Combo Loan (80:10:10) Vs. Fixed-Rate Loan With Mortgage Insurance - Calculated Industries 3430 User Manual

Combo Loan (80:10:10) vs. Fixed-Rate Loan with Mortgage
Insurance
You'd like to show your client the savings of a fixed-rate Combo
Loan (80:10:10) over that of a standard, fixed-rate loan with mort-
gage insurance. You have the following parameters:
Loan Amount
Interest
Term
MI
LTV
STEPS
1. Enter Fixed-Rate Loan Values and Find Total Payment:
Clear calculator
Enter Loan Amount
Enter Down Payment
Enter annual Interest rate 7 ˆ
Enter Term in years
Enter MI (mortgage
insurance) rate
Clear property tax rate
Clear property insurance
rate
Solve for monthly P&I
Payment
Solve for monthly PITI Payment
(with MI)
2. Enter Combo Loan Values:
Enter 1st TD
Interest:Term
Enter 2nd TD
Interest:Term
68 — Q
UALIFIER
FIXED-RATE
LOAN w/MI
100,000
7%
30
.5%
90%
KEYSTROKES
o o
1 0 0 ) l
1 0 d
3 0 T
• 5 s 9
0 s 7
0 s 8
p
p
7 : 3 0 !
9 : 3 0 s !
P ® III
LUS FX
FIXED-RATE
COMBO LOAN
(1st TD – 2nd TD)
100,000
7% – 9%
30 year – 30 year
--
80% – 10%
100,000.00
"run" 665.30
7.00-30.00
9.00-30.00
DISPLAY
0.00
10.00
7.00
30.00
0.50
0.00
0.00
706.97
(Cont'd)