Finding Income Required And Allowable Monthly Debt - Calculated Industries 3442 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 dollar 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 interest
Enter term in years
Enter tax rate
Enter insurance rate
Delete mortgage ins. rate
Enter sales price
Enter down payment %
Find dollar down payment
Find loan amount
Display qualifying ratios
Find income required
Find maximum allowable
monthly debt
Find P&I payment
Find PITI payment
KEYSTROKES
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6 • 7 5 ˆ
3 0 T
1 • 5 s 7
• 2 5 s 8
0 s 9
2 5 0 ) P
2 0 d
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q
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DISPLAY
30.00
250,000.00
20.00
50,000.00
200,000.00
28.00-36.00
"run" 71,219.12
"run" 474.79
1,297.20
1,661.78
U ' G — 59
SER S UIDE
0.00
6.75
1.50
0.25
0.00