Calculated Industries 3416 User Guide - Manual (Page 16)

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1st and 2nd Trust Deeds (Combo Loan) Keys
The Combo Loan keys show the savings of obtaining a 1st and 2nd
trust deed (TD) loan over a single, fixed-rate loan where mortgage
insurance, or private mortgage insurance (PMI), is required.
This routine requires a fixed-rate loan to be entered using the stan-
dard
l , p , ˆ and/or T keys so that a loan comparison can
be made.
* Loan-to-Value Combo Loan for 80:10:10 — This
key provides a loan comparison (see below key out-
puts*) of an 80:10:10 combo fixed-rate loan versus a
single, fixed-rate loan requiring mortgage insurance.
The stored values are a percentage of the sales
price (e.g., 80:10 identifies that 80% of the price is
covered by the 1st TD, 10% of the price is covered
by the 2nd TD and the remaining 10% is covered by
the down payment).
s * Interest-Only Combo Loan (Int-Only 2nd) —
Operates similarly to the 80:10:10 Combo Loan, but
for an 80:10:10 Combo Loan where the 2nd Trust
Deed is Interest-Only (the 1st Trust Deed is a stan-
dard fixed-rate P&I loan).
Note: You may also enter any LTV for either * or s * .
For example, to enter an 80:20 LTV, enter 8 0 : 2 0 * or
8 0 : 2 0 s * and continue to press the * key to
find the below values.
(Cont’d)