Personal Finance; Homeowners Monthly Payment Estimator - HP 12c Solutions Handbook

Homeowners Monthly Payment Estimator

It is often useful, when comparison shopping for a mortgage or
determining the appropriate price range of houses to consider, to be able
to quickly estimate the monthly payment given the purchase price, tax rate
per $1000, percent down, interest rate and term of the loan.
The calculation assumes that the assessed value is 100% of the sales
price and does not take into account financing of the closing costs.
A simple keystroke procedure may be used to calculate the monthly
payment:
1. Press
2. Key in the annual interest rate and press
3. Key in the term of the loan (in years) and press
4. Key in the purchase prices and press
5. Key in the percent down and press
6. Key in the tax rate in dollars per thousand and press
convention for cash paid out).
Example: What would your monthly payments be on a $65,000 house in a
neighborhood with a $25 per thousand tax rate and a 10 3/4 % interest
rate on a 35 year loan with 10% down?
Keystrokes
CLEAR
10.75
35
65000 1
10
25 1
12000

Personal Finance

and press
Display
0.90
420.00
65,000.00
58,800.00
-135.42
124
CLEAR .
1.
.
. ( A negative sign is the
Monthly interest rate.
Months of loan.
Purchase price.
Mortgage balance.
Approximate monthly taxes.
.
.
1 12000