Calculated Industries 3405-D User Manual

POCKET REFERENCE GUIDE — 1

The

REAL ESTATE MASTER IIIX

calculator
lets you perform mortgage loan and
financing problems with ease!

Quickly Solve:

• Time-Value-of-Money (TVM) Problems:

Find Loan Amount, Term, Interest,
Payment, Future Value

• Property Tax, Homeowner’s Insurance,

Mortgage Insurance

• P&I, PITI & Interest-Only Payments

• Sales Price and Down Payment

• Rent vs. Buy

• Estimated Income Tax Savings/Deduction

• Adjustable Rate Mortgages (ARMs)

• Amortization and Remaining Balance

• Bi-Weekly Loans

• Date Math Problems

• New! APR, including MI

• New! 80:10:10/80:15:5 Combo Loans

REAL ESTATE MASTER®IIIX

POCKET REFERENCE GUIDE — 2

KEY DEFINITIONS..................................4

Preference Settings —

How to

Access

...............................................9

EXAMPLES...........................................11

Memory —

Add/Subtract/Multiply

......11

Memory/Storage Registers ................12

Finding Commission..........................12

Reduction of Listing Price..................13

Date of Escrow Closing.....................13

Monthly Mortgage (P&I) Payment.....14

Term of a Loan ..................................14

Interest Rate......................................15

Loan Amount.....................................15

Loan Amount Based on Sales Price

and Down Payment.........................16

Loan-to-Value....................................16

Setting Tax and Insurance.................17

P&I, PITI and Interest-Only

Payments.........................................18

Quarterly Payment.............................19

Estimated Tax Savings......................20

Rent vs. Buy......................................21

ARM Payment —

Increasing and

Decreasing Payments

.....................22

Amortization —

Using “Next” Feature

..24

TABLE OF CONTENTS

POCKET REFERENCE GUIDE — 3

Amortization for Individual Year(s)—

Month Offset, Tax Bracket Change

...26

Balloon Payment/Remaining

Balance............................................28

APR and Total Finance Charges,

Including Mortgage Insurance.........29

Prepaid (Odd-Days) Interest and APR,

Including Mortgage Insurance.........30

Appreciation/Future Value.................32

Bi-Weekly Loans................................33

80:10:10 Combo Loan vs. Fixed-Rate

Loan with Mortgage Insurance ........34

80:15:5 Combo Loan vs. Fixed-Rate

Loan with Mortgage Insurance ........37

APPENDIX ............................................40

Default Settings.................................40

Decimal Place Setting .......................40

Batteries.............................................41

Reset .................................................41

Legal Notes .......................................41

POCKET REFERENCE GUIDE — 4

: Colon separator (used for

dates, ARMs, Amortization
ranges, and Combo loans)

b Backspace key; for back-

ing up/deleting wrong entry

® Recalls or re-displays a

value when followed by a
chosen key (e.g., ® ˆ
will display current interest
value)

µ Memory Function:

- µ Adds value on dis­play to Memory

- s µ Subtracts value
on display from Memory

- ® µ Recalls Memory
Total

- ® ® Recalls and
clears Memory Total

s Sets number of displayed

decimal places and acti­vates 2nd functions

s – Change sign

KEY DEFINITIONS

POCKET REFERENCE GUIDE — 5

s x Clear All

(Note: perform
with caution as it will
clear/reset stored values)

s = Preference mode (see pg.

9 for details)

s ÷ Payments per year

(Default 12, for monthly)

s b Periodic (identifies entry as

periodic instead of yearly)

s ) Month offset
s : Odd-days interest
s + Tax bracket %
s p Estimated tax

savings/after-tax payment

s P Rent vs. buy
l Loan amount
p P&I, PITI and interest-only

payment

T Number of years
ˆ Annual interest rate
s l Future value

POCKET REFERENCE GUIDE — 6

s ˆ APR (annual percentage

rate), including mortgage
insurance, if entered

P Sales price of property
d Down payment
s T Bi-Weekly loan
a Amortization function
s a Remaining balance
A Adjustable-rate mortgage
s A ARM decreasing interest

% adjustment

s % ARM lifetime interest cap
t Property tax (enter as per-

cent or dollar amount)*

I Property/homeowner’s

insurance (enter as per­cent or dollar amount)*

POCKET REFERENCE GUIDE — 7

s I Mortgage insurance (enter as

percent or dollar amount)*

*Note: Once Tax/Insurance
% (or $) values are entered
— as well as TVM values
— the second press of

t I

, or press of

s

I I

will compute the $
(or %); third press finds
monthly amounts

s d For entering (or finding)

Loan-to-Value ratio and
computing respective
Down Payment and/or
Loan Amount

! Used to enter 1st

TD
interest:term for Combo
Loans

s ! Used to enter 2nd

TD
interest:term for Combo
Loans

POCKET REFERENCE GUIDE — 8

* Combo loan function for an

80:10:10 LTV loan; calcu­lates 1st/2nd TD values
and compares them to
entered fixed-rate loan
w/mortgage insurance

*You may enter any LTV
prior to pressing this key
(e.g., LTV of 90:5, enter

9 0 : 5 *

)

s * Combo loan function for an

80:15:5 loan; same func­tion as above key

POCKET REFERENCE GUIDE — 9

Preference Settings —

How to Access

Press

s

, then =, then keep pressing

=

to toggle through the main settings.

Press the

+

key to advance within sub-

setting. Use the

–

key to back up. Press

any key to exit mode.

Press s and then:
1st press

of = Decimal Places:

--Off 0.00 (returns to 2
decimal places @ Off)

+ --Permanently holds

decimal place setting

2nd press = Payments Per Year:

--Returns to 12 @ Off)

+ --Holds payments/year

3rd press = Tax/Ins. (Cleared or

Stored):

--Clears T&I ($ or %)
values @ Off

+ --Permanently holds only

T&I %

+ --Permanently holds T&I

($ OR %)

+ --Clears T&I ($ or %) @

o o

(Cont’d)

POCKET REFERENCE GUIDE — 10

(Cont’d)

4th press = Mortgage Insurance

(Cleared or Stored):

--Clears MI ($ or %) @

o o

+ --Clears MI ($ or %) @ Off
+ --Holds only MI % at Off
+ --Holds MI ($ or %)

5th press = Amortization Display

Range:

--ENT-ENT (amortizes for
entered year)*

+ --1-ENT (amortizes from

beginning to entered
year)**

6th press = Qualifying Ratios:

--Display at first press of

q or Q keys

+ --Display at end of qualify-

ing sequence

*e.g.,

5 a

amortizes for payment numbers

49-60 (only 5th year)
**e.g.,

5 a

amortizes for payment numbers

1-60 (years 1-5)

POCKET REFERENCE GUIDE — 11

Memory —

Add/Subtract/Multiply

Add 1,500 and 2,650 to the cumulative
Memory (M+). Compute subtotal, then
subtract 2,000 and find total.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Add 1st # 1 5 0 0 µ M 1,500.00
Add 2nd# 2 6 5 0 µ M 2,650.00
Find total ® µ M 4,150.00
Subtract 2 ) s µ

M 2,000.00

Find total and clear

Memory ® ® 2,150.00

Store 55 and multiply by 40. Then recall
Memory Total and multiply it by 60.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Store 55 5 5 µ M 55.00
Multiply x 4 0 = M 2,200.00
Recall 55 ® µ M 55.00
Multiply x 6 0 = M 3,300.00
Clear Memory ® ® 55.00

EXAMPLES

POCKET REFERENCE GUIDE — 12

Memory/Storage Registers

Store 10, 20, 30 into Memory Storage
keys M0-M2 and recall each value. Then
clear all stored numbers.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Store 1st # 1 0 s ® 0

M-0 10.00

Store 2nd # 2 0 s ® 1

M-1 20.00

Store 3rd # 3 0 s ® 2

M-2 30.00

Recall 1st # ® 0 M-0 10.00

(Repeat for 1and 2)

Clear All s x

“All Cleared”

0.00

Note: There are additional Storage Registers

s ® 3, 4, 5

and 6. You cannot store

more than one value in the Storage Registers.

Finding Commission

If a property sells for $535,000 and your
commission rate is 2%, what is your com­mission in dollars?

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter loan 5 3 5 ) x 2 % =

10,700.00

POCKET REFERENCE GUIDE — 13

Reduction of Listing Price

A seller is anxious to sell his home and
wishes to reduce the listing price by 5%.
What is the new price, if it is now listed at
$346,000?

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter price 3 4 6 ) 346,000.
Subtract 5% – 5 % 17,300.00
Find new listing

price = 328,700.00

Date of Escrow Closing

If a 45-day escrow begins June 15, 2004,
what is the closing date and day?

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter month 6 : 6-
Enter day 1 5 : 6-15-
Enter year 0 4 6-15-04
Add 45 days + 4 5 = FRI 07-30-04

POCKET REFERENCE GUIDE — 14

Monthly Mortgage (P&I) Payment

Find the monthly (P&I) payment on a 30­year, fixed-rate loan of $265,000 at 6.75%
annual interest:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter loan 2 6 5 ) l

265,000.00

Enter term 3 0 T 30.00
Enter interest 6 • 7 5 ˆ 6.75
Find payment p 1,718.78

Term of a Loan

How long does it take to pay off a loan of
$15,000 at 10% interest if you make pay­ments of $200 each month?

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter loan 1 5 ) l 15,000.00
Enter interest 1 0 ˆ 10.00
Enter payment

2 0 0 p 200.00

Find term/years

T 9.85

Number of

months T 118.19

POCKET REFERENCE GUIDE — 15

Interest Rate

Find the interest rate on a mortgage if the
loan amount is $98,500, term is 30 years
and payment is $1,150 a month:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter loan 9 8 5 0 0 l

98,500.00

Enter term 3 0 T 30.00
Enter payment

1 1 5 0 p 1,150.00

Find annual

interest ˆ 13.78

Find periodic

interest ˆ 1.15

Loan Amount

Approximately how much can you borrow
if the interest rate is 6.5% on a 30-year
loan and you can afford $1,500 in month­ly payments? What if the interest rate is
lowered to 6%?

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter interest 6 • 5 ˆ 6.50
Enter term 3 0 T 30.00
Enter payment

1 5 0 0 p 1,500.00

Find loan l 237,316.23
Enter new interest

rate 6 ˆ 6.00

Find new loan

amount l 250,187.42

POCKET REFERENCE GUIDE — 16

Loan Amount Based on Sales Price
and Down Payment

Find both down payment dollar amount
and loan amount if the sales price is
$375,500 and you're planning to put 20%
down:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter price 3 7 5 5 0 0 P

375,500.00

Enter down% 2 0 d* 20.00
Find down$ d 75,100.00
Find loan l 300,400.00

*You do not have to label the value as a percent.

Loan-to-Value

Find the LTV if the sales price is $265,500
and the down payment is $15,000.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter price 2 6 5 5 0 0 P

265,500.00

Enter down 1 5 ) d 15,000.00
Find down% d 5.65%
Find LTV % s d 94.35%

POCKET REFERENCE GUIDE — 17

Setting Tax and Insurance

Enter an annual property tax rate of 1.5%,
a property/homeowner’s insurance rate of

0.25% and a mortgage insurance rate of

0.50%:

STEPS KEYSTROKES DISPLAY

Set tax%* 1 • 5 t 1.50
Set insurance%

• 2 5 I 0.25

Set mortgage

insurance% • 5 0 s I 0.50

*Note: Do not label as a percent, or use the

%

key; it is automatically registered as a percent.
T

o Enter Tax/Insurance in Dollar Figures: Enter
dollar values for tax/insurance in the same man­ner — e.g., to enter $5,500 estimated annual
tax, enter

5 5 0 0 t

.

POCKET REFERENCE GUIDE — 18

P&I, PITI and Interest-Only Payments

• Term: 30 years

• Interest: 6.25%

• Sales price: $325,000

• Down payment: 5%

• Property tax: 1.3%

• Property insurance: 0.25%

• Mortgage insurance: 0.45%

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter term 3 0 T 30.00
Enter interest 6 • 2 5 ˆ 6.25
Enter price 3 2 5 ) P

325,000.00

Down% 5 d 5.00
Set tax%* 1 • 3 t 1.30
Set insurance%

• 2 5 I 0.25

Set MI% • 4 5 s I 0.45
Find loan l 308,750.00
Find P&I

payment p “run” 1,901.03

Find PITI

payment p 2,436.60

Find interest-only

payment p 1,608.07

*Note: Perform the same steps when entering $
Tax/Insurance — e.g., $1,625 tax, enter

1 6 2

5 t

.

POCKET REFERENCE GUIDE — 19

Quarterly Payment

Find the quarterly payment on a 10-year
loan of $15,000 with an annual interest
rate of 12%:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Set to 4 payments

per year 4 s ÷ 4.00
Enter loan 1 5 ) l 15,000.00
Enter term 1 0 T 10.00
Enter interest 1 2 ˆ 12.00
Find quarterly

payment p 648.94
Return to 12 payments

per year 1 2 s ÷ 12.00

POCKET REFERENCE GUIDE — 20

Estimated Tax Savings

• Loan: $150,000

• Buyer’s tax bracket: 28%

• Term: 30 years

• Interest: 8%

• Property taxes: $1,500

• Property insurance: $250

Note: This is only an estimate.

What is this buyer’s estimated income tax
savings and “after tax” payment?

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter term 3 0 T 30.00
Enter interest 8 ˆ 8.00
Enter tax$ 1 5 0 0 t 1,500.00
Enter insurance$

2 5 0 I 250.00

Enter loan 1 5 0 ) l

150,000.00

Find P&I

payment p “run” 1,100.65
PITI payment p 1,246.48
Enter tax

bracket 2 8 s p 28.00
Find annual tax

savings p 3,767.32
Monthly tax

savings p 313.94
Net payment p 932.54

POCKET REFERENCE GUIDE — 21

Rent vs. Buy

• Term: 30 years Property Tax: 1.25%

• Interest: 7.5% Property Ins: 0.35%

• Down: 10% Tax bracket: 30%

If your client is currently renting at
$1,250/month, find the comparable home
price, loan and estimated income tax sav­ings (at 30% tax bracket).

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter term 3 0 T 30.00
Enter interest 7 • 5 ˆ 7.50
Enter down 1 0 d 10.00
Enter tax% 1 • 2 5 t 1.25
Enter insurance%

• 3 5 I 0.35

Tax bracket 3 0 s + 30.00
Enter rent to find comparable

home price 1 2 5 0 s P

221,894.90

Find comparable loan

amount P 199,705.41
Find PITI

payment P 1,692.23
Find annual tax

savings P 5,306.75
Monthly tax

savings P 442.23
Reset tax

bracket 2 8 s + 28.00

POCKET REFERENCE GUIDE — 22

ARM Payment —

Increasing and

Decreasing Payments

• Loan: $225,000

• Term: 30 years

• Start interest: 4.25%

• 1st ARM interest adjustment:

increases 1% after 6 months

• 2nd ARM adjustment: decreases 1.5%

at end of 1st year

• 3rd ARM adjustment: increases

1.25% at end of 2nd year and contin­ues to increase each year thereafter

• ARM Cap: 4%

Find ARM payments through year six:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter loan 2 2 5 ) l

225,000.00

Enter term 3 0 T 30.00
Enter interest 4 • 2 5 ˆ 4.25
Find initial monthly P&I

payment p “run” 1,106.86
Enter interest

cap 4 s % CAP 4.00
Enter 1st ARM

parameters 1 : • 5 A 1.00 - 0.50

(Cont’d)

POCKET REFERENCE GUIDE — 23

(Cont’d)

STEPS KEYSTROKES DISPLAY

Find “adjusted” higher payment for next

6 months A “run” 1 1,240.73
Enter 2nd ARM

parameters 1 • 5 : 1 s A

-1.50 - 1.00

Find Year 2 “adjusted” lower

payment A 1 1,047.42
Enter 3rd ARM

parameters 1 • 2 5 : 1 A

1.25 - 1.00

Find Year 3 “adjusted” increased

payment A 1 1,202.78
Find Year 4 “adjusted” increased

payment A 2 1,364.24
Find Year 5 “adjusted” increased

payment A 3 1,530.54
Find Year 6 “adjusted” increased

payment A 4 1,631.68 M*
Find principal at start

of year

® l 205,673.16

Recall current interest

rate ® ˆ 8.25
Recall remaining

term ® T 24.50
Clear Cap 0 s % CAP 0.00

*The “M” means the lifetime cap is reached and
the payment will no longer increase.

POCKET REFERENCE GUIDE — 24

Amortization —

Using “Next” Feature

• Loan: $300,000

• Term: 30 years

• Interest: 7.5%

• Start Month: January

• Tax Bracket: 28% (Default)

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter loan 3 0 0 ) l

300,000.00

Enter interest 7 • 5 ˆ 7.50
Enter term 3 0 T 30.00
Find payment p 2,097.64
Find # payments

a 1-360

Find total

interest a 455,151.67
Find total

principal a 300,000.00
Find total

payments

a 755,151.67

Find all values for the first year:

Enter Year 1 1 a 1-12
Find total

interest a 22,406.22
Find total

principal a 2,765.50

(Cont’d)

POCKET REFERENCE GUIDE — 25

(Cont’d)

STEPS KEYSTROKES DISPLAY

Find total

payments

a 25,171.72

Find balance a 297,234.50
Remaining term

a 29.00

Tax deduction a 6,273.74*

*estimated – mortgage interest only; doesn’t
include property tax.

Find all values for the second year:

STEPS KEYSTROKES DISPLAY

Display Year 2 a 13-24
Find total

interest a 22,191.53
Find total

principal a 2,980.20
Find total

payments

a 25,171.72

Find balance a 294,254.30
Remaining term

a 28.00

Tax deduction a 6,213.63

(etc.—sequence repeats for each year)
Note

: Based on default 28% tax bracket & loan
start in January. To change these values, see
next example.

POCKET REFERENCE GUIDE — 26

Amortization for Individual Year(s) —

Month Offset, Tax Bracket Change

• Loan: $300,000

• Term: 30 years

• Interest: 7.5%

• Start Month: March

• Income Tax Bracket: 30%

Amortize & find mortgage interest deduc­tion for Year 1, if loan starts in March:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Set Month Start to

March 3 s ) 3.00

Enter tax

bracket 3 0 s + 30.00

Enter loan 3 0 0 ) l

300,000.00

Enter interest 7 • 5 ˆ 7.50
Enter term 3 0 T 30.00
Find P&I

payment p 2,097.64
Find Year 1 1 a 1-10
Find Year 1

interest a 18,686.33
Find principal a 2,290.11
Find total

payments a 20,976.44

(Cont’d)

POCKET REFERENCE GUIDE — 27

(Cont’d)

STEPS KEYSTROKES DISPLAY

Remaining

balance a 297,709.89
Remaining term

a 29.17

Mortgage interest deduction/Year 1 (@30%

tax bracket) a 5,605.90

Find all values for the 2nd year:

Display Year 2 a 11-22
Find total

interest a 22,228.43

Note: Keep pressing afor Year 3, 4, etc. —
With “Next” feature, sequence automatically
repeats for next year.

Return Month Offset

to 1* 1 s ) 1.00
Return tax bracket to

to 28% 2 8 s + 28.00

*Note: Remember to reset Month Offset to 1
and tax bracket to 28 (the calculator’s default
settings) for performing other examples within
this guide. Check these settings by pressing

® )

and

® +

.

POCKET REFERENCE GUIDE — 28

Balloon Payment/Remaining Balance

• Loan: $300,000

• Term: 30 years

• Interest: 7.5%

Find remaining balance after 10 years:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter loan 3 0 0 ) l

300,000.00

Enter interest 7 • 5 ˆ 7.50
Enter term 3 0 T 30.00
Find payment p 2,097.64
Find balloon payment, or remaining

balance 1 0 s a

260,384.96

POCKET REFERENCE GUIDE — 29

APR and Total Finance Charges,
Including Mortgage Insurance

• Loan: $250,000

• Term: 30 years

• Interest: 7%

• Cost: 1.5 points + $550

• Mortgage insurance (MI): $1,200/year

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter loan 2 5 0 ) l

250,000.00

Enter term 3 0 T 30.00
Enter interest 7 ˆ 7.00
Find payment p 1,663.26
Enter MI 1 2 0 0 s I

1,200.00

Find Loan Costs:

Recall loan ® l 250,000.00
Find points x 1 • 5 % = 3,750.00
Add fees and

find total + 5 5 0 = 4,300.00
Find APR s ˆ 7.77
Find total

charges ˆ 389,072.25
Amt. financed ˆ 245,700.00
Total cost ˆ 634,772.25
P&I payment ˆ 1,663.26
Monthly MI ˆ 100.00
PIMI payment ˆ 1,763.26

POCKET REFERENCE GUIDE — 30

Prepaid (Odd-Days) Interest and APR,
Including Mortgage Insurance

• Loan: $350,000

• Term: 30 years

• Interest: 6%

• Cost: 1.5 points + $750

• Mortgage insurance (MI): $2,200/year

• Escrow Closes: 7/21/03

• 1st Payment Due: 8/1/03

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter loan 3 5 0 ) l

350,000.00

Enter term 3 0 T 30.00
Enter interest 6 ˆ 6.00
Find P&I

payment p 2,098.43
Enter MI 2 2 0 0 s I

2,200.00

Find days between escrow

closing and date of 1st

payment 8 : 1 : 0 3 – 7 :

2 1 : 0 3 = 11.00

Find prepaid interest/ODI* due

at closing s : 641.67
Store prepaid interest

in Memory µ M 641.67

*This is based on a 360-day year, as most banks
use this method for computing prepaid interest.

(Cont’d)

POCKET REFERENCE GUIDE — 31

(Cont’d)
Find Loan Costs:

STEPS KEYSTROKES DISPLAY

Recall loan ® l 350,000.00
Find points x 1 • 5 % = 5,250.00
Add fees and

find total + 7 5 0 = 6,000.00
Add prepaid interest stored

in memory + ® µ = 6,641.67
Find APR s ˆ 6.99
Find total

charges ˆ 478,075.33
Amount financed

ˆ 343,358.33

Total cost ˆ 821,433.66
P&I payment ˆ 2,098.43
Monthly MI ˆ 183.33
PIMI payment ˆ 2,281.76
Clear All s x

“All Cleared”

0.00

*APR includes points/fees, prepaid interest, and,
like the previous example, it also includes the
cost of mortgage insurance (an optional entry).

POCKET REFERENCE GUIDE — 32

Appreciation/Future Value

What will a $350,000 home be worth in 3
years, figuring an inflation or appreciation
rate of 6%?

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Set to 1 payment

per year 1 s ÷ 1.00
Enter PV 3 5 0 ) l

350,000.00

Enter term 3 T 3.00
Enter approximate

rate 6 ˆ 6.00
Find FV s l 416,855.60
Reset payments

per year 1 2 s ÷ 12.00

POCKET REFERENCE GUIDE — 33

Bi-Weekly Loans

• Loan: $212,500

• Term: 30

• Interest: 7.85%

Find the Bi-Weekly term, savings, interest
savings, total cost, and Bi-Weekly payment:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter loan 2 1 2 5 0 0 l

212,500.00

Enter term 3 0 T 30.00
Enter interest 7 • 8 5 ˆ 7.85
Find P&I

payment p 1,537.09
Find Bi-Weekly

term s T 22.97
Find total interest

savings T 94,305.23
Find total interest

paid T 246,545.97
Find total

principal T 212,500.00
Find total principal plus

interest T 459,045.97
Bi-Weekly

payment p 768.54
Clear o o 0.00

POCKET REFERENCE GUIDE — 34

80:10:10 Combo Loan vs. Fixed-Rate
Loan with Mortgage Insurance

Compare an 80:10:10 Combo Loan vs. a
Fixed-Rate loan w/mortgage insurance.
The loan parameters are:

FIXED COMBO
w/PMI (1st/2nd)

Loan 250,000 250,000
Interest 6.50% 6.00% –

8.50%

Term 30 30 year–

15 year

PMI 0.62% --
LTV 95% 80% –

10%

STEPS KEYSTROKES DISPLAY

1. Enter Fixed-Rate Loan Values and
Find Total Payment:

Clear o o 0.00

Enter loan 2 5 0 ) l

250,000.00

(Cont’d)

POCKET REFERENCE GUIDE — 35

(Cont’d)

STEPS KEYSTROKES DISPLAY

Enter interest

6 • 5 ˆ 6.50

Enter term 3 0 T 30.00

Enter MI% • 6 2 s I 0.62

Clear Tax 0 t 0.00

Clear

Insurance 0 I 0.00

Solve for

payment p 1,580.17

Solve for PITI (including

PMI) p 1,709.34

2. Enter Combo Loan Values:

Enter 1st TD Interest

and Term 6 : 3 0 !

6.00-30.00

Enter 2nd TD Interest

and Term 8 • 5 : 1 5 s

! 8.50-15.00

3. Find Combo Loan Values:

Find blended interest rate for

1st/2nd TD ** 6.18

Find equivalent interest rate for

fixed-rate loan with mortgage
insurance * 7.27

(Cont’d)

POCKET REFERENCE GUIDE — 36

(Cont’d)

STEPS KEYSTROKES DISPLAY

Find 1st/2nd TD combined monthly

payment * 1,605.87

Find equivalent payment for

fixed-rate loan with mortgage
insurance * 1,709.34

Display monthly savings over

fixed-rate loan with mortgage
insurance * 103.46

Display adjusted 2nd term

(if savings applied to
2nd TD) * 8.71

Find 1st TD loan

amount * 222,222.22

Find 2nd TD loan

amount * 27,777.78

Find 1st TD

payment * 1,332.33

Find 2nd TD

payment * 273.54

Redisplay

LTV * 80.00-10.00

*Use the *key to enter another LTV; e.g., to
enter 90:5, enter

9 0 : 5 *

and continue

as above.

POCKET REFERENCE GUIDE — 37

80:15:5 Combo Loan vs. Fixed-Rate
Loan with Mortgage Insurance

Compare an 80:15:5 Combo Loan vs. a
Fixed-Rate loan w/mortgage insurance.
The loan parameters are:

FIXED COMBO
w/PMI 1st/2nd)

Loan 350,000 350,000
Interest 6.00% 5.25% –

7.0%

Term 30 30 year–

15 year

PMI 0.62% --
LTV 95% 80% –

15%

STEPS KEYSTROKES DISPLAY

1. Enter Fixed-Rate Loan Values and
Find Total Payment:

Clear o o 0.00

Enter loan 3 5 0 ) l

350,000.00

Enter interest

6 ˆ 6.00

Enter term 3 0 T 30.00

Enter MI% • 6 2 s I 0.62

Clear Tax* 0 t 0.00

(Cont’d)

POCKET REFERENCE GUIDE — 38

(Cont’d)

STEPS KEYSTROKES DISPLAY

Clear Insurance*

0 I 0.00

Solve for

payment p 2,098.43

Solve for total payment (including

PMI) p 2,279.26

*Skip to pif continuing from the last example,
as rates are already cleared.

2. Enter Combo Loan Values:

Enter 1st TD Interest

and Term 5 • 2 5 : 3 0

! 5.25 - 30.00

Enter 2nd TD Interest

and Term 7 : 1 5 s

! 7.00-15.00

3. Find Combo Loan Values:

Find blended interest rate for

1st/2nd TD

s ** 5.43

Find equivalent interest rate for

fixed-rate loan with mortgage
insurance * 6.79

Find 1st/2nd TD combined monthly

payment * 2,124.27

(Cont’d)

POCKET REFERENCE GUIDE — 39

(Cont’d)

STEPS KEYSTROKES DISPLAY

Find equivalent payment for

fixed-rate loan with mortgage
insurance * 2,279.26

Display monthly savings over

fixed-rate loan with mortgage
insurance * 154.99

Display adjusted 2nd term

(if savings applied to
2nd TD) * 9.78

Find 1st TD loan

amount * 294,736.84

Find 2nd TD loan

amount * 55,263.16

Find 1st TD

payment * 1,627.55

Find 2nd TD

payment * 496.72

Redisplay

LTV * 80.00-15.00

*Use the

s *

keys to enter another LTV;

e.g., to enter 90:5, enter

9 0 : 5 s *

and continue as above.

POCKET REFERENCE GUIDE — 40

Default Settings

Performing a Reset will return your calcu­lator to the default settings below:

• 12 Periods per Year

• Property Tax/Ins. = % Rates Not

Permanently Stored/Clears Upon O

• Mortgage Ins. = % Rates Not Permanently

Stored/Clears upon o o

• Month Offset of January (1)

• Two Fixed Decimal Places

• Amortization Range = Specified Year

(Ent-Ent)

Decimal Place Setting

To set the no. of decimal places displayed:

s 6 0.000000
s 5 0.00000
s 4 0.0000
s 3 0.000
s 2 0.00
s 1 0.0
s 0 0.
s • floating point

APPENDIX

POCKET REFERENCE GUIDE — 41

Batteries
Replacing the Batteries: Slide open and

remove the battery door (located on upper
backside of calculator). Remove the old
batteries. Insert two new LR-44 button-cell
batteries, making sure they’re facing posi­tive-side (+) up. Close the battery door.

Reset

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.

POCKET REFERENCE GUIDE — 42

Notes