Calculated Industries 3415-KITE-D User Manual
Q
UALIFIER
P
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®
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ADVANCED RESIDENTIAL REAL ESTATE FINANCE CALCULATOR
with COMPLETE BUYER QUALIFYING
Model 3415
User s Guide
U
SER’SGUIDE
— 1
The
Q
UALIFIERPLUS
III
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was custom-designed for mortgage lenders and
residential real estate professionals. With the push of a few buttons,
it will pre-qualify prospective buyers instantly and solve hundreds of
mortgage loan problems with ease! It’s the most
complete
and
easy-
to-use
real estate finance calculator on the market!
Features:
• Easy and Complete Buyer Qualifying
• Find Qualifying Loan Amount, Income Required and
Maximum Allowable Debt
• Use 2 Qualifying Ratios at Once to Compare Different Loans
(e.g., conventional vs. FHA/VA loans)
• Find the Restricted and Unrestricted Qualifying Loan Amount
• Instant P&I, PITI and Total Payment
• Interest-Only Payment
• Expanded Tax and Insurance Capabilities
• Built-in Sales Price and Down Payment
• Works in Annual Term and Interest
• Flexible, “what if” Loan or TVM Calculations —
Finds Loan
Amount, Term, Interest or Payment
• Future Value and Appreciation
• Complete Amortization
• Remaining Balances/Balloon Payments
• Adjustable Rate Mortgages (ARMs)
• APR and Total Finance Charges
• Bi-Weekly Loans
• Trust Deeds (investments)
• Date Math
• Also Works as a Standard Math Calculator
New!
• 1st and 2nd Trust Deeds (80:10:10/80:15:5),
or Combo Loans
• APR, including Mortgage Insurance
• Income Tax Savings, Mortgage Interest Deduction
• Interest-Only Payments
• Loan-to-Value (LTV)
• Odd-Days Interest (ODI) and Month Offset
• Rent vs. Buy
Introducing the Q
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Mortgage Loan Calculator
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GETTING STARTED ..........................................................................5
KEY DEFINITIONS .........................................................................5
Basic Operation Keys ..................................................................5
Mortgage Loan (TVM) Keys.........................................................6
Tax Savings Keys.........................................................................9
Rent vs. Buy Keys .....................................................................10
Qualifying Keys..........................................................................10
Tax, Insurance and Expense Keys............................................13
1st and 2nd Trust Deeds (Combo Loan) Keys..........................14
BASIC ARITHMETIC EXAMPLES...............................................16
Arithmetic...................................................................................16
Percentage Calculations............................................................16
Figuring Straight % Commission ...............................................16
Reduction in Listing Price (Discount %) ....................................17
Simple, One-Year Home Appreciation (Add-on %) ....................17
Date Examples...........................................................................18
CALCULATOR SETTINGS...........................................................19
Decimal Place Selection............................................................19
Preference Settings ...................................................................20
MEMORY......................................................................................22
Accumulative Memory................................................................22
Memory Storage Keys (M0-M6).................................................23
EXAMPLES......................................................................................25
MORTGAGE LOANS/TIME-VALUE-OF-MONEY (TVM) .............25
Finding the Monthly Mortgage (P&I) Payment...........................26
Finding the Interest Rate ...........................................................26
Finding the Term of a Loan........................................................26
Finding the Loan Amount...........................................................27
Paying Off a Mortgage Early (Making Larger Payments) ..........27
Simple Interest vs. Compound Interest......................................28
Future Value ...............................................................................28
Appreciation...............................................................................28
Non-Monthly Loans....................................................................29
Finding a Quarterly Payment.....................................................29
Sales Price/Down Payment .......................................................30
Finding Loan Amount Based on Sales Price and Down
Payment..................................................................................30
Taxes and Insurance..................................................................31
Setting Tax and Insurance % Rates...........................................32
TABLE OF CONTENTS
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Recalling Tax and Insurance % Rates .......................................32
Setting Tax and Insurance $......................................................32
Calculating Tax and Insurance % or $ .......................................33
PITI Payment (Tax and Insurance Entered as %).....................34
Total Payment (Including Expenses) and Interest-Only
Payment..................................................................................34
Estimated Income Tax Savings and “After-Tax” Payment .........35
Rent vs. Buy...............................................................................36
Adjustable Rate Mortgages........................................................37
ARM Payment —
Worst-Case Scenario
....................................38
ARM Payment —
Using Lifetime Cap
.......................................39
Decreasing ARM Payment.........................................................40
Increasing and Decreasing ARM Payment ................................40
Amortization and Remaining Balance........................................41
Notes on Amortization................................................................41
Total Principal and Interest for a 30-Year Loan.........................42
Amortization List for Individual Year(s) —
Using “Next” Feature
..............................................................43
Amortization List for Individual Year(s) —
Using Month Offset
.................................................................44
Amortization List for Individual Payment(s) ...............................45
Amortization List for a Range of Payments or Years.................46
APR and Total Finance Charges ...............................................47
Finding APR, Total Finance Charges
(Excluding Mortgage Insurance).............................................47
Prepaid/Odd-Days Interest and APR.........................................48
Balloon Payment/Remaining Balance Needed to Pay Off
a Loan .....................................................................................49
Bi-Weekly Loans........................................................................49
Bi-Weekly Term Reduction and Payment ..................................50
Trust Deeds and Discounted Notes ...........................................50
Purchase Price of a Note —
Fully Amortized
............................51
Finding the Yield on a Discounted Note....................................51
Finding the Value and Discount of a Trust Deed .......................52
BUYER QUALIFYING...................................................................53
QUALIFYING EXAMPLES ...........................................................54
Recalling Income/Debt Qualifying Ratios ..................................54
Storing New Income/Debt Qualifying Ratios..............................54
Finding Qualifying Loan Amount and Sales Price (Simple
Example Excluding Tax/Insurance).........................................55
Qualifying Loan Amount and Sales Price (Complete Example
Including Down Payment, Tax/Insurance, Monthly Association
Dues) ......................................................................................56
“Restricted” Qualifying ...............................................................57
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“Unrestricted” Qualifying............................................................57
Qualifying Comparison (Comparing 2 Different Loans or Ratios
at Once)..................................................................................58
Finding Income Required and Allowable Monthly Debt.............59
Solving for Actual Qualifying Ratios...........................................60
1ST AND 2ND TRUST DEEDS (COMBO LOANS).....................61
Combo Loan (80:10:10) vs. Fixed-Rate Loan with Mortgage
Insurance................................................................................62
Combo Loan (80:15:5) vs. Fixed-Rate Loan with Mortgage
Insurance................................................................................64
Combo Loan —
Entering a New LTV
........................................66
APPENDIX .......................................................................................68
Default Settings..........................................................................68
Reset ..........................................................................................68
Error Codes................................................................................68
Auto Shut-Off.............................................................................69
Batteries.....................................................................................69
Repair and Return......................................................................69
Warranty.....................................................................................70
Legal Notes................................................................................71
Looking For New Ideas..............................................................71
INDEX .............................................................................................72
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KEY DEFINITIONS
Basic Operation Keys
O Turns all power off. The memory and most financial
registers are cleared.
o If off, turns power on. If on, a single press clears the
last entry while a second press in succession clears
all non-permanent registers.*
*Clears Loan Amount, Payment, Price, Down Payment, Income,
Debt, Expense, and Mortgage Insurance/MI (unless MI is set to
hold; see Preference Settings).
+ – x Arithmetic operation keys.
÷ =
0 - 9 Digits used for keying in numbers.
) Triple-zero key (saves time when entering 000 values).
b Backspace key (deletes incorrect entries one digit at
a time).
• Decimal point.
%
Percent
— Four-function (+, –, x, ÷) percent key.
See page 16 for examples.
µ
Memory
— Adds the displayed number to the
cumulative memory. Pressing s µ
(M-)
will
subtract the displayed value from memory. Pressing
® µ recalls and displays the memory contents.
Pressing ® ® clears the memory. See page 22
for details.
®
Recall
— Recalls and displays the stored values in
most keys/functions, such as the TVM keys, payments per year, etc. (e.g., ® ˆ). Also used for
Memory functions.
s Works with other keys to set or activate second
functions (it will perform the function printed above
the key on the calculator's face). Also used to set
the number of displayed decimal places (see section
on Decimal Place Selection, page 19).
GETTING STARTED
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s –
Change Sign (+/–)
— Changes the sign of the dis-
played value from positive to negative or vice versa.
s x
Clear All
— Clears all entered values and returns
any stored values to their default settings. Use this
only with caution, as it will reset ratios, Periods per
Year, etc. back to their defaults (see the Appendix
for a list of these settings).
Note
: Clear All will not affect any changes made to Preference
Settings (with the exception of Payments/Year and Decimal
Places, which are returned to their defaults), unless you perform
a Reset (see
page 68).
s =
Preferences (Prefs)
— Activates the Preference
Mode, where you can select custom settings (see
page 20).
Mortgage Loan (TVM) Keys
The following keys let you solve Time-Value-of-Money (TVM) problems,
such as finding a Loan Payment, Term, Interest or Future Value,
Amortization or Bi-Weekly loans. Other useful keys, such as Price and
Down Payment, are also included. These mortgage loan keys let you
easily demonstrate various “what if” loan scenarios to your clients.
l
Loan Amount
— Enters or solves for the initial loan
amount or present value of a financial problem.
p
P&I, PITI Payment, Total Payment, Interest-Only
Payment
— Enters or solves for the periodic principal and interest (P&I) payment. Pressing p a second time in succession calculates the PITI payment
(P&I plus property tax, property insurance and mortgage insurance, if entered). The third press of p
computes the total payment (PITI plus any entered
expenses, such as homeowner’s association dues
and other housing expenses). The fourth press calculates the interest-only payment.
T Enters or solves for the number of years. Second
press displays the number of periods. You may
enter a periodic term, if you prefer, by pressing the
s b
(periodic)
keys (e.g., 3 6 0 s b
T instead of 3 0 T). An entered term greater
than 45 will be classified as periodic, not annual.
Note: Stored permanently, until you change it or perform a Clear
All (
s x
).
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ˆ
Interest
— Enters or solves for the annual interest
rate. Second press gives the periodic rate.
Note: Stored permanently, until you change it or perform a Clear
All (
s x
).
s l
Future Value (FV)
— Enters or solves for the future
value of a financial problem.
P
Sales Price
— Enters or calculates Sales Price
based on the entries of Loan Amount (or equivalent
mortgage components) and Down Payment.
d
Down Payment
— Enters (in either percent or dollars) or calculates Down Payment, based on the
entries of Loan Amount (or equivalent mortgage
components) and Sales Price. Asecond press
changes the entered down payment from a dollar
figure to a percent, or vice versa.
Note: Any number under 100 is assumed to be a percent down
payment. You do not have to label the value as a percent.
s d
Loan-to-Value (LTV)
— Calculates the loan-to-value
percent when a Down Payment and Sales Price,
Loan Amount and Down Payment, or Loan Amount
and Sales Price are entered. Also calculates the
above dollar values if an LTV percent and one of the
above values are entered (e.g., entered Sales Price
and LTV% will calculate Down Payment and Loan
Amount).
s ˆ
Annual Percentage Rate (APR)
— Calculates APR
(for fixed-rate loans only) based on the entry of
points and/or non-recurring loan fees paid at initiation. It also calculates total finance charges, monthly
mortgage insurance, and PIMI payment, based on
the entry of mortgage insurance via the
s I keys.
s b
Periodic
— Used to specify a mortgage component
(Term or Interest), Income, or Amortization/Remaining
Balance value as per period rather than
per year
.
For example, 3 6 0 s b T enters 360
periods, or months.
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s ÷
Payments per Year (Pmt/Yr)
— Used to set the
number of payment periods per year. Default value
is 12, for monthly.
Note: You can store the number of payments/year permanently or
semi-permanently. See “Preference Settings” on
page 20).
a
Amortization (Amort)
— Finds total interest, principal, remaining balance, remaining term and estimated mortgage interest tax deduction.
The output of this key is as follows:
Press Display or Calculation
1 Displays range of periods
2 Calculates total interest for period range
3 Displays total principal for range
4 Calculates total principal and interest
5 Calculates remaining balance
6 Calculates remaining term
7 Calculates estimated mortgage interest tax
deduction for the specified period, based on
the default tax bracket of 28%*
*You may enter any tax bracket (e.g., 30%, press 30
s +
and recalculate amortization values).
Note: This is only for estimating a mortgage interest tax deduction — it does not include property tax. See “Tax Savings” keys
for income tax savings including property tax and mortgage interest on
page 9.
s a
Remaining Balance (Bal)
— Displays the remaining balance when preceded by a single year or
range of years (or individual payment or range of
payments by using the s b keys). Note that
you can also view the remaining balance as part of
the Amortization display (see above a description).
:
Colon Separator (Date)
— Used as a separator for
entering dates, ARM adjustments, qualifying ratios,
Combo Loan (1st/2nd) interest and terms, and for
entering amortization ranges.
s )
Month Offset (Mo Offset)
— Used to set the first
month of payment if other than January.
s :
Odd-Days Interest
— Calculates the prepaid interest, or simple interest accumulated (based on a
360-day year) during the days before the first loan
payment is made using the interest rate stored in
the Interest register.
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A
Adjustable Rate Mortgage
— Calculates the payment and re-amortizes a fully or partially amortized
Adjustable Rate Mortgage based on the inputs of
both an Interest Adjustment and a Term Adjustment,
which are entered using the Colon : key (Interest
Adjustment : Term Adjustment). For example, an
ARM which increases 1% every six months is entered
1 : • 5 A; an ARM which decreases 1% every
six months is entered 1 : • 5 s A. (ARM
rates are stored permanently.)
s %
Lifetime Interest Cap (ARMs)
— Sets the lifetime
interest cap for ARMs by entering the maximum
interest increase. This is a permanent setting. To
clear, set the cap back to zero (0 s %).
s T
Bi-Weekly (Bi-Wkly)
— Converts a regular monthly
loan to a Bi-Weekly loan, where the buyer may realize significant interest savings. After loan variables
are entered, pressing s T displays the reduction in term. The second press of T shows the
total interest savings; third press displays the total
interest
paid
; fourth press displays the total principal;
and fifth press displays the total principal and interest paid. Pressing p will calculate the bi-weekly
payment. Pressing
s T again will return and
re-calculate to the original term, or pressing o
twice will exit Bi-Weekly Mode.
Tax Savings Keys
s p
Estimated Tax Savings (Tax Svgs)
— Calculates
an estimated annual income tax savings for a mortgage, based on entered loan variables, including
property tax, mortgage interest, and tax bracket. You
must enter a tax bracket, then press s p p to
display the estimated annual income tax savings;
the third consecutive press of p will display the
monthly tax savings; and the fourth press will display
the estimated “after-tax”, or net mortgage payment.
Note: This function is different from the mortgage interest deduction figured in the Amortization calculation, as it also includes
property tax for a total estimated tax savings and only provides
an annual estimate, not an estimate for a specified range. (See
the akey definition for details).
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Rent vs. Buy Keys
s P
Rent vs. Buy
— Calculates a comparable sales
price, loan amount, and mortgage payment versus
the cost of monthly rent. You must enter loan variables and a tax bracket via s +, then enter the
prospective buyer’s current rent and press s
P. Consecutive presses of P will calculate the
comparable sales price, loan amount, monthly loan
payment (including tax/insurance, if entered), and
estimated annual/monthly income tax savings.
s +
Tax Bracket (Tax Brkt%)
— Enters a buyer’s tax
bracket for figuring Rent vs. Buy calculations or for
calculating an estimated mortgage interest tax
deduction in the Amortization calculation. Press ®
+ to display stored percentage.
(Default = 28%)
Qualifying Keys
q
(Qualify Based on 28%-36%)
— A multi-function
key which, based on entered variables, performs the
following pre-qualifying functions:
1) Stores income and debt ratios for loan qualifying. Ratios are entered using the Colon : key
(Income Ratio : Debt Ratio). For example, income
and debt ratios of 28% and 36%, respectively, are
entered and permanently stored as follows: 2 8 :
3 6 q. Default income and debt ratios for this
key are 28% and 36%, respectively. You may
change qualifying ratios, if desired.
What are Qualifying Ratios?
The income ratio calculates the allowable percentage of income for the total housing payment, while
the debt ratio finds the allowable percentage of
income for the total housing payment, plus long-term
debts (usually 12 months or longer). The conservative rule is that total housing expenses should be
28% or less of income, while total housing expense
plus monthly debt should be 36% or less of income.
(Cont’d)
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(Cont’d)
INCOME RATIO =
TOTAL HOUSING EXPENSE
GROSS MONTHLY INCOME
DEBT RATIO =
TOTAL HOUSING EXPENSE + MONTHLY DEBT
GROSS MONTHLY INCOME
Note: Typically, when figuring government loans (FHA/VA), these
formulas also include estimated expenses for maintenance and
utilities (added to the Total Housing Expense for both ratios).
Also, real estate financing and qualifying varies per region and by
lender, who of course, take other factors into consideration, such
as a buyer’s credit and employment history.
2) Calculates the maximum loan amount for
which a buyer may qualify, based on the stored
income and debt qualifying ratios and the entered:
• Term
• Interest
• Annual Income
• Monthly Debt
—and optional—
• Annual Property Tax and Insurance
• Annual Mortgage Insurance (Private Mortgage
Insurance or PMI)
• other monthly housing expenses (e.g., homeowner’s association dues)
The output of this key is as follows:
Press Calculation
1 Displays stored Qualifying Ratios (e.g.,
28%-36%)
2 Restricted/Maximum Qualifying Loan
Amount *
3 Buyer’s Actual Ratios (Income%:Debt%)
4 Unrestricted Qualifying Loan Amount *
5 Maximum Allowable Debt
(Cont’d)
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(Cont’d)
*Note: The Maximum Qualifying Loan Amount is the “restricted”
loan amount the buyer may qualify for. This loan amount is
based on whichever of the two ratios — income or debt — limits
the buyer the most. The Unrestricted Qualifying Loan Amount,
however, is the higher loan amount. This loan amount is based
on whichever of the two ratios — income or debt — limits the
buyer the least. In other words, whichever ratio will give the
buyer the highest qualifying loan amount. For this Unrestricted
loan amount, the calculator will display the letters “UNR” (for
unrestricted) in the display and the word “INC” or “DEBT” to indicate what ratio side this loan amount was based from (i.e.,
income or debt).
This restricted/unrestricted qualifying loan comparison is useful to
show clients what size loan they could qualify for if they paid off
debt or increased income.
3) Calculates the annual income required and
allowable monthly debt for a desired loan amount
or sales price based on the stored income and debt
qualifying ratios and the entered:
• Term
• Interest
• Price (down payment) or Loan Amount
4) Also finds buyer's actual income and debt
ratios given both buyer and property data. By
default, the first press of q displays the stored
qualifying ratios and the second press calculates the
buyer's actual ratios.
Q
(Qualify Based on 29%-41%)
— Stores additional
Income and Debt ratios (e.g., FHA/VA) and operates
identically to the q key. Default Income and Debt
ratios for this key are 29% and 41%, respectively.
Note: You can store whatever ratios you desire in the qor
Q
keys.
i
Income
— Enters the buyer’s
annual
income for
loan qualifying. Enters a
monthly
income when pre-
ceded by the s b
(periodic)
keys (e.g., 5 0
0 0 s b i).
D Enters buyer’s long-term,
monthly
debt (e.g., car
payments, credit cards with large balances/longterm monthly payments).
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Tax, Insurance and Expense Keys
In addition to Qualifying, the following keys are also involved in PITI
or total payment calculations (e.g., they are added to the monthly
payment):
t
Property Tax
— Used for calculating PITI and Total
payment, and Qualifying. Stores estimated annual
property tax in either percent or dollar amount. If
entered as an annual dollar amount, a press of ®
and t converts to the monthly tax amount, and
pressing t again converts to the annual percentage rate. If entered as a percentage, pressing ®
t converts to the annual dollar amount, and
pressing t once more shows the monthly tax.
Note: Entering a number equal to or less than 10 is assumed to
be an annual percentage. Property tax is calculated from the
sales price (therefore, you should also enter a Down Payment).
I
Property Insurance
— Used for calculating PITI
and Total payment, and Qualifying. Stores estimated
annual property (or homeowner’s) insurance in
either percent or dollar amount. If entered as an
annual dollar amount, a press of ® and I con-
verts to the monthly insurance amount or premium,
and pressing I again converts to the annual percentage rate. If entered as a percentage, pressing
® I converts to the annual dollar amount, and
pressing I once more shows the monthly insurance.
Note: Entering a number equal to or less than 10 is assumed to
be an annual percentage. Property insurance is calculated from
the sales price (therefore, you should also enter a Down Payment).
s I
Mortgage Insurance (Mtg Ins)
— Used for calculating PITI and Total payment, and Qualifying. Stores
estimated annual mortgage insurance (or Private
Mortgage Insurance) in either percent or dollar
amount. If entered as an annual dollar amount, a
press of ® and s I converts to the monthly
mortgage insurance amount or premium, and pressing I again converts to the annual percentage
rate. If entered as a percentage, pressing ® s
I converts to the annual dollar amount, and pressing I once more shows the monthly insurance.
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Note: Entering a number equal to or less than 10 is assumed to
be an annual percentage. Mortgage insurance is calculated from
the loan amount.
Note: Tax and Insurance entered as dollar amounts will remain
fixed, even if sales price or loan amount is changed. However, if
entered as a percentage of sales price or loan amount, these
items will automatically be re-calculated if sales price or loan
amount is changed.
e
Expense
— For Total Payment and Qualifying.
Enters monthly housing expense (e.g., homeowner’s
association dues, maintenance and utilities).
1st and 2nd Trust Deeds (Combo Loan) Keys
The Combo Loan keys show the savings of obtaining a 1st and 2nd
trust deed (TD) loan over a single, fixed-rate loan where mortgage
insurance, or private mortgage insurance (PMI), is required.
This routine requires a fixed-rate loan to be entered using the standard l, p, ˆ and/or T keys so that a loan comparison can
be made.
*
Loan-to-Value Combo Loan for 80:10:10
— This
key provides a loan comparison (see below key outputs*) of an 80:10:10 combo fixed-rate loan versus a
single, fixed-rate loan requiring mortgage insurance.
The stored values are a percentage of the sales
price (e.g., 80:10 identifies that 80% of the price is
covered by the 1st TD, 10% of the price is covered
by the 2nd TD and the remaining 10% is covered by
the down payment).
s *
Loan-to-Value Combo Loan for 80:15:5
—The
second function of this key provides a loan comparison (see below*) of an 80:15:5 combo fixed-rate
loan versus a single fixed-rate loan requiring mortgage insurance. The stored values are a percentage
of the sales price (e.g., 80:15 identifies that 80% of
the price is covered by the 1st TD, 15% of the price
is covered by the 2nd TD and the remaining 5% is
covered by the down payment).
Note: You may also enter any LTV for either *or
s *
(80:15:5) Combo Loans keys. For example, to enter a 90:5 LTV,
enter
9 0 : 5 *
or
9 0 : 5 s *
and continue to
press the *key to find the below values.
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** and s * (80:15:5) Key Output:
For a comparison of a fixed-rate combo loan versus
a fixed-rate loan with required mortgage insurance,
each key press (once all other loan values are
entered, including 1st and 2nd Interest:Term) will
calculate:
Press Calculation
1 Combo Loan Combined (Blended)
Interest Rate
2 Equivalent Interest Rate of Fixed Rate
Mortgage with Mortgage Insurance
3 Combo Loan Combined (1st/2nd TD)
Payment
4 Equivalent Payment of Fixed Rate Mortgage
with Mortgage Insurance
5 Monthly Savings over Fixed-Rate Loan with
Mortgage Insurance
6 Adjusted 2nd Term (if Savings Applied to
2nd TD)
7 1st Trust Deed Loan Amount
8 2nd Trust Deed Loan Amount
9 1st Trust Deed Payment
10 2nd Trust Deed Payment
11 Displays LTV
!
1st TD Interest:Term
— Stores the annual interest
and term for the 1st fixed-rate TD. These values are
used when computing the 1st:2nd fixed Combo
Loan. Entry is made using the
: key (Interest :
Term). Both interest and term values are required for
a valid entry. Values will be retained until changed or
reset.
s !
2nd TD Interest:Term
— Stores the annual interest
and term for the 2nd fixed-rate TD. Entry is made
using the
: key (Interest : Term). Both interest
and term values are required for a valid entry. Values
will be retained until changed or reset.
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BASIC ARITHMETIC EXAMPLES
Arithmetic
This calculator uses standard chaining logic, which simply means
that you enter your first value, the operator (+, –, x, ÷), the second value and then the equals sign (=).
A. 3 + 2 = 5.00
B. 3 – 2 = 1.00
C. 3 x 2 = 6.00
D. 3 ÷ 2 = 1.50
Percentage Calculations
The Percent % key can be used for finding a given percent of a
number or for working add-on, discount, or division percentage
calculations.
A. 8 0 0 x 2 5 % = 200.00
B. 2 5 0 + 1 0 % = 275.00
C. 2 5 – 5 0 % = 12.50
D. 2 0 0 ÷ 5 0 % = 400.00
The Percent % function is a key that has special applications for real
estate professionals — especially when figuring a commission
amount.
Figuring Straight % Commission
The commission for the listing office is 3%. If the property sells for
$259,650, what is the listing office’s commission?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter sales price 2 5 9 6 5 0 259,650.
Multiply by commission % x 3 % = 7,789.50
— DO NOT CLEAR CALCULATOR —
What if the listing agent works on a 50/50 split with his or her broker? What is the listing agent’s share of this commission?
STEPS KEYSTROKES DISPLAY
Multiply by 50 percent x 5 0 % = 3,894.75
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Reduction in Listing Price (Discount %)
A nervous seller has had her property on the market for just over
four months listed at $175,500. Because she is anxious to move into
a new home, she wishes to reduce the listing price by 5%. Calculate
both the amount of reduction in dollars and the new, lowered listing
price.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter sales price 1 7 5 5 0 0 175,500.
Subtract 5% – 5 % 8,775.00
Find new listing price = 166,725.00
Simple, One-Year Home Appreciation (Add-on %)
Properties in your area have been going up in value about 6% per
year. If you purchase a $275,000 home today, what will it be worth in
one year, assuming the same rate of appreciation continues?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter current value 2 7 5 ) 275,000.
Add 6% + 6 % 16,500.00
Find appreciated value = 291,500.00
Note: See page 28 for another example of future value or appreciation.
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Date Examples
Using the : key, you can quickly solve common real estate date
problems: escrow or closing dates, listing expiration dates, and the
number of days prepaid interest, etc. You enter a date as follows:
Numerical Month : Numerical Day : and two-digit Numerical Year.
The date function lets you: 1) add a number of days to a date to find
a second date (in the future), 2) subtract a number of days from a
date to find a second date (in the past), and, 3) subtract one date
from another date to find the number of days in between. For example, if a 45-day escrow begins April 26, 2004, what is the closing
date and day?
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter month 4 : 4-
Enter day 2 6 : 4-26-
Enter year 0 4 4-26-04
Add 45 days + 4 5 = THU 06-10-04
Find the number of days to calculate prepaid interest due at closing,
if the escrow closing date is 10/14/03 and the first payment is due
11/1/03.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter 1st payment date 1 1 : 1 : 0 3 11-1-03
Subtract closing date to
find number of days – 1 0 : 1 4 : 0 3 = 18.00
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CALCULATOR SETTINGS
Decimal Place Selection
With the s key, you have the option of selecting the number of
decimal places you’d like to display. The values are rounded using
conventional 5/4 rounding. You can do this prior to finding an answer
or afterwards.
Press s followed by the number of decimal places you wish to
display:
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
To return to the standard two-decimal place setting, press s 2.
Note: This setting will remain until you turn your calculator off, perform a Clear All
(
s x
), or until you change it using the commands above. You can select to permanently maintain your decimal place selection (remains even after you turn the calculator off) by selecting "Hold Entry" for decimal settings under Preferences on page 20.
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Preference Settings
Your calculator has a Preference Mode, which allows you to program
the calculator to various settings. For example, it lets you store certain values permanently, display certain values, or show values in a
specific order.
To access the Preference Mode, press s, then =, then keep
pressing = to toggle through the settings listed below. Press the +
key to advance through the sub-settings. Use the – key to back up
within the sub-settings.
To return the calculator to its default, or factory-set, Preference Settings, perform a total Reset (see page 68).
After s,
Keep
Description
Pressing (Press +to Advance
=
:
Display
within each category, –to Back up):
1 Decimal Places
- DEC OFF 0.00 — Clears decimal place setting/resets
to 0.00 at O.
(Default)
- DEC Hold Entry — Permanently sets number of
decimal places.
2 Payments Per Year
- P/Y OFF 12.00 ANN— Resets to 12.00 at O.
(Default)
- P/Y Hold Entry ANN—Permanently sets pmts/year.
3 Property Tax/Insurance (T/I)
- Clr OFF TAX INS — Clears all T/I (% and $) values
at O.
(Default)
- Hold Pct. TAX INS — Holds only T/I percent (%) entries
at O.
- Hold All TAX INS — Holds all T/I (% and $) values
at O.
- Clr-Clr TAX INS — Clears all T/I (% and $) values
at double press of o
(or o o).
(Cont’d)
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(Cont’d)
After s,
Keep
Description
Pressing (Press +to Advance
=
:
Display
within each category, –to Back up):
4 Mortgage Insurance (MI)
- Clr-Clr M Ins — Clears mortgage insurance (% and $)
upon o o.
(Default)
- Clr OFF M Ins — Clears mortgage insurance (% and $)
at O.
- HOLD Pct. M Ins — Holds only percent (%) mortgage
insurance entry at O.
- HOLD ALL M Ins — Holds (% or $) mortgage insurance
entry at O.
5 Amortization/Single Entries
- AMRT Ent-Ent — Displays amortization for specified
year only —
e.g., enter
5 a =
payments 49-60. (Default)
- AMRT 1-Ent — Displays amortization from beginning
to specified year —
e.g., enter
5
a =
payments 1-60.
6 Display Qualifying Ratios
- Q-R PRESS 1 — Displays ratio at beginning of
sequence.
(Default)
- Q-R AT END — Displays ratio at end of sequence.
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MEMORY
Accumulative Memory
Whenever the µ key is pressed, the displayed value will be added
to cumulative memory. This value will remain in Memory until cleared
or when the calculator is turned off.
Other Memory functions:
FUNCTION KEYSTROKES
Recall total in Memory ® µ
Display and clear Memory ® ®
Subtract displayed value from Memory s µ
Replace Memory with displayed value s ® µ
The Memory is semi-permanent; that is, it will only be cleared when
you:
1) turn off the calculator;
2) press ® ®; and
3) press s x (Clear All).
Examples:
STEPS KEYSTROKES DISPLAY
Store number into Memory 3 5 5 µ 355.00
Add number to Memory 2 5 5 µ 255.00
Recall total in Memory ® µ 610.00
Subtract from Memory 7 4 5 s µ 745.00
Recall total in Memory ® µ -135.00
Replace Memory 5 0 s ® µ 50.00
Recall and clear Memory ® ® 50.00
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Memory Storage Keys (M0-M6)
In addition to the standard cumulative Memory (as described above),
your calculator has six independent Storage Registers — [M0]
through [M6] — that can be used to permanently store
single
, noncumulative values. These values will be held when your calculator is
turned off, and will only clear when a “Clear All” is performed (via
s x).
You can replace a value in one of these Memory registers by storing
a new value in place of the stored value.
FUNCTION KEYSTROKES
Store single value in M0 s ® 0
Store single value in M1 s ® 1
Store single value in M2-M6 s ® 2, 3, 4, 5 or 6
Clear register (e.g., M1) 0 s ® 1
Review stored value (e.g., M1) ® 1
Clear stored value* s x
*Perform a
s x
(Clear All) with caution, as it will clear any stored values from your
calculator’s registers.
Example:
Store 175 into M1, recall the value, and then store a new value in
place of the first stored value:
KEYSTROKES DISPLAY
1 7 5 s ® 1 M-1 175.00
O o 0.00
® 1 M-1 175.00
1 5 0 s ® 1 M-1 150.00
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