Calculated Industries 3423 - Manual (Page 63)

58 — Q
UALIFIER
P
LUS
® 4
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PITI Payment (Tax and Insurance Entered as Percentage)
Find the PITI payment on a 30-year, 8.4% loan if the home’s selling
price is $125,000 and the down payment is 5%. Annual property
taxes are estimated at 1.3%, annual property insurance at 0.25%
and annual mortgage insurance at 0.45%.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Term in years 3 0 T 30.00
Enter annual Interest rate 8 • 4 ˆ 8.40
Enter sales Price 1 2 5 ) P 125,000.00
Enter Down Payment 5 d 5.00
Set Tax rate 1 • 3 t 1.30
Set property Insurance rate • 2 5 s t 0.25
Set Mortgage Insurance
rate • 4 5 s 9 0.45
Find mortgage Amount l 118,750.00
Find monthly P&I Payment p “run” 904.68
Find monthly PITI Payment p 1,110.67
PITI Payment (Tax and Insurance Entered as Dollar Amount)
Find the PITI payment on a 30-year, 7.25% loan if the home’s selling
price is $311,000 and the down payment is 20%. Local annual prop-
erty taxes are estimated at $5,900 and property insurance at $370.
Note: PMI or mortgage insurance is not included in this case, as the down payment is
20%.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter Term in years 3 0 T 30.00
Enter annual Interest 7 • 2 5 ˆ 7.25
Enter sales Price 3 1 1 ) P 311,000.00
Enter Down Payment % 2 0 d 20.00
Find dollar $ d 62,200.00
Set Tax figure 5 9 0 0 t * 5,900.00
Set Insurance figure 3 7 0 s t 370.00
Set Mortgage Ins. to zero 0 s 9 0.00
Find Loan Amount l 248,800.00
Find P&I Payment p “run” 1,697.25
Find PITI Payment p 2,219.75
*Note: To view Tax/Insurance rates in their monthly and percent forms, press the t
or I key three times — e.g., press ® t t t to recall the annual property
tax, monthly property tax and % tax rate of $5,900, $491.67 and 1.9%, respectively.