Equity builder term reduction and payment – Calculated Industries 3442 User Manual
Page 45
40 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P
X2
Equity Builder Term Reduction and Payment
Find the monthly P&I payment on a 30-year, $212,500 mortgage at
7.85% annual interest. Then convert it to an Equity Builder and find
out how many years it will take to pay off this loan, the total interest
savings, the return-on-investment (ROI%), and Equity Builder P&I
payment.
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Enter loan amount
2 1 2 5 0 0 l
212,500.00
Enter term in years
3 0 T
30.00
Enter annual interest
7 • 8 5 ˆ
7.85
Find monthly P&I payment
p
“run” 1,537.09
Find Equity Builder term
s T
“run” 22.97
Find total interest savings
T
94,305.23
Find effective interest rate
T
6.01
Find total interest paid
T
246,545.97
Find total principal
T
212,500.00
Find total prin. and interest
T
459,045.97
Find ROI%
T
46.29
Find Equity Builder P&I payment
p
768.54
— DO NOT CLEAR CALCULATOR —
Equity Builder Interest Savings - Based on Adjusted
Equity Builder Payment
Now, add fifty dollars to the Equity Builder P&I payment and solve for
the new Equity Builder term, the total interest savings, the Effective
Interest Rate (EFF%) and the Return-On-Investment (ROI%).
STEPS
KEYSTROKES
DISPLAY
Add $50 and enter new payment
+ 5 0 = p
818.54
Solve for new Equity Term Builder
T
19.54
Find total interest savings
T
137,487.13
Find effective interest rate
T
5.11
Find total interest paid
T
203,364.07
Find total principal
T
212,500.00
Find total prin. and interest
T
415,864.07
Find ROI%
T
51.10
Clear calculator*
o o
0.00
*Return to monthly payment mode by pressing
o
twice, or by pressing
s T
.