Calculated Industries 3442 - Manual (Page 39)

34 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
(Cont’d)
STEPS KEYSTROKES DISPLAY
Enter property insurance 5 0 0 s 8 500.00
Enter mortgage insurance 1 2 0 0 s 9 1,200.00
Enter monthly expenses 1 5 0 s D 150.00
Find loan amount l 280,500.00
Find P&I payment p “run” 1,681.74
Find PITI payment p 2,315.07
Find total payment (PITI
plus mo. expenses) p 2,465.07
Find interest-only payment p 1,402.50
Estimated Income Tax Savings and “After-Tax” Payment
Note: This example calculates the annual tax savings (including property tax and
mortgage interest) and is only an estimate. Please inform your clients to consult a tax
advisor for an accurate calculation of their income tax deductions.
Buyers in a 28% income tax bracket are looking to finance a
$150,000 mortgage for 30 years at 8% annual interest. If they will be
paying approximately $1,500 in annual property taxes and $250 in
annual property insurance, find their
estimated annual tax savings
(or mortgage interest/property tax savings) and “after-tax” monthly pay-
ment.
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Enter term in years 3 0 T 30.00
Enter annual interest 8 ˆ 8.00
Enter annual tax 1 5 0 0 s 7 1,500.00
Enter annual insurance 2 5 0 s 8 250.00
Enter loan amount 1 5 0 ) l 150,000.00
Find P&I payment p “run” 1,100.65
Find PITI payment p 1,246.48
Enter tax bracket 2 8 s p 28.00
Find annual income
tax savings p 3,767.32
Find monthly tax savings p 313.94
Find “after-tax” payment p 932.54
— DO NOT CLEAR CALCULATOR —