Calculated Industries 3420 Reference Guide

C

ANADIAN

Q

UALIFIERPLUS

PROFESSIONAL RESIDENTIAL REAL ESTATE

FINANCE CALCULATOR

with BUILT-IN CANADIAN INTEREST MODE

Model 3420

®

III

X

Pocket Reference Guide

POCKET REFERENCE GUIDE — 1

The

CANADIAN QUALIFIER PLUS IIIX

calcula­tor lets you perform mortgage qualifying
and financial problems with ease!

Quickly Solve:

• Time-Value-of-Money (TVM) Problems:

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

• P&I payment, PITH/total payment, and

interest-only payment

• Sales Price and Down Payment

• Loan-to-Value

• Complete Amortization

• Bi-Weekly Mortgages

• Qualifying Mortgage Amount

• Required Income/Debt

• Qualifying Based on Different Ratios

• Date Math

• U.S. Loan Problems — TVM problems,

ARMS, APR, Rent vs. Buy, Estimated
Tax Deduction, Tax/Insurance, PITI
Payment, U.S. Qualifying

•

and more!

For product registration, visit

www.calculated.com

CANADIAN QUALIFIER PLUS®IIIX

POCKET REFERENCE GUIDE — 2

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

Canadian/U.S. Interest Modes ............8

Preference Mode.................................8

EXAMPLES.............................................9

Basic Math ..........................................9

Percentage Calculations.....................9

Memory Functions.............................10

Setting Decimal Places .....................11

Date Function....................................12

Mortgages and Real Estate

Mortgages.....................................13

EXAMPLES —

CANADIAN MODE

......14

Monthly Mortgage Payment..............14

Term of a Mortgage ...........................15

Mortgage Amount..............................15

Interest Rate......................................16

Non-Monthly Mortgages and

Payments Per Year (Pmt/Yr) .........17

PITH and Interest-Only Payment......18

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

Mortgage Amount Based on Sales

Price and % Down Payment.........19

Sales Price Based on Mortgage

Amount and % Down Payment.....20

Finding Loan-to-Value (LTV).............20

Future Value (Appreciation)..............21

TABLE OF CONTENTS

POCKET REFERENCE GUIDE — 3

Amortization (Total Principal/Total

Interest, Remaining Balance)........22

Bi-Weekly Mortgages........................23

Setting Qualifying Ratios...................24

Qualifying Mortgage Amount.............24

“Restricted” vs. “Unrestricted”

Qualifying......................................26

Qualifying Comparison (Two Ratios

at Once) ........................................28

Finding Income Required and

Allowable Monthly Debt ................30

EXAMPLES —

U.S. MODE

..................31

Monthly Loan Payment.....................31

Setting Tax and Insurance ................32

PITI Payment and Interest-Only

Payment........................................33

Qualifying Loan Amount....................34

ARM Payment —

Lifetime Cap

.........35

APR and Total Finance Charges,

Including Mortgage Insurance.......37

Estimated Tax Savings......................38

Rent vs. Buy......................................39

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

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

Repair and Return.............................40

Warranty............................................41

FCC Class B .....................................42

Looking For New Ideas.....................42

POCKET REFERENCE GUIDE — 4

Note

: This is a short “reference” guide. Please

see your large User’s Guide for details.

: Colon separator

(for date,
Amortization ranges, ARM
adjustment and qualifying
ratios)

b Backspace
) Triple-zero entry key
µ Memory Function:

- µ Adds value on dis­play to Memory

- s µ Subtracts value
on display from Memory

- ® µ Recalls Memory
Total

- ® ® Clears Memory
and displays Memory Total

® Recalls or re-displays a

value when followed by a
chosen key

(e.g.,

® ˆ

will display current interest
value)

KEY DEFINITIONS

POCKET REFERENCE GUIDE — 5

s Sets number of displayed

decimal places and acti­vates 2nd functions

s x Clear All

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

s ÷ Payments per year

(Default 12, for monthly)

s – Change sign + or –
s = Preference mode

(see

large User’s Guide)

s ) Month offset
s : Odd-days interest
s T Bi-Weekly mortgage
l Mortgage amount or pres-

ent value

p P&I, PITI

(U.S.)

, PITH/total
payment, and interest-only
payment

T Number of years
ˆ Annual interest rate
s 9 Converts to Canadian or

U.S. Interest Mode

POCKET REFERENCE GUIDE — 6

s l Future value
π Period

(identifies entry as

periodic rather than yearly)

P Sales Price of home
d Down Payment

(entered in

% or $)

s d Loan-to-Value

(LTV)

a Amortization function
s a Remaining balance
q Qualify based on

32%-40%

(Canada)

Q Qualify based on

35%-42%

(Canada)

i Annual Income
D Long-term, monthly Debt
t Estimated annual property

Tax

(enter as percent or

dollar amount)

e Housing Expense, includ-

ing monthly heating cost

(Canada)

POCKET REFERENCE GUIDE — 7

U.S. ONLY KEYS:

A Adjustable Rate Mortgage
s A ARM decreasing Interest

% adjustment

s % ARM lifetime Interest Cap

(Cap%)

s ˆ APR

(Annual Percentage

Rate)

, including mortgage

insurance, if entered

s p Estimated tax

savings/after-tax payment

s P Rent vs. Buy
s + Tax bracket %
I Estimated

annual

proper-

ty/homeowner’s insurance

(enter as percent or dollar
amount)

 Estimated

annual

mort­gage insurance, if applica­ble

(enter as percent or

dollar amount)

POCKET REFERENCE GUIDE — 8

Canadian/U.S. Interest Modes

Your calculator can easily be switched
between Canadian or U.S. Interest Mode
by pressing: s 9

U.S. Mode allows:

• Entry/calculation of U.S. interest
rates.

• Enables selected U.S.-only functions
(e.g., ARM, APR, Rent vs. Buy, Tax
Deduction).

Preference Mode

s = Preference Mode

(see

User’s Guide for details)

Allows you to select special settings. To
access, first press s and then the =
key. Toggle through the various categories
by pressing the = key. Toggle within each
category by pressing the + key. To set
the preference and exit, press the o
key. To reset the calculator back to its
default settings, turn off the calculator,
hold down x and turn back on

(“All
Reset” will flash for one second before
clearing to zero).

POCKET REFERENCE GUIDE — 9

Basic Math

This calculator uses standard chaining
logic. This means the first value is
entered, then an operator, then the sec­ond value, then the Equals = key to get
your answer.

A. 2 1 6 + 8 4 = 300.00
B. 2 1 6 – 1 6 = 200.00
C. 1 2 x 1 2 = 144.00
D. 1 4 4 ÷ 1 2 = 12.00

Percentage Calculations

The Percent % key is used to find a given
percent of a number or for working add­on, 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

EXAMPLES

POCKET REFERENCE GUIDE — 10

Memory Functions

Pressing the µ key adds the displayed
value to cumulative Memory. s µ
subtracts the displayed value from cumu­lative Memory. ® µ recalls and dis­plays the total value in Memory. ® ®
displays and clears the Memory.

KEYSTROKES DISPLAY

1. 3 5 5 µ

® ® 355.00

2. 3 5 5 µ

2 5 5 µ
7 4 5 s µ
® ® – 135.00

Note:

s ® µ

may be used to replace any

value in Memory with the displayed value.

KEYSTROKES DISPLAY

1. 3 5 5 µ 355.00

2. 5 0 0 s ® µ 500.00

® ® 500.00

POCKET REFERENCE GUIDE — 11

Setting Decimal Places

You can use the s key to select the
number of decimal places displayed.

(Values are rounded using 5/4 rounding.)

You may do this before or after finding an
answer. Press s followed by the num­ber of decimal places you wish to display:

s 4 0.0000
s 3 0.000
s 2 0.00

(Default)

s 1 0.0
s 0 0.
s • Floating Decimal

Note: To return to the standard two decimal
place setting, press

s 2

.

You may also permanently set the number
of decimal places via the Preference
Mode. See page 8.

POCKET REFERENCE GUIDE — 12

Date Function

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 Numerical Year. The date function
lets you:

1) add a number of days to a date to
find a future date,

2) subtract a number of days from a
date to find a past date, and,

3) subtract one date from another date
to find the number of days in between.

If a 45-day escrow begins January 23,
2004, what is the closing date and day?

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter month 1 : 1-
Enter day 2 3 : 1-23-
Enter year 0 4 1-23-04
Add 45 days + 4 5 = MON 3-08-04

POCKET REFERENCE GUIDE — 13

Mortgages and Real Estate Mortgages

• The financial functions — l, p, T
and ˆ — work just like you would say
them. For example, to find the payment
on a $100,000 mortgage for 25 years
at 10% interest, enter the three known
variables and press the key for the
unknown fourth variable: p.

• Financial values may be entered in any
order.

• Values for Term and Interest are per­manently stored in Memory.

• The word “run” will appear in the dis­play when calculating interest and other
problems.

• Always press o twice after complet­ing a financial problem to ensure the
financial registers are cleared.

• Once an answer is calculated (for
example, a payment) you can change
any variable and recompute for a new
answer

without

having to re-enter the

other data.

POCKET REFERENCE GUIDE — 14

See page 8 for instructions to return your
calculator to Canadian Mode if your calcu­lator does not display the letters “CDN”
upon pressing the ˆ key. Or, if your cal­culator was not reset, press s 9 until
the display reads “INT Cdn.”

Note: For more examples, see your User’s
Guide, or download it at www.calculated.com/
User_Guide_Index.

Monthly Mortgage Payment

Find the monthly payment on a 25-year
mortgage of $165,000 at 7.75% annual
interest.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Mtg. 1 6 5 ) l

165,000.00

Enter Term 2 5 T 25.00
Enter Interest 7 • 7 5 ˆ 7.75*
Find Payment p 1,233.08

*Note: When entering or calculating interest in
Canadian Mode, the letters “CDN” will appear in
the upper left side of the calculator display.

EXAMPLES —

CANADIAN MODE

POCKET REFERENCE GUIDE — 15

Term of a Mortgage

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

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Mtg. 1 5 ) l 15,000.00
Enter Interest 1 0 ˆ 10.00
Enter Payment 2 0 0 p 200.00
Find Term/yrs T 9.71
Periodic Term T 116.54

Mortgage Amount

Approximately how much can you borrow
if the interest rate is 7.5% on a 25-year
mortgage and you can afford $1,500 in
monthly payments? What if the interest
rate is lowered to 7%?

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Interest 7 • 5 ˆ 7.50
Enter Term 2 5 T 25.00
Enter Payment 1 5 0 0 p 1,500.00
Find Mortgage l 205,042.71
Enter new Interest

rate 7 ˆ 7.00

Find new Mortgage

Amount l 214,158.52

POCKET REFERENCE GUIDE — 16

Interest Rate

Find the interest rate on a mortgage if the
mortgage amount is $155,500, term is 25
years and payment is $1,150 per month.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Mortgage

1 5 5 5 0 0 l

155,500.00

Enter Term 2 5 T 25.00
Enter Payment 1 1 5 0 p 1,150.00
Find annual

Interest* ˆ 7.63

Find periodic

Interest ˆ 0.64

*Note: If desired, press

s 9

, then ˆto
compute U.S. Interest (7.51%). Repeat this pro­cedure to return to CDN mode. Display will read
“CDN” when calculating Canadian interest, and
“USA” when calculating U.S. rates.

POCKET REFERENCE GUIDE — 17

Non-Monthly Mortgages and Payments
Per Year (Pmt/Yr)

Most mortgages are paid monthly. If pay­ing a non-monthly mortgage, however, the
number of payments per year must be
changed by entering the number of pay­ments per year, then pressing s ÷, as
shown in the following exercise:

Enter number of payments per year:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00

4 s ÷

(Pmt/Yr)

4.00

To recall the currently stored number of
payments, press

® ÷

:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00

® ÷

(Pmt/Yr)

4.00

IMPORTANT: Return your calculator to

12 payments per year (default):

STEPS KEYSTROKES DISPLAY

Clear o o 0.00

1 2 s ÷

(Pmt/Yr)

12.00

POCKET REFERENCE GUIDE — 18

PITH and Interest-Only Payment

• Term: 25 years

• Interest: 7%

• Sales Price: $198,000

• Down Payment: 5%

• Property Tax: 1.3%

• Monthly heating expense: $100

Find the PITH payment and interest-only
payment:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Term 2 5 T 25.00
Enter Interest 7 ˆ 7.00
Enter Price 1 9 8 ) P

198,000.00

Down% 5 d 5.00
Set Tax%* 1 • 3 t 1.30
Enter heating 1 0 0 e 100.00
Find Mtg. l 188,100.00
Find P&I Pmt. p 1,317.48
Find PITH, or

total Pmt. p p 1,631.98

Find Interest-only

Payment p 1,081.58

*Note: Perform the same steps when entering a
dollar amount for tax — e.g., $2,574 (1.3%) tax,
enter

2 5 7 4 t

.

POCKET REFERENCE GUIDE — 19

Quarterly Payment

Find the quarterly payment on a 10-year,
12%-interest loan of $15,000.

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 644.36
Reset to 12 Payments

per year 1 2 s ÷ 12.00

Mortgage Amount Based on Sales
Price and % Down Payment

Find mortgage amount and dollar down
payment if the price is $235,900 and
you're putting 20% down.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Price 2 3 5 9 0 0 P

235,900.00

Enter Down% 2 0 d 20.00
Find Down$ d 47,180.00
Find Mtg. l 188,720.00

POCKET REFERENCE GUIDE — 20

Sales Price Based on Mortgage
Amount and % Down Payment

Find sales price if the mortgage amount is
$150,000, down payment 5%, term 25
years and interest rate 7.75%.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Mtg. 1 5 0 ) l

150,000.00

Enter Down% 5 d 5.00
Enter Term 2 5 T 25.00
Enter Interest 7 • 7 5 ˆ 7.75
Find Payment p 1,120.98
Find $Down d d 7,894.74
Find Price P 157,894.74

Finding Loan-to-Value (LTV)

Find the Loan-to-Value if a buyer is put­ting $15,000 down on a $215,500 home.
Then find the mortgage amount.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Price 2 1 5 5 0 0 P

215,500.00

Enter Down$ 1 5 ) d 15,000.00
Find LTV s d 93.04
Find Mortgage l 200,500.00

POCKET REFERENCE GUIDE — 21

Future Value (Appreciation)

What will a $250,000 home be worth in
three years, figuring 6% appreciation?

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Set 1 Payment

per year 1 s ÷ 1.00
Enter PV 2 5 0 ) l

250,000.00

Enter Term 3 T 3.00
Enter Appreciation

Rate 6 ˆ 6.00
Find FV s l 298,513.07
Return to 12 Payments

per year 1 2 s ÷ 12.00

POCKET REFERENCE GUIDE — 22

Amortization (Total Principal/Total
Interest, Remaining Balance)

• Mortgage: $175,000

• Term: 25 years

• Interest: 7.5%

Note: See large User’s Guide for more examples.

Find total interest, principal and total pay­ments. Then, find the remaining balance
after 10 years.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Mtg. 1 7 5 ) l

175,000.00

Enter Term 2 5 T 25.00
Enter Interest 7 • 5 ˆ 7.50
Find Payment p 1,280.22
Find # Pmts. a 1-300
Find ttl. Int. a 209,066.33
Find ttl. Prin. a 175,000.00
Find ttl. Pmts a 384,066.33
Find balance 1 0 s a

139,076.82

POCKET REFERENCE GUIDE — 23

Bi-Weekly Mortgages

• Mortgage: $212,500

• Term: 25 years

• Int: 7.85%

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

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Mtg. 2 1 2 5 0 0 l

212,500.00

Enter Term 2 5 T 25.00
Enter Interest 7 • 8 5 ˆ 7.85
Find Payment p 1,601.53
Find Bi-Weekly

Term s T 20.14
Find total Interest

savings T 61,224.88
Find total Interest

paid T 206,735.29
Find total

Principal T 212,500.00
Find total

Payments T 419,235.29
Find Bi-Weekly

Payment p 800.77

POCKET REFERENCE GUIDE — 24

Setting Qualifying Ratios

In Canadian Mode, GDS:TDS (Gross
Debt Service/Total Debt Service) ratios of
32% and 40% are permanently stored in
the

q

key, and optional ratios of 35%-

42% in the

Q

key. However, you can
enter any ratios you desire. For example,
enter new qualifying ratios of 30% for
GDS and 38% for TDS in

q

:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Set Ratios 3 0 : 3 8 q

30.00-38.00

Qualifying Mortgage Amount

• Buyer’s Income: $45,000

• Monthly Debt: $250

• Down Payment: 25%

• Property Tax: 1.5%

• Monthly heating exp: $100

• Term: 25 years

• Interest: 7.25%

• GDS/TDS Ratios: 32% – 40%

(Cont’d)

POCKET REFERENCE GUIDE — 25

(Cont’d)
Find qualifying mortgage amount, price

and total payment:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Income 4 5 ) i 45,000.00
Enter Debt 2 5 0 D 250.00
Enter %Down 2 5 d 25.00
Set Tax% 1 • 5 t 1.50
Enter heating

expense 1 0 0 e 100.00
Enter Term 2 5 T 25.00
Enter Interest 7 • 2 5 ˆ 7.25
Enter Ratios 3 2 : 4 0 q

32.00 – 40.00

Find maximum qualifying

Mortgage q 124,633.84
Find Price P 166,178.45
P&I Payment p 892.28
PITH/total

Payment p p 1,200.00

POCKET REFERENCE GUIDE — 26

“Restricted” vs. “Unrestricted”
Qualifying

• Buyer’s Income: $52,000

• Monthly Debt: $150

• Down Payment: 5%

• Property Tax: 1.5%

• Monthly heating expense: $75

• Term: 25 years

• Interest: 7.25%

• GDS/TDS ratios: 32% – 40%

Find the “Restricted” qualifying mortgage
amount, actual ratios, “Unrestricted” mort­gage amount and maximum allowable
debt with above variables.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Recall Interest ® ˆ 7.25
Recall Term ® T 25.00
Recall property

Tax% ® t 1.50
Enter Income 5 2 ) i 52,000.00
Enter Debt 1 5 0 D 150.00
Enter heating expense

7 5 e 75.00

(Cont’d)

POCKET REFERENCE GUIDE — 27

(Cont’d)

STEPS KEYSTROKES DISPLAY

Enter %Down

Payment 5 d 5.00

Display Qualifying

Ratios q 32.00 – 40.00
Find “Restricted” or maximum

Qualifying Mortgage

Amount q 154,769.36
Find actual

Ratios q 32.00-35.46
Find “Unrestricted” Mortgage

Amount q 177,974.93
Find maximum allowable

Debt q 346.67

*Note: The word “DEBT” displayed on your cal­culator tells you this Unrestricted Qualifying
Mortgage Amount is based on the buyer’s Debt
or TDS Ratio — therefore, the Restricted
Qualifying Mortgage Amount is based on the
buyer’s Income or GDS Ratio.

POCKET REFERENCE GUIDE — 28

Qualifying Comparison
(Two Ratios at Once)

• Buyer’s Income: $50,000

• Monthly Debt: $125

• Property Tax: 1.25%

• Monthly heating cost and condo

fees: $120

• Down Payment: 10%

• Term: 25 years

• Interest: 7.25%

Qualify this buyer based on both stored
32%:40% and 35%:42% ratios:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Income 5 0 ) i 50,000.00
Enter Debt 1 2 5 D 125.00
Enter Tax% 1 • 2 5 t 1.25
Enter monthly

Expenses 1 2 0 e 120.00
Enter %Down 1 0 d 10.00
Enter Term 2 5 T 25.00
Enter Interest 7 • 2 5 ˆ 7.25
Display Qual 1

Ratios q 32.00 – 40.00

(Cont’d)

POCKET REFERENCE GUIDE — 29

(Cont’d)

STEPS KEYSTROKES DISPLAY

Find Qual 1 maximum Qualifying

Mortgage q 145,893.06
Find Qual 1 P&I

Payment p 1,044.48
Find Qual 1 PITH

Payment p p 1,333.33

— DO NOT CLEAR CALCULATOR —

STEPS KEYSTROKES DISPLAY

Display Qual 2

Ratios Q 35.00 – 42.00
Find Qual 2 maximum Qualifying

Mortgage Q 160,923.25
Find Qual 2 P&I

Payment p 1,152.08
Find Qual 2 PITH

Payment p p 1,458.33

POCKET REFERENCE GUIDE — 30

Finding Income Required and
Allowable Monthly Debt

• Sales Price: $225,000

• Down%: 35%

• Property Tax: 1.5%

• Heating Expense: $125

• Term: 25 years

• Interest: 7.5%

Find the income required to finance a
$225,000 home and also find the maxi­mum allowable debt.

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Interest 7 • 5 ˆ 7.50
Enter Term 2 5 T 25.00
Enter Tax% 1 • 5 t 1.50
Enter heating 1 2 5 e 125.00
Enter Price 2 2 5 ) P

225,000.00

Enter %Down 3 5 d 35.00
Find $ Down d 78,750.00
Find Mortgage l 146,250.00
Display Qualifying

Ratios q 32.00 – 40.00

(Cont’d)

POCKET REFERENCE GUIDE — 31

(Cont’d)

STEPS KEYSTROKES DISPLAY

Find Income

required q 55,355,59
Find maximum allowable

mo. Debt q 369.04
Find P&I

Payment p 1,069.90
Find PITH p p 1,476.15

IMPORTANT: Your calculator must be in
U.S. Mode by pressing

s 9

.

Monthly Loan Payment

Find the monthly payment on a 30-year
loan of $215,000 at 7.5% interest.

STEPS KEYSTROKES DISPLAY

Set US Mode s 9 INT USA
Clear o o 0.00
Enter Loan 2 1 5 ) l

215,000.00

Enter Term 3 0 T 30.00
Enter Interest 7 • 5 ˆ 7.50
Find Payment p 1,503.31

EXAMPLES — U.S. MODE

POCKET REFERENCE GUIDE — 32

IMPORTANT: Change your calculator

back to Canadian Mode if you are return­ing to Canadian examples. (Again press

s 9

.)

Setting Tax and Insurance

Enter an annual property tax rate of 1.5%,
a property/homeowner’s insurance rate of
.25%, and a mortgage insurance rate of
.50%:

STEPS KEYSTROKES DISPLAY

Set Tax%* 1 • 5 t

1.50

ANN TAX %

Set homeowner’s

Insurance% • 2 5 I

0.25

ANN INS %

Set Mortgage

Insurance% • 5 0 Â

0.50

ANN M INS %

Recall Tax% ® t 1.50
Recall Insurance%

® I 0.25

Recall Mortgage

Insurance% ® Â 0.50

*Enter dollar values for tax/ins. in the same
manner — e.g., to enter $4,500 estimated
annual tax, enter

4 5 0 0 t

.

POCKET REFERENCE GUIDE — 33

PITI Payment and Interest-Only
Payment

• Term: 30 years

• Interest: 6%

• Sales Price: $255,000

• Down Payment: 5%

• Property Taxes: 1.3%

• Property Insurance: 0.25%

• Mortgage Insurance: 0.50%

• Monthly Association Dues: $60

Find the PITI, total and interest-only pay­ments:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Term 3 0 T 25.00
Enter Interest 6 ˆ 6.00
Enter Price 2 5 5 ) P

255,000.00

Down% 5 d 5.00
Set Tax% 1 • 3 t 1.30
Set Ins.% • 2 5 I 0.25
Set MI% • 5 Â 0.50
Enter Exp. 6 0 e 60.00
Find Loan l 242,250.00
Find P&I Pmt. p 1,452.41
PITI Payment p 1,882,72
Total Payment p 1,942.72
Int.-only Pmt. p 1,211.25

POCKET REFERENCE GUIDE — 34

Qualifying Loan Amount

• Buyer’s Income: $100,000

• Monthly Debt: $550

• Down Payment: 25%

• Property Tax: 1.5%

• Property Insurance: 0.25%

• Mortgage Insurance (not required): 0

• Term: 30 years

• Interest: 6.25%

• Qualifying Ratios: 28% – 36%

Find qualifying loan, price and payment:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Income 1 0 0 ) i

100,000.00

Enter Debt 5 5 0 D 250.00
Enter %Down 2 5 d 25.00
Set Tax% 1 • 5 t 1.50
Set Ins.% • 2 5 I 0.25
Set MI% 0 Â 0.00
Enter Term 3 0 T 30.00
Enter Interest 6 • 2 5 ˆ 6.25
Enter Ratios 2 8 : 3 6 q

28.00 – 36.00

Find maximum qualifying

Amount q 288,008.37
Find Price P 384,011.16
PITI Payment p p 2,333.33

POCKET REFERENCE GUIDE — 35

ARM Payment —

Lifetime Cap

• Loan: $330,000

• Term: 30 years

• Interest: 7%

• Lifetime Cap: 4%

• ARM Interest Adj.: 1% per year

Find the adjusted ARM payments through
year six:

STEPS KEYSTROKES DISPLAY

Clear o o 0.00
Enter Loan 3 3 0 ) l

330,000.00

Enter Term 3 0 T 30.00
Enter Interest 7 ˆ 7.00
Find initial monthly P&I

Payment p “run” 2,195.50
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 2,417.02
Find 2nd “adjusted”

Payment A 2 2,642.10

(Cont’d)

POCKET REFERENCE GUIDE — 36

(Cont’d)

STEPS KEYSTROKES DISPLAY

Find 3rd “adjusted”

Payment A 3 2,869.91
Find 4th “adjusted”

Payment A 4 3,099.73

M*

Find 5th “adjusted”

Payment A 5 3,099.73

M*

Find Principal at start

of year ® l 316,262.56
Recall current Interest

rate ® ˆ 11.00
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 — 37

APR and Total Finance Charges,
Including Mortgage Insurance

• Loan: $250,000

• Term: 30 years

• Interest: 6.25%

• Cost: 1.5 points + $550

• Mortgage Ins./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 6 • 2 5 ˆ 6.25
Find P&I Pmt. p 1,539.29
Enter MI 1 2 0 0 Â 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 7.03
Find ttl chgs. ˆ 344,445.48
Amt. financed ˆ 245,700.00
Total cost ˆ 590,145.48
P&I Payment ˆ 1,539.29
Monthly MI ˆ 100.00
PIMI Payment ˆ 1,639.29

POCKET REFERENCE GUIDE — 38

Estimated Tax Savings

• Loan: $150,000

• Buyer’s Tax Bracket: 28%

• Term: 30 years

• Interest: 6.75%

• Property Taxes: $1,500

• Property Insurance: $250

Note: This is an estimate only. Consult a tax
advisor.

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 6 • 7 5 ˆ 6.75
Enter Tax$ 1 5 0 0 t 1,500.00
Enter Ins.$ 2 5 0 I 250.00
Enter loan 1 5 0 ) l

150,000.00

Find P&I Pmt. p “run” 972.90
PITI Payment p 1,118.73
Enter Tax

bracket 2 8 s p 28.00
Find annual Tax

savings p 3,241.32
Mo. Tax svgs. p 270.11
Net Payment p 848.62

POCKET REFERENCE GUIDE — 39

Rent vs. Buy

• Term: 30 years • Tax: 1.25%

• Interest: 6.5% •Insurance: 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 6 • 5 ˆ 6.50
Enter Down 1 0 d 10.00
Enter Tax% 1• 2 5 t 1.25
Enter Ins.% • 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

237,898.12

Find comparable Loan

Amount P 214,108.31
Find PITI Pmt. P 1,670.51
Find annual Tax

savings P 5,046.09
Mo. Tax svgs. P 420.51
Reset Tax brkt. 2 8 s + 28.00

POCKET REFERENCE GUIDE — 40

Default Settings

Your calculator has the following default settings. Performing a Full
Reset (e.g. - turn off calculator, hold down x and turn on) will
return your calculator to the settings below:

• Canadian Interest Mode

• 12 Periods per Year

• Property Tax/Prop. Ins. (% and $ values) = Not Permanently

Stored/Clears Upon O

• (U.S. Only) Mortgage Ins. (% and $ values) = Not Permanently

Stored/Clears Upon Double-Press of o

• Month Offset of January (1)

• Two Fixed Decimal Places

• Amortization Range = Specified Year (Ent-Ent)

• q Ratios = 32%-40%

• Q Ratios = 35%-42%

• Qualifying Ratios Displayed 1st

Repair and Return

Return Guidelines

1. Please read the Warranty in this User’s Guide to determine if

your Calculated Industries calculator, measuring device or
electronic tool remains under warranty

before

calling or return-

ing any device for evaluation or repairs.

2. If your calculator won’t turn on, try pressing the “Reset

Button” first. If it still won't turn on, check the batteries as
outlined in the User's Guide.

3. If there is a black spot on the LCD screen, THIS IS NOT A

WARRANTY DEFECT. The unit can be repaired. Call for
a repair quote before returning your unit.

4. If you need more assistance, please go to our website at

www.calculated.com and click on Support, then Repair
Services FAQs.

5. If you believe you need to return your calculator, please

speak to a Calculated Industries representative for additional
information!

Call Toll Free: 1-800-854-8075

APPENDIX

POCKET REFERENCE GUIDE — 41

Warranty

Warranty Repair Service –

U.S.A.

Calculated Industries (“CI”) warrants this product against defects in
materials and workmanship for a period of one (1) year from the
date of original consumer purchase in the U.S. If a defect exists
during the warranty period, CI at its option will either repair (using
new or remanufactured parts) or replace (with a new or remanufac­tured calculator) the product at no charge.

THE WARRANTY WILL NOT APPLY TO THE PRODUCT IF IT
HAS BEEN DAMAGED BY MISUSE, ALTERATION, ACCIDENT,
IMPROPER HANDLING OR OPERATION, OR IF UNAUTHO­RIZED REPAIRS ARE ATTEMPTED OR MADE. SOME EXAM­PLES OF DAMAGES NOT COVERED BY WARRANTY INCLUDE,
BUT ARE NOT LIMITED TO, BATTERY LEAKAGE, BENDING, OR
VISIBLE CRACKING OF THE LCD, WHICH ARE PRESUMED TO
BE DAMAGES RESULTING FROM MISUSE OR ABUSE.

To obtain warranty service in the U.S., ship the product postage
paid to Calculated Industries (address listed on the back cover).
Please provide an explanation of the service requirement, your
name, address, day phone number and dated proof of purchase
(typically a sales receipt). If the product is over 90 days old, include
payment of $6.95 for return shipping and handling within the con­tiguous 48 states. (Outside the contiguous 48 states, please call CI
for return shipping costs.)

A repaired or replacement product assumes the remaining warranty
of the original product or 90 days, whichever is longer.

Non-Warranty Repair Service –

U.S.A.

Non-warranty repair covers service beyond the warranty period, or
service requested due to damage resulting from misuse or abuse.

Contact Calculated Industries at the number listed on the back
cover to obtain current product repair information and charges.
Repairs are guaranteed for 90 days.

Repair Service –

Outside the U.S.A.

To obtain warranty or non-warranty repair service for goods pur­chased outside the U.S., contact the dealer through which you ini­tially purchased the product. If you cannot reasonably have the
product repaired in your area, you may contact CI to obtain current
product repair information and charges, including freight and duties.

POCKET REFERENCE GUIDE — 42

Disclaimer

CI MAKES NO WARRANTY OR REPRESENTATION, EITHER
EXPRESS OR IMPLIED, WITH RESPECT TO THE PRODUCT’S
QUALITY, PERFORMANCE, MERCHANTABILITY, OR FITNESS
FOR APARTICULAR PURPOSE. AS A RESULT, THIS PRODUCT,
INCLUDING BUT NOT LIMITED TO, KEYSTROKE PROCEDURES,
MATHEMATICAL ACCURACY AND PREPROGRAMMED MATERI­AL, IS SOLD “AS IS,” AND YOU THE PURCHASER ASSUME THE
ENTIRE RISK AS TO ITS QUALITY AND PERFORMANCE.

IN NO EVENT WILL CI BE LIABLE FOR DIRECT, INDIRECT, SPE­CIAL, INCIDENTAL, OR CONSEQUENTIALDAMAGES RESULT­ING FROM ANY DEFECT IN THE PRODUCT OR ITS DOCUMEN­TATION.

The warranty, disclaimer, and remedies set forth above are exclu­sive and replace all others, oral or written, expressed or implied. No
CI dealer, agent, or employee is authorized to make any modifica­tion, extension, or addition to this warranty.

Some states do not allow the exclusion or limitation of implied war­ranties or liability for incidental or consequential damages, so the
above limitation or exclusion may not apply to you. This warranty
gives you specific rights, and you may also have other rights, which
vary from state to state.

FCC Class B

This equipment has been certified to comply with the limits for a
Class B computing device, pursuant to Subpart J of Part 15 of FCC
rules.

Looking For New Ideas

Calculated Industries, a leading manufacturer of special-function
calculators and digital measuring instruments, is always looking for
new product ideas in these areas.

If you have an idea, or a suggestion for improving this product or
User's Guide, please submit your comments online at www.calcu­lated.com under “Contact Us,” “Product Idea.” Thank you.

3420PRG-E-A

7/04

This equipment has been certified to comply
with the limits for a Class B computing device,
pursuant to Subpart J of Part 15 of FCC rules.

Software copyrighted and licensed to

Calculated Industries, Inc. by

Real Estate Master Technologies, LLC, 2004.

Pocket Reference Guide copyrighted by

Calculated Industries, Inc. © 2004.

Qualifier Plus® and Calculated Industries® are

registered trademarks of Calculated Industries, Inc.

ALL RIGHTS RESERVED

CALCULATED INDUSTRIES®

4840 Hytech Drive

Carson City, NV 89706 U.S.A.

1-800-854-8075 Fax: [phone]

E-mail: [e-mail]

www.calculated.com

Designed in the USA

Printed in China

3420PRG-E-A

7/04