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.
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