Solving For Actual Qualifying Ratios - Calculated Industries 3442 User Manual

Solving for Actual Qualifying Ratios

A buyer who makes $120,000 annually and has $550 in long-term
monthly debt wants to borrow $275,000 to purchase a home. He has
$68,750 for the down payment and the property tax/insurance rates
are estimated at 1.4% and 0.2%, respectively; monthly homeowner's
association dues at $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
Enter down payment
Enter annual income
Enter monthly debt
Enter property tax rate
Enter property ins. rate
Clear mtg. ins. rate*
Enter monthly assn. dues** 6 5 s D
Display stored ratios
Calculate actual ratios
Find sales price
Find the P&I payment
Find the PITI payment
Find the total payment
*Should be set to zero in this case, as the down payment is 20%; to check down pay-
ment percentage, press d again and it will read 20.00%.
For Desktop Model (#43442) Users:
**Enter 6 5 A on the Desktop model.
60 — M
ORTGAGE
KEYSTROKES
o o
6 • 5 ˆ
3 0 T
2 7 5 ) l
6 8 7 5 0 d
1 2 0 ) i
5 5 0 D
1 • 4 s 7
• 2 s 8
0 s 9
q
q
P
p
p
p
Q P
UALIFIER LUS
®
X2
P
DISPLAY
30.00
275,000.00
68,750.00
120,000.00
550.00
65.00
28.00-36.00
"run" 22.62-28.12
343,750.00
1,738.19
2,196.52
2,261.52
0.00
6.50
1.40
0.20
0.00