPS
Clear calculator
Enter annual Iinterest rate 6 • 7 5 ˆ
Enter Term in years
Enter tax rate
Enter insurance rate
Delete mortgage insurance
rate
Enter sales price
Enter Down Payment %
Find Down Payment $
Find Loan Amount
Display Qualifying Ratios
Find income required
Find maximum allowable
monthly debt
Find monthly P&I Payment p
Find monthly PITI Payment p
KEYSTROKES
o o
3 0 T
1 • 5 s 7
• 2 5 s 8
0 s 9
2 5 0 ) P
2 0 d
d
l
q
q
q
DISPLAY
30.00
250,000.00
20.00
50,000.00
200,000.00
28.00-36.00
"run" 71,219.12
474.79
1,297.20
1,661.78
U ' G — 65
SER S UIDE
0.00
6.75
1.50
0.25
0.00