Calculated Industries 3416 User Guide - Manual (Page 63)

58 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
Qualifying Loan Amount (Interest-Only Loan)
Using the same values from the previous example, find qualifying
loan amount, price, and total payment for an interest-only loan:
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Enter income 7 5 ) i 75,000.00
Enter debt 5 0 0 D 500.00
Enter down 5 ) d 5,000.00
Set tax% 1 • 5 t 1.50
Set ins% • 2 5 I 0.25
Set MI% • 6 s I 0.60
Enter association
dues 5 0 e 50.00
Enter interest 6 • 7 5 ˆ 6.75
Enter term 3 0 T 30.00
Display ratios s q 28.00 - 36.00
Find qualifying loan
amount q 223,214.29
Find price P 228,214.29
— DO NOT CLEAR CALCULATOR —
Find the monthly P&I payment, PITI payment, total payment, and
Interest-Only payment:
STEPS KEYSTROKES DISPLAY
I/O payment s p 1,255.58
P&I payment p 1,447.76
PITI payment p 1,892.18
Total payment p 1,942.18