Pocket Reference Guide
Residential Mortgage Finance Calculator
M
ORTGAGE
Q
UALIFIER PLUS
®
Model 3416
The
MORTGAGE QUALIFIER PLUS
lets you
pre-qualify clients and calculate financial
problems with ease!
Quickly Solve:
• Time-Value-of-Money (TVM) Problems:
Find Loan Amount, Term, Interest,
Payment, Future Value
• Restricted/Unrestricted Qualifying
• Required Income/Debt
• Property Tax and Insurance, Mortgage
Insurance
• P&I and PITI payment
• Sales Price, Down Payment, and LTV
• Adjustable-Rate Mortgages
• Amortization and Remaining Balance
• Bi-Weekly Loans
• Date Math Problems
• Combo loans (80:10:10, 80:20)
• APR, including Mortgage Insurance
• Income Tax Savings and Rent vs. Buy
• Month Offset, Prepaid Interest
New!
• Interest-Only Payments
• Interest-Only Loan Qualifying
• Interest-Only (2nd TD) Combo Loans
MORTGAGE QUALIFIER PLUS
®
KEY DEFINITIONS .................................1
EXAMPLES.............................................6
Monthly Mortgage (P&I) Payment.......6
Interest-Only Payment
(Calculation)......................................6
Interest-Only Payment (Entry).............7
Term of a Loan....................................7
Interest Rate........................................8
Loan Amount.......................................8
Loan Amount Based on Sales Price
and Down Payment...........................9
Date Example......................................9
Setting Tax and Insurance.................10
PITI Payment, Total Payment and
Interest-Only Payment ....................10
Quarterly Payment ............................12
Estimated Tax Savings......................13
Rent vs. Buy ......................................14
ARM Payment —
Lifetime Cap
.........15
Amortization ......................................17
APR and Total Finance Charges,
Including Mortgage Insurance.........18
Appreciation ......................................19
Bi-Weekly Loans ...............................20
Setting Qualifying Ratios ...................21
Qualifying Loan Amount ....................22
“Restricted” vs. “Unrestricted”
Qualifying ........................................24
TABLE OF CONTENTS
Qualifying Loan Amount
(Interest-Only Loan)........................26
Income Required and Allowable
Monthly Debt...................................27
80:10:10 Combo Loan vs. Fixed-Rate
Loan with Mortgage Insurance........28
80:20 Interest-Only Combo Loan......32
APPENDIX............................................34
Default Settings.................................34
Decimal Place Setting.......................35
Preference Settings...........................35
Batteries ............................................36
Reset.................................................36
POCKET REFERENCE GUIDE — 1
Note
: This is a short “reference” guide. Please
see your large User’s Guide for detailed definitions and examples.
: Colon separator
(used for
date, ARM adjustment,
qualifying ratios 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
KEY DEFINITIONS
POCKET REFERENCE GUIDE — 2
s Sets number of displayed
decimal places and activates 2nd functions
s – Change sign
s x Clear All
(Note: perform
with caution as it will
clear/reset stored values)
s = Preference mode
(see
Large User’s Guide for
details)
s ÷ Payments per year
(Default 12, for monthly)
s b Periodic
(identifies entry as
periodic rather than yearly)
s ) Month offset
s : Odd-days interest
s + Tax bracket %
s p Interest-Only Payment
entry/display
s P Rent vs. buy
l Loan amount
p P&I, PITI, total payment,
and interest-only payment
POCKET REFERENCE GUIDE — 3
T Number of years
ˆ Annual interest rate
s l Future value
s ˆ APR
(annual percentage
rate)
, including mortgage
insurance, if entered
P Home’s sales price
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%
q Qualify based on
28%-36%
Q Qualify based on
31%-43%
i Annual income
D Long-term,
monthly
debt
(e.g., car payment)
POCKET REFERENCE GUIDE — 4
t Property tax
(enter as per-
cent or dollar amount)
s t Estimated tax savings/after
tax payment
I Property/homeowner’s
insurance
(enter as per-
cent or dollar amount)
s I Mortgage insurance
(enter
as percent or dollar amount)
e Monthly expenses
(such as
homeowner’s association
dues)
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 — 5
* 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 * Interest-only 2nd TD combo
loan; operates similarly to
* function
POCKET REFERENCE GUIDE — 6
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
Interest – Only Payment (Calculation)
Find the interest-only payment on a loan
of $15,000 at 9% interest.
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Loan 1 5 ) l 15,000.00
Enter Interest 9 ˆ 7.00
Find payment s p 112.50
EXAMPLES
POCKET REFERENCE GUIDE — 7
Interest – Only Payment (Entry)
How much can you borrow if the interest
rate is 7% on a 30-year interest–only
mortgage and you can afford to pay
$1,000 each month?
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter Interest 7 ˆ 7.00
Enter Payment 1 ) s p 1000.00
Find Loan l 171,428.57
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 — 8
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
POCKET REFERENCE GUIDE — 9
Enter new interest
rate 6 ˆ 6.00
Find new loan
amount l 250,187.42
Loan Amount Based on Sales Price
and Down Payment
Find both $ down payment 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.
Date Example
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 — 10
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
.
PITI Payment, Total Payment and
Interest-Only Payment
• Term: 30 years
• Interest: 6.25%
• Sales price: $325,000
• Down payment: 5%
• Property taxes: 1.3%
• Property insurance: 0.25%
• Mortgage insurance: 0.45%
Find PITI payment:
POCKET REFERENCE GUIDE — 11
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
— DO NOT CLEAR CALCULATOR —
Find the total payment, if you estimate
homeowner’s association fees at $80/mo.
Also find the interest-only payment:
STEPS KEYSTROKES DISPLAY
Enter expenses
8 0 e 80.00
Find total pmt. p p p 2,516.60
Find interest-only
payment p 1,608.07
*Note: Perform the same steps when entering $
Tax/Ins. — e.g., $1,625 tax, enter
1 6 2 5 t
.
POCKET REFERENCE GUIDE — 12
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 — 13
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 an estimate only.
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 + 28.00
Find annual
tax savings s t t 3,767.32
Monthly tax
savings t 313.94
Net payment t 932.54
POCKET REFERENCE GUIDE — 14
Rent vs. Buy
• Term: 30 years Tax: 1.25%
• Interest: 7.5% Ins: 0.35%
• Down: 10% Tax bracket: 30%
If your client is currently renting a home
for $1,250/month, find the comparable
home sales price and loan amount that
he or she could afford:
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 property
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 — 15
ARM Payment —
Lifetime Cap
• Loan: $230,000
• Term: 30 years
• Interest: 7.25%
• Lifetime cap: 4%
• ARM Interest Adjustment: 1% per year
Find the adjusted ARM payments through
year six:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter loan 2 3 0 ) l
230,000.00
Enter term 3 0 T 30.00
Enter interest 7 • 2 5 ˆ 7.25
Find initial monthly
payment p “run” 1,569.01
Enter interest
cap 4 s % CAP 4.00
Enter ARM
parameters 1 : 1 A 1.00 - 1.00
Find 1st “adjusted”
payment A “run” 1 1,724.90
Find 2nd “adjusted”
payment A 2 1,883.17
(Cont’d)
POCKET REFERENCE GUIDE — 16
(Cont’d)
STEPS KEYSTROKES DISPLAY
Find 3rd “adjusted”
payment A 3 2,043.26
Find 4th “adjusted”
payment A 4 2,204.68 M*
Find 5th “adjusted”
payment A 5 2,204.68 M*
Find principal at start
of year ® l 220,856.34
Recall current interest
rate ® ˆ 11.25
Recall remaining
term ® T 25.00
Clear Cap 0 s % CAP 0.00
*Note that the payment for 4th and 5th adjustments (corresponding to the 5th and 6th years)
is the same because the lifetime cap was
reached on the 4th adjustment. An “M” for
“maximum” will appear in the display once the
Cap is reached.
POCKET REFERENCE GUIDE — 17
Amortization
• Loan: $300,000
• Term: 30 years
• Interest: 7.5%
Find total interest and principal for the life
of the loan:
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 P&I pmt p 2,097.64
Find # pmts a 1-360
Find total int. a 455,151.67
Find total prin. a 300,000.00
Find total pmts
a 755,151.67
Find all values for the first year:
Enter Year 1 1 a 1-12
Find total int. a 22,406.22
Find total prin. a 2,765.50
Find total pmts
a 25,171.72
Find balance a 297,234.50
Remaining term
a 29.00
Tax deduction a 4,705.31
Note: Based on default 21% tax bracket & loan
start in January. To change these values, see
Large User’s Guide.
POCKET REFERENCE GUIDE — 18
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 P&I pmt 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 chgs.ˆ 389,072.25
Amount
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 — 19
Appreciation
What will a $350,000 home’s value be 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 appreciation
rate 6 ˆ 6.00
Find FV** s l 416,855.60
Return to 12 payments
per year 1 2 s ÷ 12.00
* PV (Present Value) = original purchase price;
enter as
l
** FV (Future Value) =
s l
POCKET REFERENCE GUIDE — 20
Bi-Weekly Loans
• Loan: $212,500
• Term: 30 years
• 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
Exit Bi-Weekly
mode o o 0.00
POCKET REFERENCE GUIDE — 21
Setting Qualifying Ratios
Enter new qualifying ratios of 30% for
Income and 38% for Debt in
q
:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Set qualifying
ratios 3 0 : 3 8 q
30.00-38.00
Return ratios
to 28:36 2 8 : 3 6 q
28.00-36.00
POCKET REFERENCE GUIDE — 22
Qualifying Loan Amount
• Buyer’s income: $75,000
• Monthly debt: $500
• Down$: $5,000
• Property taxes: 1.5%
• Property insurance: 0.25%
• Mortgage insurance: 0.6%
• Monthly association dues: $50
• Term: 30 years
• Interest: 7.5%
• Qualifying ratios: 28%: 36%
Find the Qualifying Loan Amount, Price
and Total Payment:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter income 7 5 ) i 75,000.00
Enter debt 5 0 0 D 500.00
Enter down 5 ) d 5,000.00
Set tax% 1 • 5 t 1.50
Set insurance%
• 2 5 I 0.25
Set MI% • 6 s I 0.60
Enter association
dues 5 0 e 50.00
Enter interest 7 • 5 ˆ 7.50
Enter term 3 0 T 30.00
Display ratios q 28.00 - 36.00
POCKET REFERENCE GUIDE — 23
Find qualifying loan
amount q 189,119.31
Find price P 194,119.31
— DO NOT CLEAR CALCULATOR —
Find the monthly P&I payment and total
payment:
STEPS KEYSTROKES DISPLAY
P&I payment p 1,322.35
PITI payment p 1,700.00
Total payment p 1,750.00
POCKET REFERENCE GUIDE — 24
“Restricted” vs. “Unrestricted” Qualifying
• Buyer’s income: $68,000
• Monthly debt: $750
• Down$: $5,000
• Property taxes: 1.5%
• Property insurance: 0.25%
• Mortgage insurance: 0.6%
• Monthly association dues: $50
• Term: 30 years
• Interest: 7.5%
• Qualifying ratios: 28%: 36%
Find the “restricted” qualifying loan
amount, actual ratios, “unrestricted” loan
amount and maximum allowable debt.
(Re-enter 0.6% mortgage insurance rate,
$50 association dues and $5,000 down.)
Note: If you are not continuing from the previous problem, you’ll need to re-enter interest,
term, tax/insurance.
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Recall interest ® ˆ 7.50
Recall term ® T 30.00
Recall property
tax% ® t 1.50
Recall property
insurance% ® I 0.25
POCKET REFERENCE GUIDE — 25
Re-enter MI% • 6 s I 0.60
Re-enter homeowner’s
dues 5 0 e 50.00
Enter down 5 ) d 5,000.00
Income 6 8 ) i 68,000.00
Monthly debt 7 5 0 D 750.00
Display qualifying
ratios q 28.00 - 36.00
Find “restricted” qualifying loan
amount q 137,725.41
— DO NOT CLEAR CALCULATOR —
STEPS KEYSTROKES DISPLAY
Find actual
ratios q 22.76-36.00
Find “unrestricted” loan
amount q 170,870.75 LA INC*
Find maximum allowable
debt q 453.33
*Note: The “INC” tells you this unrestricted
Qualifying Loan Amount is based on the buyer’s
Income Ratio — therefore, the restricted
Qualifying Loan Amount is based on the buyer’s
Debt Ratio. This means that if they pay off their
monthly debt (to $453/mo. or lower) they may
qualify for a mortgage loan of approximately
$170,000 or more and afford a $175,000 home
(if they put approximately $4-$5K down).
POCKET REFERENCE GUIDE — 26
Qualifying Loan Amount (Interest Only-Loan)
Using the same values from the previous
example, find qualifying loan amount, price,
and total payment for an interest-only loan:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter income 7 5 ) i 75,000.00
Enter debt 5 0 0 D 500.00
Enter down 5 ) d 5,000.00
Set tax% 1 • 5 t 1.50
Set ins% • 2 5 I 0.25
Set MI% • 6 s I 0.60
Enter association
dues 5 0 e 50.00
Enter interest 6 • 7 5 ˆ 6.75
Enter term 3 0 T 30.00
Display ratios s q 28.00 - 36.00
Find qualifying loan
amount q 223,214.29
Find price P 228,214.29
— DO NOT CLEAR CALCULATOR —
Find the monthly P&I pmt, PITI pmt, total
pmt, and I/O pmt:
STEPS KEYSTROKES DISPLAY
P&I payment p 1,447.76
PITI payment p 1,892.18
Total payment p 1,942.18
I/O payment p 1,255.58
POCKET REFERENCE GUIDE — 27
Income Required (Stated Income) and
Allowable Monthly Debt
• Sales price: $300,000
• Down%: 20%
• Property taxes: 1.5%
• Property insurance: 0.25%
• Mortgage insurance: 0%
• Term: 30 years
• Interest: 5.88%
Find the income required to finance a
$300,000 home and the maximum allowable debt.
Note: Clear mortgage insurance rate to zero, as
the down payment is 20%.
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter interest 5 • 8 8 ˆ 5.88
Enter term 3 0 T 30.00
Enter tax% 1 • 5 t 1.50
Enter insurance%
• 2 5 I 0.25
Clear MI% 0 s I 0.00
Enter price 3 0 0 ) P
300,000.00
Enter down 2 0 d 20.00
Find $ down d 60,000.00
Find loan l 240,000.00
(Cont’d)
POCKET REFERENCE GUIDE — 28
(Cont’d)
STEPS KEYSTROKES DISPLAY
Display qualifying
ratios q 28.00 - 36.00
Find income
required q 79,626.76
Find maximum allowable monthly
debt q 530.85
Find P&I
payment p 1,420.46
Find PITI
payment p 1,857.96
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 90% 80% –
10%
POCKET REFERENCE GUIDE — 29
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
Enter down
payment 1 0 d 10.00
Find price P 277,777.78
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 P&I
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
(Cont’d)
POCKET REFERENCE GUIDE — 30
(Cont’d)
STEPS KEYSTROKES DISPLAY
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
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
POCKET REFERENCE GUIDE — 31
*To enter a different LTV without changing the
stored LTV, you can enter it prior to pressing the
*
key. For example, enter
8 0 : 2 0
,
then press the
*
key, as above, for the new
calculations. To return to the existing problem,
press
o
once and press *.
POCKET REFERENCE GUIDE — 32
80:20 Interest-Only 2nd Combo Loan
Find the monthly payments with an 80:20
Interest-Only 2nd Combo Loan:
COMBO (1st/2nd)
Loan 350,000
Interest 5.25% – 7.0%
Term 30 year – 15 year
LTV 80% – 20%
STEPS KEYSTROKES DISPLAY
1. Enter the Total of the Combined Loans:
Clear o o 0.00
Enter combined
Loan total 3 5 0 ) l
350,000.00
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 ** 5.35
POCKET REFERENCE GUIDE — 33
Find 1st/2nd TD combined monthly
payment * 1,954.50
Find 1st TD loan
amount * 280,000.00
Find 2nd TD loan
amount * 70,000.00
Find 1st TD
payment * 1,546.17
Find 2nd TD
payment * 408.33
POCKET REFERENCE GUIDE — 34
Default Settings
Performing a Reset will return your calculator to the default settings below:
• 12 Periods per Year
• Property Tax/Insurance = % Rates Not
Permanently Stored/Clears Upon O
• Mortgage Insurance = % Rates Not
Permanently Stored/Clears upon
o o
• Month Offset of January (1)
• Two Fixed Decimal Places
• Amortization Range = Specified Year
(Ent-Ent)
• Qual 1 Ratios = 28%-36%
• Qual 2 Ratios = 31%-43%
• Qualifying Ratios Displayed 1st
APPENDIX
POCKET REFERENCE GUIDE — 35
Decimal Place Setting
To set the number 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
Preference Settings
To access the Preference Mode, press
s, then =, then keep pressing = to
toggle through the preference settings listed. Press the + key to advance through
the sub-settings. Use the – key to back
up within the sub-settings.
See Large User’s Guide for details.
POCKET REFERENCE GUIDE — 36
Batteries
Replacing the Batteries:
Slide open and remove the battery door
(located on upper backside of calculator).
Remove the old batteries. Insert two new
LR44 button-cell batteries, making sure
they’re facing positive-side (+) up. Close
the battery door.
Reset
Keystroke Reset — Returning the
Calculator to its Original Factory
Settings:
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.
Software copyrighted and licensed to
Calculated Industries, by Real Estate
Master Technologies, LLC, 2006.
Pocket Reference Guide copyrighted by
Calculated Industries, 2006.
Qualifier Plus
® and
Calculated Industries
® are
registered trademark
of Calculated Industries, Inc.
ALL RIGHTS RESERVED
CALCULATEDINDUSTRIES®
4840 Hytech Drive
Carson City, NV 89706 U.S.A.
1-800-854-8075 or 1-775-885-4900
Fax: 1-775-885-4949
E-mail: info@calculated.com
www.calculated.com
Designed in the U.S.A.
Printed in China
UG3416E-A
1/06
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