Calculated Industries 3416 User Guide User Manual
Page 11
6 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
Tax, Insurance and Expense Keys
In addition to Qualifying, the following keys are also involved in PITI
or total payment calculations (e.g., they are added to the monthly
payment):
t
Property Tax
— Used for calculating PITI and Total
payment, and Qualifying. Stores estimated annual
property tax in either percent or dollar amount. If
entered as an annual dollar amount, a press of
®
and
t
converts to the monthly tax amount, and
pressing
t
again converts to the annual percent-
age rate. If entered as a percentage, pressing
®
t
converts to the annual dollar amount, and
pressing
t
once more shows the monthly tax.
Note: Entering a number equal to or less than 10 is assumed to
be an annual percentage. Property tax is calculated from the
sales price (therefore, you should also enter a Down Payment).
I
Property Insurance
— Used for calculating PITI
and Total payment, and Qualifying. Stores estimated
annual property (or homeowner’s) insurance in
either percent or dollar amount. If entered as an
annual dollar amount, a press of
®
and
I
con-
verts to the monthly insurance amount or premium,
and pressing
I
again converts to the annual per-
centage rate. If entered as a percentage, pressing
® I
converts to the annual dollar amount, and
pressing
I
once more shows the monthly insurance.
Note: Entering a number equal to or less than 10 is assumed to
be an annual percentage. Property insurance is calculated from
the sales price (therefore, you should also enter a Down Payment).
s I
Mortgage Insurance (Mtg Ins)
— Used for calculat-
ing PITI and Total payment, and Qualifying. Stores
estimated annual mortgage insurance (or Private
Mortgage Insurance) in either percent or dollar
amount. If entered as an annual dollar amount, a
press of
®
and
s I
converts to the monthly
mortgage insurance amount or premium, and press-
ing
I
again converts to the annual percentage
rate. If entered as a percentage, pressing
® s
I
converts to the annual dollar amount, and press-
ing
I
once more shows the monthly insurance.
Note: Entering a number equal to or less than 10 is assumed to
be an annual percentage. Mortgage insurance is calculated from
the loan amount.