Calculated Industries 3423 - Manual (Page 62)

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Property Taxes, Property / Hazard Insurance and Monthly
Housing Expense
Your calculator has keys that store estimated local annual Property
Tax, Property Insurance and Mortgage Insurance (if applicable), and
monthly estimated housing expense. This allows you to calculate the
PITI (Principal, Interest, Tax and Insurance) payment and Total
Payment (PITI plus Monthly Expenses), in addition to the regular
P&I payment.
Note: As an optional step, you may also enter monthly expenses, such as utilities,
maintenance or homeowner’s association dues, into the
s D location.
Entered Property Tax and Insurance values are semi-permanent.
This means that they do not clear upon pressing the
o key, but
are deleted when you turn the calculator off. You can use the
Preference Settings (
s = ), however, to set the calculator to hold
Tax and Insurance (% and $) values when the calculator is turned off
(see page 12).
Note: There’s a separate Preference Setting for Mortgage Insurance.
Tax and insurance can be entered as dollar amounts or percent-
ages. If entered as percentages, the Sales Price or Mortgage
Amount can be changed and tax and insurance will be recalculated
automatically. If entered as dollar amounts, however, they will need
to be re-entered for a change in Sales Price or Mortgage Amount to
be correct. Entered values less than ten are assumed to be annual
% rates.
IMPORTANT NOTE: Property Tax and Property Insurance rates are
based on the Sales Price (therefore, a Down Payment or Sales
Price should be entered). The Mortgage Insurance rate is based on
the Mortgage/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% mortgage), in which case
the Tax and Insurance rates will be based on the Loan Amount value
entered.