Calculated Industries 3423 User Manual
Page 72
U
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UIDE
— 67
(Cont’d)
*The Maximum Qualifying Loan Amount displayed is the “restricted” loan amount that the
buyer may qualify for. This loan amount is based on whichever of the two ratios, income or
debt, limits the buyer the most. If the buyer’s maximum qualifying loan amount is restricted
by their debt, then the unrestricted qualifying loan amount will also be displayed. The unre-
stricted qualifying loan amount is based purely on the buyer’s income and is not restricted
by their debt. If the maximum qualifying loan amount is restricted by their income, the unre-
stricted qualifying loan amount will not be displayed. This is useful to show clients what size
loan they could qualify for if they paid off debt. Here, the calculator will display the loan
amount with “UNR” (for unrestricted) and “INC” indicate that it is based on income.
Finding Qualifying Loan Amount and Sales Price for an
Interest-Only Loan
Given an interest rate of 7.5%, a term of 30 years, and the stored
28%:36% qualifying ratios, for what size Interest-only loan and what
sales price can a buyer qualify for, if he or she makes $75,000 annu-
ally and has $500 in long-term, monthly debt? The buyer plans to
put $35,000 down. Also, what is the monthly Interest-only payment?
Note: If you are not continuing from the previous example, you’ll need to re-enter the
qualifying ratios (enter
2 8 : 3 6 q
).
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter Term in years
3 0 T
30.00
Enter annual Interest
7 • 5 ˆ
7.50
Clear poperty Tax rate*
0 t
0.00
Clear insurance rate*
0 s t
0.00
Enter annual Income
7 5 ) i
75,000.00
Enter monthly Debt
5 0 0 D
500.00
Enter Down Payment
3 5 ) d
35,000.00
Display Qualifying Ratios
s q
28.00-36.00
Find Qualifying Loan Amount
q
“run” 280,000.00
Find Price
P
315,000.00
Find monthly Interest-Only
Payment
s p
1,750.00
*Tax and Insurance will need to be cleared if you’re continuing from the previous
example where the rates were stored.
Note:
s Q
will qualify based on Stored Qual2 ratios (35% – 42%), or you may
enter any ratios of your choice prior to performing the calculation (e.g.,
2 9 : 4 1
s Q
).