Calculated Industries 3442 - Manual (Page 37)

32 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
(Cont’d)
STEPS KEYSTROKES DISPLAY
Enter interest 8 ˆ 8.00
Find loan amount l 225,000.00
Recall property tax % ® 7 1.50
Calculate property tax $ ® 7 3,750.00
Recall property ins. % ® 8 0.25
Calculate property ins. $ ® 8 625.00
Recall mortgage ins. % ® 9 0.50
Calculate mortgage ins. $ ® 9 1,125.00
Find P&I payment p 1,650.97
Find PITI payment p 2,109.30
Note: The same procedure can be performed to find the opposite — that is, to find
the % rates based on entered annual dollar amounts or insurance premiums. Simply
enter the tax/insurance dollar amounts and loan variables first, and press
® and the
tax/insurance key to calculate the percentage rate.
PITI Payment (Tax and Insurance Entered as %)
Find the PITI payment on a 30-year, 6.5% mortgage if the home’s
selling price is $125,000 and the down payment is 5%. Annual prop-
erty taxes are estimated at 1.3%, annual property insurance at
0.25%, and annual mortgage insurance at 0.45%.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter term in years 3 0 T 30.00
Enter annual interest 6 • 5 ˆ 6.50
Enter sales price 1 2 5 ) P 125,000.00
Enter down payment 5 d 5.00
Set tax rate 1 • 3 s 7 1.30
Set property insurance rate • 2 5 s 8 0.25
Set mortgage ins. rate • 4 5 s 9 0.45
Find loan amount l 118,750.00
Find P&I payment p “run” 750.58
Find PITI payment p 956.57