Calculated Industries 3423 - Manual (Page 49)

44 — Q
UALIFIER
P
LUS
® 4
X
Qualifying Mortgage Amount and Sales Price (Including Down
Payment, Property Tax and Monthly Heating/Condo Fees)
The same buyers as in the previous example (who make $45,000
annually and have $200 in long-term monthly debt) wish to buy a
lower-priced condo, but can only afford $7,500 down. If you include
estimated annual property tax of 1.5% and other housing expenses of
$150 ($100 for heating, $50 for monthly condo fees), for what mort-
gage amount can they now pre-qualify? What sales price can they
afford? What’s their total (PITH) payment?
(Again, using previously
stored 7.5% interest, 25-year term and qualifying ratios of 32%:40%; if
you’ve cleared or changed these values, please re-enter them.)
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter annual Income 4 5 ) i 45,000.00
Enter monthly Debt 2 0 0 D 200.00
Enter Down Payment 7 5 0 0 d 7,500.00
Enter property Tax rate 1 • 5 t 1.50
Enter housing Expense 1 5 0 s D 150.00
Recall Interest* ® ˆ 7.50
Recall Term* ® T 25.00
Display Qualifying Ratios q 32.00-40.00
Find pre-qualifying
Mortgage Amount q “run” 121,489.58
Find Price P 128,989.58
— DO NOT CLEAR CALCULATOR —
Now find the monthly P&I payment (Principal & Interest) and Total
(PITH) Payment:
STEPS KEYSTROKES DISPLAY
Find P&I Payment p “run” 888.76
Find Total (PITH) Payment p 1,200.00
*Re-enter interest and term if you are not continuing from the previous example.