Calculated Industries 3423 - Manual (Page 50)

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— 45
Qualifying Mortgage Amount and Sales Price
(Including Canadian Mortgage Insurance)
Buyers who make $45,000 annually and have $200 in long-term
monthly debt can put 15% down on a home. How much will they
qualify for? What is the monthly payment (including the Canadian
Mortgage Insurance of 1.75%)?
(Using previously stored 7.5% inter-
est, 25-year term, 1.5% tax rate, $150 monthly heating expense,
and qualifying ratios of 32%:40%).
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 1 5 d 7,500.00
Enter property Tax rate 1 • 5 t 1.50
Enter housing Expense 1 5 0 s D 150.00
Enter Canadian Mortgage
Insurance 1 • 7 5 C 1.75
Recall Interest* ® ˆ 7.50
Recall Term* ® T 25.00
Display Qualifying Ratios q 32.00-40.00
Find pre-qualifying Mortgage
Amount (including Canadian
Mortgage Insurance) q 119,506.44
— DO NOT CLEAR CALCULATOR —
Now find the monthly P&I payment (Principal & Interest) and Total
(PITH) Payment (including Canadian Mortgage Insurance):
STEPS KEYSTROKES DISPLAY
Find P&I Payment p “run” 874.26
Find Total (PITH) Payment p 1,196.98
*Re-enter interest and term if you are not continuing from the previous example.