Calculated Industries 3416 User Guide - Manual (Page 12)

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Note: Tax and Insurance entered as dollar amounts will remain
fixed, even if sales price or loan amount is changed. However, if
entered as a percentage of sales price or loan amount, these
items will automatically be re-calculated if sales price or loan
amount is changed.
e Expense — For Total Payment and Qualifying.
Enters monthly housing expense (e.g., homeowner’s
association dues, maintenance and utilities).
Tax Savings Function
s t Estimated Income Tax Savings (Tax Svgs) —
Calculates an estimated annual income tax savings
for a mortgage, based on entered loan variables,
including property tax, mortgage interest, and tax
bracket. You may use the default Tax Bracket %
(default: 21%), or enter a new tax bracket prior to
pressing
s t t to display the estimated
annual income tax savings; the third consecutive
press of
t will display the monthly tax savings;
and the fourth press will display the estimated “after-
tax”, or net mortgage payment. An entered Tax
Bracket % is stored permanently.
Note: This function is different from the mortgage interest deduction
figured in the Amortization calculation, as it also includes property
tax for a total estimated tax savings and only provides an annual
estimate, not an estimate for a specified range. (See the
a key
definition in the “Mortgage Loan Keys” section for details).
Rent vs. Buy Keys
s P Rent vs. Buy — Calculates a comparable sales
price, loan amount, and mortgage payment versus
the cost of monthly rent. You must enter loan vari-
ables and a tax bracket via
s + , then enter the
prospective buyer’s current rent and press s
P . Consecutive presses of P will calculate the
comparable sales price, loan amount, monthly loan
payment (including tax/insurance, if entered), and
estimated annual/monthly income tax savings.
s + Tax Bracket (Tax Brkt%) — Permanently enters a
buyer’s tax bracket for figuring Rent vs. Buy calcula-
tions or for calculating an estimated mortgage inter-
est tax deduction in the Amortization calculation.
Press
® + to display stored percentage.
(Default = 21%)