Calculated Industries 3423 - Manual (Page 35)

30 — Q
UALIFIER
P
LUS
® 4
X
Finding Monthly Mortgage (P&I) Payment (Including Canadian
Mortgage Insurance)
Find the monthly P&I Payment (including Canadian Mortgage
Insurance) on a 25-year mortgage, 300,000 mortgage at 7.8% inter-
est. Canadian Mortgage Insurance of $5,250 will be added to the
mortgage amount.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter annual Interest rate 7 • 8 ˆ 7.80
Enter Term in years 2 5 T 25.00
Enter Canadian Mortgage
Insurance 5 2 5 0 C 5,250.00
Enter Mortgage Amount 3 0 0 ) l 300,000.00
Find Mortgage Amount (including
Canadian Mtg Ins) l 305,250.00
Find P&I Payment (including
Canadian Mtg Ins) p 2,290.87
— DO NOT CLEAR CALCULATOR —
Recall entered Canadian
Mtg Ins dollar amount ® C 5,250.00
Find Canadian Mtg Ins
percentage C 1.75
Note: Typically, Canadian Mortgage Insurance is entered as a percentage based on
the LTV of a loan, but you may enter a percent or dollar amount into Canadian
Mortgage Insurance order to calculate your Mortgage Amount and P&I/Total
Payments.
Amortization and Remaining Balance
The amortization function is quick and simple. It allows you to find
total interest, principal, and remaining balance for an entire
mortgage, for an individual payment or individual year, or any range
of payments or range of years, for fully or partially amortized
mortgages.
Notes on Amortization
1. When you enter a range of payments using the Colon : key,
you can find all three possible outputs — Interest, Principal and
Remaining Balance — without having to re-enter the range each
time. Simply keep pressing the
a key to find the values.
(Cont’d)