Calculated-industries 3420 User Guide Instrukcja Użytkownika Pobierz pdf (Strona 70)

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UIDE

— 69

Qualifying Loan Amount and Sales Price

(Complete Example Including Down Payment,Tax/Insurance,

Monthly Association Dues)

Buyers who make $75,000 annually and have $500 in long-term

monthly debt wish to buy a home but can only afford $5,000 down. If

you include estimated annual property taxes and insurance of 1.5%

and 0.25%, respectively, a mortgage insurance rate of 0.6% and

monthly homeowner’s association dues of $50, for what loan amount

can they qualify? What sales price can they afford? What’s their total

payment?

(Use 7.5% interest, 30-year term and qualifying ratios of

28%:36%).

STEPS KEYSTROKES DISPLAY

Clear calculator o o 0.00

Enter annual Income 7 5 ) i 75,000.00

Enter monthly Debt 5 0 0 D 500.00

Enter Down Payment 5 ) d 5,000.00

Set annual prop. Tax rate 1 • 5 t 1.50

Set annual prop. Ins. rate • 2 5 I 0.25

Set annual Mtg. Ins. rate • 6 Â 0.60

Enter homeowner’s dues 5 0 e 50.00

Enter Interest 7 • 5 ˆ 7.50

Enter Term 3 0 T 30.00

Enter Qualifying Ratios 2 8 : 3 6 q 28.00-36.00

Find Qualifying Loan Amt. q “run” 189,119.31

Find Price P 194,119.31

— DO NOT CLEAR CALCULATOR —

Now find the monthly P&I payment (principal & interest), PITI pay-

ment (principal, interest, tax and insurance) and Total Payment

(including monthly association dues):

STEPS KEYSTROKES DISPLAY

Find P&I Payment p “run” 1,322.35

Find PITI Payment p 1,700.00

Find total Payment p 1,750.00

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Calculated-industries 3420 User Guide Instrukcja Użytkownika Strona 70