Calculated Industries 43285 - Manual (Page 20)

Taxes & Insurance/PITI Payment
This calculator has keys that temporarily store Property Tax,
Property Insurance and Mortgage Insurance rates to allow you to
calculate a PITI (Principal, Interest, Taxes & Insurance) payment in
addition to the regular P&I payment. These figures can be entered
as dollar amounts or percentages. Monthly expenses that you enter
(if any) are included in the PITI payment. You can use the Pro-
Mode ([Set] [+]) to permanently store Tax & Insurance. (See the
“Pro-Mode” example in the “Qualifying Examples” section.)
If entered as percentages, the Sales Price or Loan Amount can be
changed and tax and insurance will be recalculated automatical-
ly. If entered as dollar amounts, they will need to be re-entered
for a change in Sales Price or Loan Amount to be correct. Entering
a number 10 or less is assumed to be an annual percentage.
IMPORTANT: Both Tax and Property Insurance rates are based on
Sales Price. Mortgage Insurance rate is based on the Loan Amount.
If neither Sales Price nor Down Payment has been entered, the
Sales Price is defaulted to equal the Loan Amount (basically
assuming a 100% loan), in which case the Tax and Insurance rates
will be based on the Loan Amount value entered.
Setting Tax and Insurance Rates
Enter an annual property tax rate of 1%, a property insurance
rate of .25% and a mortgage insurance rate of .15%:
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Set tax rate 1 [Tax] 1.00
Set insurance rate .25 [Ins] 0.25
Set mortgage ins. rate .15 [Mtg Ins] 0.15
— D O N O T C L E A R C A L C U L A T O R —
19 – User’s Guide