Related Manuals for Calculated Industries 3442
Summary of Contents for Calculated Industries 3442
- Page 1 ORTGAGE UALIFIER ® MORTGAGE FINANCE CALCULATOR Model 3442 Desktop Model 43442 User’s Guide...
- Page 2 • Complete Amortization • Remaining Balances/Balloon Payments • Trust Deeds • Future Value and Appreciation • Also Works as a Standard Math Calculator Pick-A-Payment and Combo (1st/2nd TD) mortgage calculations: • Pick-A-Payment • Equity Builder Pick-A-Payment • Fixed “Combo” Loans •...
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Page 3: Table Of Contents
Arithmetic...16 Percentage Calculations...16 Figuring Straight % Commission ...16 Reduction in Listing Price (Discount %) ...17 Simple, One-Year Home Appreciation (Add-on %) ...17 CALCULATOR SETTINGS...17 Decimal Place Selection...17 Preference Settings ...18 MEMORY ...21 Memory Storage Keys (M0-M5) ...22 Additional Memory Storage Keys (M10-M19) ...23 EXAMPLES...23... - Page 4 Finding Loan-to-Value (LTV) Based on Down Payment and Sales Price ...29 Entering Loan-to-Value (LTV) and Finding Loan and Down Payment ...29 Taxes and Insurance ...30 Setting Tax and Insurance % Rates ...30 Recalling Tax and Insurance % Rates...31 Setting Tax and Insurance $...31 Calculating Tax and Insurance % or $...31 PITI Payment (Tax and Insurance Entered as %)...32 PITI Payment (Tax and Insurance Entered as $) ...33...
- Page 5 BUYER QUALIFYING...52 QUALIFYING EXAMPLES ...53 Recalling Income/Debt Qualifying Ratios ...53 Storing New Income/Debt Qualifying Ratios ...54 Finding Qualifying Loan Amount and Sales Price (Simple Example Excluding Tax/Insurance) ...54 Qualifying Loan Amount and Sales Price (Complete Example Including Down Payment, Tax/Insurance, Monthly Association Dues)...55 “Restricted”...
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Page 6: Getting Started
Works with other keys to set or activate additional second functions (it will perform the function printed above the key on the calculator’s face). Also used to set the number of displayed decimal places (see section on Decimal Place Selection). -
Page 7: Mortgage Loan (Tvm) Keys
Clear All — Clears all entered values and returns all storable values to the default settings. Use this only with caution, as it will reset ratios, payments per year, etc. back to their defaults (see the Appendix for a list of these settings). Note: Clear All will not affect any changes made to Preference Settings. - Page 8 value of a financial problem. Investment Future Value — Functions the same as Future Value, but compounds interest at the begin- ning of the period rather than the end. Sales Price — Enters or calculates Sales Price based on the entries of Loan Amount (or equivalent mortgage components) and Down Payment.
- Page 9 interest-only payment. This is also calculated via the fourth press of the p key. s ÷ Payments per Year (Pmt/Yr) — Used to set the number of payment periods per year. Default value is 12, for monthly. Note: You can store the number of payments per year permanently or semi-permanently.
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Page 10: Tax Savings Keys
T again will exit Equity Builder Mode and re-cal- culate based on the original term. Note: Your calculator is programmed to calculate special interest- saving Equity Builder Pick-A-Payment loans. With the EB P-A-P, each payment is directly applied to loan principal, or applied twice a month –... -
Page 11: Rent Vs. Buy Keys
Rent vs. Buy Keys Rent vs. Buy — Calculates a comparable sales price, loan amount and mortgage payment (versus the cost of monthly rent). You must enter loan vari- ables and a tax bracket via s p, then enter the prospective buyer’s current rent and press s P. - Page 12 (Cont’d) INCOME RATIO = TOTAL HOUSING EXPENSE GROSS MONTHLY INCOME DEBT RATIO = TOTAL HOUSING EXPENSE + MO. DEBT GROSS MONTHLY INCOME Note: Typically, when figuring government loans (FHA/VA), these formulas also include estimated expenses for maintenance and utilities (added to the Total Housing Expense for both ratios). Also, real estate financing and qualifying varies per region and by lender, who of course, take other factors into consideration, such as a buyer’s credit and employment history.
- Page 13 This is useful to show clients what size loan they could qualify for if they paid off debt. Here, the calculator will display the loan amount with “UNR” (for unrestricted) and “INC” to indicate that it is based on income.
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Page 14: Tax, Insurance And Expense Keys
Tax, Insurance and Expense Keys In addition to Qualifying, the following keys are also involved in PITI and Total Payment calculations (e.g., they are added to the monthly payment): Property Tax (Tax) — Used for calculating the PITI payment and for Qualifying. Stores estimated annual property tax in either percent or dollar amount. -
Page 15: Pick-A-Payment And Equity Builder Pick-A-Payment Loan Keys
Pick-A-Payment calculations use all the keys in the second row of the calculator. When performing a P-A-P/EB P-A-P calculation, the calculator will also compare the “fixed” loan values within the l, p, T and ˆ registers. The following defines the P-A-P/EB P-A-P specific keys: Start Rate % or Start Payment —... - Page 16 s ß Pick-A-Payment Term — Enters the P-A-P/EB P-A-P term that is independent of the Standard T entry for fixed-rate loans. Annual Payment Cap % (Pmt Cap%) — Stores the annual percent cap for the P-A-P/EB P-A-P annual payment adjustment, which is applied for the select- ed Recast period.
- Page 17 P-A-P payments and the fixed-rate loan payments (p). If no fixed-rate loan is entered, the calculator will use the P-A-P Note rate for the loan comparison. ROI is not applied to this value, thus providing the P-A-P Savings, also known as the “raw”...
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Page 18: Combo Loan Keys
(Cont’d) calculate the P-A-P Savings and ROI for the first two years. Calculating the P-A-P (or EB P-A-P) with an entered number greater than five years will still cal- culate the P-A-P Savings and ROI for years 1-5; however, the P-A-P loan will be amortized based upon the range entered (i.e., 7 ∏... - Page 19 Only) — See previous definition for s !. Fixed-Rate Combo (1st & 2nd Trust Deed) Loan — When s 5 is selected and all other variables are entered, the calculator will display the following: Press Calculation *If no comparison loan values are entered, these solutions are not displayed.
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Page 20: Pick-A-Payment And Equity Builder Pick-A-Payment Combo Loan Keys
Pick-A-Payment and Equity Builder Pick-A-Payment Combo Loan Keys This calculator also has the capability of using a P-A-P or EB P-A-P loan as the 1st Note in a Combo Loan. These keys are again used to compare P-A-P/EB P-A-P Combo Loans against a standard, fixed-rate loan requiring monthly private mortgage insurance (MI). -
Page 21: Basic Arithmetic Examples
BASIC ARITHMETIC EXAMPLES Arithmetic This calculator uses standard chaining logic, which simply means that you enter your first value, the operator (+, –, x, ÷), the sec- ond value and then the equals sign (=). A. 3 + 2 = B. -
Page 22: Reduction In Listing Price (Discount %)
5%. Calculate both the amount of reduction in dollars and the new, lowered listing price. STEPS Clear calculator Enter sales price Subtract 5% Find new listing price Simple, One-Year Home Appreciation (Add-on %) Properties in your area have been going up in value about 6% per year. -
Page 23: Preference Settings
Preference Settings Your calculator has a Preference Mode, which allows you to program the calculator to various settings. For example, it lets you store cer- tain values permanently, display certain values, or show values in a specific order. To access the Preference Mode, press s, then =, then keep pressing = to toggle through the settings listed below. - Page 24 (Cont’d) After s , Keep Pressing Display at O. Property Tax/Insurance (T/I) - Clr OFF TAX INS — - Hold Pct. TAX INS — - Hold All TAX INS — - Clr Clr TAX INS — Mortgage Insurance (MI) - Clr-Clr M INS — - Clr-OFF M INS —...
- Page 25 (Cont’d) After s , Keep Pressing Display Beginning or End Mode - TYP END — - TYP BEG — P-A-P/EB P-A-P Payment Cutoff - YRS 5.00 P-A-P PMT — - YRS 1.00 P-A-P PMT — - YRS nonE P-A-P PMT — - YRS ALL P-A-P PMT —...
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Page 26: Memory
MEMORY Whenever the µ key is pressed, the displayed value will be added to cumulative memory. This value will remain in memory until cleared or when the calculator is turned off. Other memory functions: FUNCTION Recall total in memory Display and clear memory... -
Page 27: Memory Storage Keys (M0-M5)
Clear stored value* *Perform a s x (Clear All) with caution, as it will clear any stored values from your calculator’s registers, although it will not change any of your preference settings. Example: Store 175 into M1 and recall the value: KEYSTROKES 1 7 5 s ®... -
Page 28: Additional Memory Storage Keys (M10-M19)
3. Financial values may be entered in any order you want. 4. Entered values for Term and Interest are permanently stored in memory. 5. The calculator’s default setting is 12 payments per year, for monthly loans. DISPLAY M-10 250.00 0.00... -
Page 29: Finding The Monthly Loan Payment
7. When solving for a financial component, the calculator may dis- play the word “run” in the display. Solving for interest may take several seconds (up to 15) while the word “run” displays. -
Page 30: Finding The Interest-Only Payment
Finding the Interest-Only Payment Find the interest-only payment on a loan of $15,000 at 9% interest. STEPS Clear calculator Enter loan amount Enter interest Find interest-only payment s π* *The fourth press of the p key also calculates the interest-only payment if you have a Term entered, but you may use the above keystrokes as a shortcut. -
Page 31: Finding The Interest Rate
Finding the Interest Rate Find the interest rate on a mortgage where the loan amount is $98,500, term is 30 years, and the payment is $1,150 a month. STEPS Clear calculator Enter loan amount Enter term Enter monthly payment Find annual interest... -
Page 32: Non-Monthly Loans
÷. For example, here’s how to set your calculator to four payments per year. -
Page 33: Sales Price/Down Payment
Sales Price/Down Payment One of the unique features of this calculator is its ability to work with not only Loan Amount, but with Sales Price and Down Payment. You can enter two values to find the third (e.g., enter Price and Down Payment to find Loan Amount). -
Page 34: Finding Loan-To-Value (Ltv) Based On Down Payment And Sales Price
Finding Loan-to-Value (LTV) Based on Down Payment and Sales Price Find the loan-to-value if a buyer is putting $15,000 down on a $165,500 home. Then find the loan amount. STEPS Clear calculator Enter sales price Enter down payment $ Find down payment % Find LTV... -
Page 35: Taxes And Insurance
(PITI plus expenses). By default, the Property Tax and Insurance values are cleared when the calculator is shut off, while the Mortgage Insurance value clears when you press o twice. However, you can use the Preference Settings (s =) to permanently store, or hold Tax and Insurance (% and $) values when the calculator is turned off. -
Page 36: Recalling Tax And Insurance % Rates
Recall tax rate Recall insurance rate Recall mortgage ins. rate Note: To change these values, simply enter new ones. Or, turn the calculator off then on, and the values will be cleared, unless they are programmed to hold under Preference Settings. -
Page 37: Piti Payment (Tax And Insurance Entered As %)
$125,000 and the down payment is 5%. Annual prop- erty taxes are estimated at 1.3%, annual property insurance at 0.25%, and annual mortgage insurance at 0.45%. STEPS Clear calculator Enter term in years Enter annual interest Enter sales price... -
Page 38: Piti Payment (Tax And Insurance Entered As $)
$5,900 and property insurance at $370. Note: MI or mortgage insurance is not included in this case, as the down payment is 20%. STEPS Clear calculator Enter term in years Enter annual interest Enter sales price... -
Page 39: Estimated Income Tax Savings And "After-Tax" Payment
Find PITI payment Enter tax bracket Find annual income tax savings Find monthly tax savings Find “after-tax” payment — DO NOT CLEAR CALCULATOR — 34 — M ORTGAGE UALIFIER KEYSTROKES 5 0 0 s 8 1 5 0 s D... -
Page 40: Rent Vs. Buy
7.5% on a 30-term fixed-rate mortgage, and your client can afford to put 10% down. You estimate local taxes at 1.25% and property insurance at 0.35%. Your client is in the 28% tax bracket. STEPS Clear calculator Enter interest rate Enter term Enter down payment... -
Page 41: Apr And Total Finance Charges
If mortgage insurance is entered, as seen in the following (second) example, your calculator will include that expense into APR and total finance charges, as well as calculate the periodic mortgage insur- ance dollar amount and PIMI (principal, interest, mtg. -
Page 42: Finding Apr, Total Finance Charges (Including Mortgage Insurance)
P&I payment, mortgage insurance, and PIMI payment? Mortgage insurance is estimated at 0.65% of the loan amount. STEPS Clear calculator Enter loan amount Enter interest Enter term Find monthly P&I payment p Enter mortgage ins. -
Page 43: Date Examples
& date of 1st pmt 7 : 2 1 : 0 7 = Find the pre-paid interest due at closing *This is based on a 360-day year, as most banks use this method for calculating pre- paid interest. — DO NOT CLEAR CALCULATOR — 38 — M ORTGAGE UALIFIER KEYSTROKES... -
Page 44: Equity Builder Loans
Now, without clearing the calculator, add the pre-paid interest to the loan’s points and fees if they are equal to 1.5% and $500, respectively. Then find the Annual Percentage Rate (APR), based on these closing costs. STEPS Store the pre-paid interest... -
Page 45: Equity Builder Term Reduction And Payment
Find total prin. and interest T Find ROI% Find Equity Builder P&I payment — DO NOT CLEAR CALCULATOR — Equity Builder Interest Savings - Based on Adjusted Equity Builder Payment Now, add fifty dollars to the Equity Builder P&I payment and solve for the new Equity Builder term, the total interest savings, the Effective Interest Rate (EFF%) and the Return-On-Investment (ROI%). -
Page 46: Amortization And Remaining Balance
1 (press 1 a), the amortization of periods 1-9 would be displayed. Year 2 (press 2 a) would display values for periods 10-21. Turning your calculator off and back on returns the Month Offset to 1 (January). -
Page 47: Total Principal/Total Interest For A 30-Year Loan
(after remaining balance is displayed), if a tax bracket is also entered via s p (Tax Brkt%). Note: If a tax bracket % is not entered, the calculator will use the default tax bracket of 21%, displayed upon ® s p . -
Page 48: Amortization List For Individual Year(S) - Using "Next" Feature
$90,000 loan at 8% interest during the first year? The second year? Third year, etc.? First, find monthly payment to “set-up” this loan. The calculator will automatically advance to the next year upon sub- sequent presses of a. Note: The mortgage interest tax deduction is based on the default tax bracket of 21% unless you have changed it via s p . -
Page 49: Amortization List For Individual Year(S) - Using Month Offset
Note: The mortgage interest tax deduction is based on the default tax bracket of 21%, unless you have changed it via s p . The calculator will automatically advance to the next year upon subsequent presses of a . -
Page 50: Amortization List For Individual Payment(S)
Pmt #1 Display Pmt #2 (etc.—sequence repeats for each payment) — DO NOT CLEAR CALCULATOR — For the same loan, find the amount of principal and interest paid in the 36th payment. Also, find the total payment, remaining balance and remaining term. -
Page 51: Amortization List For A Range Of Payments Or Years
Amortization List for a Range of Payments or Years For a $225,000, 30-year loan at 7.4% interest, find out how much interest and principal you’ll pay in payments 1-9 and years 1-10. STEPS Clear calculator Enter loan amount Enter interest Enter term... -
Page 52: Mortgage Interest Tax Savings - 21% Or 30% Tax Bracket
Find remaining term Find mortgage interest tax savings in Yr. 1 Return calculator to 21% tax bracket *Note: If loan does not start in January, use the Month Offset feature (e.g., if loan starts in July, enter 7 s ) and begin problem). -
Page 53: Future Value
Enter interest rate Enter term in years Find future value *Calculator must be set to default of 12 periods per year, for compounding monthly. If it isn’t, enter 1 2 s ÷ . Investment Future Value The new investment future value function works the same as the future value function, except that the interest is compounded at the beginning of the period rather than the end. -
Page 54: Retirement Annuity
What is the future value of an intial deposit of $87,000 after 15 years, if an additional $250 is deposited monthly, the interest rate is 5%, compounded at the beginning of each month? STEPS Clear calculator Enter present value Enter payment Enter term... -
Page 55: Trust Deeds And Discounted Notes
Trust Deeds and Discounted Notes Your calculator easily handles trust deed purchase price and yield problems. Two things to remember are: (1) when entering or solving for “yield” or “rate of return,” use the ˆ key, and (2) when entering or solving for “purchase price”... -
Page 56: Finding The Value And Discount Of A Trust Deed
Calculate value of mortgage l Subtract from Memory Calculate discount (recall Memory) Clear Memory* *Pressing ® ® or turning the calculator O will clear the value stored in Memory. KEYSTROKES 1 8 ˆ KEYSTROKES 9 3 7 • 5 p 1 1 ˆ... -
Page 57: Buyer Qualifying
Real estate agents/brokers can quickly pre-qualify clients so they can show them homes in their affordable price range. The calculator gives you three types of qualifying answers: (1) Loan Amount Available given buyer’s income and debt, (2) Income Required given loan amount (or price/down payment) and (3) Actual Ratios given both income/debt and property data. -
Page 58: Qualifying Examples
Income and Debt Ratios of 28% and 36%, respectively, which are stored in the q key. Recalling Income/Debt Qualifying Ratios Recall stored 28%-36% and 33%-40% ratios: STEPS Clear calculator Recall qualifying ratios 1 Recall qualifying ratios 2 KEYSTROKES ® q ®... -
Page 59: Storing New Income/Debt Qualifying Ratios
Return ratios to 28:36* *Your ratios will be permanently stored, or will remain even after your calculator is turned off. You must enter new ratios to restore your calculator to the default ratios of 28:36 and 33:40. Finding Qualifying Loan Amount and Sales Price (Simple Example Excluding Tax/Insurance) Given an interest rate of 7.5%, a term of 30 years, and the stored... -
Page 60: Qualifying Loan Amount And Sales Price (Complete Example Including Down Payment, Tax/Insurance, Monthly Association Dues)
Recall interest Recall term Display qualifying ratios Find qualifying loan amount q Find price — DO NOT CLEAR CALCULATOR — Now find the monthly P&I payment, PITI payment, total payment, and interest-only payment: STEPS Find P&I payment Find PITI payment... -
Page 61: Restricted" Qualifying
Enter monthly debt Display qualifying ratios Find “restricted” qualifying loan amount — DO NOT CLEAR CALCULATOR — Note: Press s before pressing q in these examples for Interest-Only qualifying. For Desktop Model (#43442) Users: *Enter 5 0 A on the Desktop model. -
Page 62: Unrestricted" Qualifying
“Unrestricted” Qualifying The amount calculated in the previous example is the loan they may qualify for, based on current income and debt. What are the buyer’s actual income and debt ratios? What does the “unrestricted” loan amount calculate to, and which side is it based on (i.e., buyer’s income or debt)? What is the buyer’s maximum allowable debt? STEPS Find actual ratios... -
Page 63: Qualifying Comparison (Comparing 2 Different Loans Or Ratios At Once)
Find Qual 1 qualifying loan q Find Qual 1 P&I payment Find PITI payment Find total payment Find interest-only payment p — DO NOT CLEAR CALCULATOR — STEPS Display Qual 2 stored ratios Q Find Qual 2 qualifying loan Q Find Qual 2 P&I payment... -
Page 64: Finding Income Required And Allowable Monthly Debt
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 interest Enter term in years Enter tax rate Enter insurance rate Delete mortgage ins. -
Page 65: Solving For Actual Qualifying Ratios
$65. Use 6.5% interest for 30 years. What are his actual ratios? What is the price of the home he can afford? What is the monthly payment? STEPS Clear calculator Enter interest Enter term Enter loan amount... -
Page 66: Pick-A-Payment And Combo Loans
**While it is most common to find the P-A-P/EB P-A-P savings for the first five years, the calculator also allows you to find the savings for less than five years. For exam- ple, to find savings for the first three years, enter 3 ∏ or 3 e and continue with the regular P-A-P/EB P-A-P calculations. -
Page 67: Pick-A-Payment Loan (Zero-Month/30-Term) Vs
MI, and compute the term reduction of the 2nd TD if the savings were applied to the 2nd TD. The calculator will also do a stand alone 1st and 2nd without having to compare to a fixed loan with MI. - Page 68 6% Payment Cap, enter 6 s 6 . This is also stored permanently. To recall the stored value, press ® s 6 . STEPS 1. Enter Fixed-Rate Loan Values: Clear calculator Enter loan amount Enter interest rate Enter term 2.
- Page 69 (Cont’d) STEPS 4. Find the First Five P-A-P Payments: * Find 1st year payment Find 2nd year payment Find 3rd year payment Find 4th year payment Find 5th year payment 5. Find 5-Year P-A-P Savings (with no ROI% applied), 5-Year ROI% Savings (based on entered ROI%), and Total Cost: Display savings/ROI% range...
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Page 70: Pick-A-Payment Loan (Zero-Month/30-Term) Vs
Pick-A-Payment Loan (Zero-Month/30-Term) vs. Standard Fixed-Rate Loan — Entering a Starting Interest Rate %, Changing ROI% and Payment Cap%, Solving Payment Options You’d like to show your client the savings of a Zero-month/30-term P-A-P loan with a starting interest rate of 3.95% over that of a fixed-rate loan. Find the P-A-P loan payments for a 10-year recast, the 5-year P-A-P savings and ROI% investment savings, and the total cost of the loan. - Page 71 Find 30-yr loan payment ∏ Find 15-yr loan payment ∏ Find deferred interest 7. Find the Total Investment Return over 30 years: ** Clear calculator Enter 5-year ROI as present value Enter ROI% as interest rate Enter the rem. term...
- Page 72 (Cont’d) Total payments of traditional fixed-rate loan: Total payments of P-A-P loan: Total return with investment: *Note that, in this case, the total cost of the P-A-P loan is higher than the fixed-rate loan; however, the initial savings is significant, at over $30K. At an entered ROI% of 7%, the return is over $38K.
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Page 73: Standard Fixed-Rate Loan
30- and 15-year loan payments (based on the EB P- A-P Note%), as well as the EB P-A-P deferred interest (resulting from negative amortization). STEPS 1. Enter Fixed-Rate Loan Values: Clear Calculator Enter loan amount Enter interest rate Enter term 2. Solve for Fixed-Rate Loan Payment and Total Cost: Find monthly P&I payment p... - Page 74 (Cont’d) STEPS 4. Find the First Five EB P-A-P Payments: Find 1st year payment Find 2nd year payment Find 3rd year payment Find 4th year payment Find 5th year payment 5. Find 5-year EB P-A-P Savings (with no ROI% applied), 5-year ROI% Savings (based on entered ROI%), and Total Cost: Display savings/ROI% range...
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Page 75: Pick-A-Payment Loan (3-Month/30-Term) Vs
Pick-A-Payment Loan (3-Month/30-Term) vs. Standard Fixed-Rate Loan — Finding P-A-P Savings for the First Three Years (Versus the First Five Years) You’d like to show your client the savings of a 3-month/30-term P-A-P loan over that of a fixed-rate loan. Find the savings and amortize for the first three years only. - Page 76 Display balance at end of eight years *Your calculator finds P-A-P Savings & ROI for the first five years only. To find the P-A-P Savings and ROI for the first three years, enter 3 ∏ or 3 e , which will calculate the P-A-P or EB P-A-P loans for years 1-3.
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Page 77: Fixed-Rate Combo Loan (1St Td/2Nd Td)
5 ) without replacing the stored LTV. This allows for a comparison of different Loan-to-Value ratios. Note: To calculate Interest-Only 2nd Trust Deed Combo Loans on model 3442, press the 4 key instead of the 5 key in Step 2 of the above example. -
Page 78: Combo Loan Vs. Fixed-Rate Loan With Mi
LOAN w/MI Price 100,000 Interest Term 0.5% STEPS 1. Enter Fixed-Rate Loan Values and Find Total Payment: Clear calculator Enter price Enter down payment Enter interest Enter term Enter MI (mortgage insurance) value Clear Tax register Clear Insurance register 0 s 8 Solve for P&I payment... -
Page 79: Combo Loan - Storing A New Ltv
5 ) without replacing the stored LTV. This allows for a comparison of different Loan-to-Value ratios. Note: To calculate Interest-Only 2nd Trust Deed Combo Loans on model 3442, press the 4 key instead of the 5 key in Step 3 of the above example. - Page 80 Find 2nd TD mo. payment 5 Re-display LTV Note: To calculate Interest-Only 2nd Trust Deed Combo Loans on model 3442, press the 4 key instead of the 5 key in Step 3 of the above example. For Desktop Model (#43442) Users: **Press the B key for Desktop Model.
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Page 81: Pick-A-Payment (3-Month/30-Term) Combo Loan Vs
90,000 Interest 8.50% Term 0.62% STEPS 1. Enter Fixed-Rate Loan Values: Clear calculator Enter loan amount Enter interest Enter term Enter MI value 2. Solve for Fixed-Rate Loan Payment and Total Cost: Solve for P&I payment Solve for PITI payment (incl. - Page 82 (Cont’d) STEPS 4. Find 1st TD Payments: Find 1st year payment Find 2nd year payment Find 3rd year payment Find 4th year payment Find 5th year payment 5. Find 1st TD Loan Amount: 6. Find 1st TD Total Cost: Find 1st TD total principal and interest Find 1st TD total interest N Find 1st TD rem.
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Page 83: Equity Builder Pick-A-Payment (3-Month/30-Term) Combo Loan Vs. Fixed-Rate Loan W/Mi
8.50% Term 0.62% STEPS 1. Enter Fixed-Rate Loan Values and Solve for Total Payment: (SKIP IF ALREADY ENTERED): Clear calculator Enter loan amount Enter fixed loan interest 8 • 5 ˆ Enter fixed loan term Enter MI (mortgage insurance) value 2. - Page 84 (Cont’d) STEPS Enter 2nd TD Interest:Term 1 1 • 5 : 3 0 s ! Enter 1st:2nd LTV values 4. Find 1st TD Payments: Find 1st year payment Find 2nd year payment Find 3rd year payment Find 4th year payment Find 5th year payment 5.
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Page 85: Appendix
APPENDIX Default Settings Performing a total Reset (see next page) will return the calculator to the following default settings: • Two Fixed Decimal Places • 12 Periods per Year = Reset to 12 Upon O • Property Ins. = Based on Price •... -
Page 86: Auto Shut-Off
Note: Please use caution when disposing of your old battery, as it contains hazardous chemicals. Replacement batteries are available at most discount or electronics stores. You may also call Calculated Industries at 1-775-885-4975. Battery Replacement Instructions • Mortgage Qualifier Plus To replace the batteries, slide open the battery door (at top backside of unit) and replace with new batteries. -
Page 87: Reset
Keystroke Reset—Returning the Calculator to its Original Factory Settings You may at times want to reset your calculator to its factory settings (i.e., reset all registers and Preference Settings to their original default values). To do this, turn off the calculator, hold down the x key, and then turn it back on. -
Page 88: Warranty
Non-warranty repair covers service beyond the warranty period or service requested due to damage resulting from misuse or abuse. Contact Calculated Industries (phone number listed on the last page), to obtain cur- rent product repair information and charges. Repairs are guaranteed for 90 days. -
Page 89: Legal Notes
This equipment has been certified to comply with the limits for a Class B computing device, pursuant to Subpart J of Part 15 of FCC rules. Software copyrighted and licensed to Calculated Industries, Inc., by Real Estate Master Technologies, LLC, 2006. - Page 90 Designed in the United States of America Printed in China 5/06 UG3442E-A...