Calculated Industries Qualifier Plus IIIFX 3430 Pocket Reference Manual
QUALIFIER PLUS®IIIFX
ADVANCED REAL ESTATE FINANCE
CALCULATOR with CASH FLOW
and COMPLETE BUYER QUALIFYING
Model 3430
Pocket Reference Guide
The QUALIFIER PLUS IIIFX lets you pre-qualify clients and compute 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
• Qualifying Using Flexible Ratios
• Property Tax and Insurance, Mortgage
Insurance
• P&I and PITI payment
• Sales Price and Down Payment
• Adjustable-Rate Mortgages
• Amortization and Remaining Balance
• Bi-Weekly Loans
• Date Math Problems
New!
• 80:10:10/80:15:5 Combo loans
• APR, including Mortgage Insurance
• Cash Flow/Investment Keys
• Income Tax Savings and Rent vs. Buy
• Interest-Only Payments
• LTV, Month Offset, Prepaid Interest
QUALIFIER PLUS®IIIFX
KEY DEFINITIONS..................................4
EXAMPLES ...........................................10
Date Example ....................................10
Monthly Mortgage (P&I) Payment .....10
Loan Amount......................................11
Loan Amount Based on Sales Price
and Down Payment.........................12
Interest Rate ......................................12
Term of a Loan ..................................13
Setting Tax and Insurance.................14
PITI Payment, Total Payment and
Interest-Only Payment.....................15
Quarterly Payment.............................16
Amortization.......................................17
Bi-Weekly Loans................................18
Appreciation.......................................19
Retirement Savings ...........................20
APR and Total Finance Charges,
Including Mortgage Insurance.........21
ARM Payment — Lifetime Cap .........22
Estimated Tax Savings ......................24
Rent vs. Buy ......................................25
Setting Qualifying Ratios ...................26
Qualifying Loan Amount ....................26
“Restricted” vs. “Unrestricted”
Qualifying.........................................28
TABLE OF CONTENTS
Qualifying Comparison (2 Ratios at
Once)...............................................31
Income Required and Allowable
Monthly Debt ...................................33
80:10:10 Combo Loan vs. Fixed-Rate
Loan with Mortgage Insurance........35
Cash Flow..........................................38
APPENDIX ............................................40
Default Settings .................................40
Decimal Place Setting .......................40
Preference Settings ...........................41
Batteries.............................................41
Reset .................................................41
P
OCKET REFERENCE GUIDE — 1
Note
: This is a short “reference” guide. Please
see your Large User’s Guide for details.
: 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
P
OCKET 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 reset
calculator to defaults)
s = Preference mode (see
Large User’s Guide for
details)
s ÷ Payments per year
(Default 12, for monthly)
s b Periodic (sets per Period
rather than per Year)
s ) Month offset
s : Odd-days interest
s + Tax bracket %
s p Estimated income tax sav-
ings/after-tax payment
s P Rent vs. Buy
l Loan amount
p P&I, PITI, total payment,
and interest-only payment
P
OCKET REFERENCE GUIDE — 3
T Number of years
ˆ Annual interest rate or
cash flow desired rate of
return
s l Future value
s ˆ APR (annual percentage
rate), including mortgage
insurance, if entered
P Property 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
29%-41%
i Annual income
P
OCKET REFERENCE GUIDE — 4
D Long-term, monthly debt
(e.g., car payment)
s 7 Property tax (enter as per-
cent or dollar amount)
s 8 Property/homeowner’s
insurance (enter as percent or dollar amount)
s 9 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
P
OCKET 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 * Combo loan function for an
80:15:5 loan; same function as above key
c Allows entry of up to 20
cash flows. Use the s
– to label as positive or
negative
s c Frequency — labels a cash
flow that is consecutively
repeating
P
OCKET REFERENCE GUIDE — 6
R Multi-function key that
computes, upon consecutive presses: IRR%, NPV
& NFV used for cash flow
analysis. (The greater the
IRR and NPV, the more
attractive the investment)
s 6 Clear cash flows
P
OCKET REFERENCE GUIDE — 7
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
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 P&I
payment p 1,718.78
EXAMPLES
P
OCKET REFERENCE GUIDE — 8
Loan Amount
Approximately how much can you borrow
if the interest rate is 6.5% on a 30-year
loan and you can afford $1,500 in monthly payments? What if the interest rate is
lowered to 6%?
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter interest 6 • 5 ˆ 6.50
Enter term 3 0 T 30.00
Enter payment 1 5 0 0 p 1,500.00
Find loan l 237,316.23
Enter new interest
rate 6 ˆ 6.00
Find new loan
amount l 250,187.42
P
OCKET REFERENCE GUIDE — 9
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.
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
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